Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
Littlebittykitty

0 Contributions
0 People Helped
Will closing old no balance credit card accounts affect my credit score?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
8890 Contributions
4116 People Helped

Very definitely and very badly since the credit limits on those cards you wish to close will reduce the total credit you have available.Say you have five cards, each with a $2000 limit, so you would have a total of $10,000 in available credit.  But 3 cards have a zero balance and you decide to close them.  Your availble credit drops to $4000.  That is a 60% reduction in available credit and will certainly "ding" your credit score hard. Just use those closed cards a little every month and pay in full and your score will be good, or possibly even rise some. 

Top Contributor
7816 Contributions
1444 People Helped

Yes. Anytime that you add or remove or open or close an account on your credit reports it WILL affect your credit since your credit is based on the accounts showing on your credit reports. Usually closing accounts will hurt scores, but it depends on how many open accounts that you have. If you have a bunch of open accounts, then closing one isn't that much of a big deal, but if you only have a couple of accounts and close one the results can be devastating.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.