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curios_liz | I have too many credit cards, is it OK to close some of them? |
I have a credit score of 700 but I have too much credit. I have 7 credit cards and would like to close some of them. I have read that closing your credit cards is bad but is it ok to have so many credit cards? I was thinking of closing 3 cards at least, the newest ones that are 2 yrs old. With all 7 credit cards I have $20,950 available credit. If I close the 3 newest cards I will have $11,450 available credit. I also wanted to know if it's good to ask the credit card to lower the available credit. At the moment I owe on all of the cards but will be paying them off soon. |
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hardon kekky
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If you have many credit cards and are seriously into credit card debt, chances are good that you must be thinking of getting rid of few credit cards. The strange fact is that if you get rid of a credit card without giving thought to the points listed below, you could be shooting yourself in the foot. Yes, it could damage your credit history further. Here is how this happens.
Assume that you have 3 credit cards with the following data
Card A: $2000 credit limit - $1000 Outstanding Balance
Card B: $5000 credit limit - $2500 Outstanding Balance
Card C: $10000 credit limit - $5000 Outstanding Balance
With these credit cards the data that emerges is that you have a total credit limit of $17000 of which you have an outstanding balance of $8500 or 50%. The fact is that the percentage of your outstanding balance to credit limit should be low. The credit rating agencies prefer it to be in the limits of around 30%.
Now suppose you decide to end your Credit Card A and transfer all its balances to credit card B supposing that it has a low APR. Now you have a total credit limit of $15000 and outstanding balance of $8500 (providing the balance transfer doesn't increase the credit limits). With this step your outstanding balance to credit limit ratio goes up to 57%(rounded off). Read more from: http://www.credit-card-gallery.com/article/335,Two_ways_how_ending_a_credit_card_account_can_hurt_your_credit_history |
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Emily
 |
Closing your credit cards will lower your score substantially. Just hide them away for a rainy day. |
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mwarrior 1
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I have a credit score of 730 with over $80grand in available credit. Closing cards doesnt help you. The higher your limits go, and lower your "Debt to available credit", the higher your score is.
The things that hurt it are: Inquiries (recent), and high balances (anything over 50% on one card or 30% overall), collections/judgments (duh), and late payments.
So dont bother asking for a lower limit. If your available credit goes down, your payments wont matter, but your Debt to Available credit ratio will shoot up, not something you need if you want to INCREASE your score. |
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tahj.
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it will not affect your credit one bit. but don't go closing them, transfer them. it would have been useful to know the companies, but try Citibank if you don't already use them. what you can do with your credit score is open a new card with citi and you can get 0% APR and 0% on balance transfers. this will get all your cards in one suitable place, while not affecting your credit. hopefully it works out. goodluck. |
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Rhythm
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The more unused credit you have, the higher your credit score is.
Closing your accounts may lower your credit score.
"credit utilization"
Definition: the amount of purchasing power you have, calculated as the total credit available divided by the total debt. Credit utilization is 30% of your credit score and is expressed as a percentage. Higher credit utilizations result in lower credit scores.
Example: credit available = $1000, total debt = $500, credit utilization = 50%
Also Known As: debt to credit ratio
http://credit.about.com/od/creditreportscoring/a/creditscore.htm
http://credit.about.com/od/creditreportscoring/qt/closecardscore.htm |
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Gabe
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You have a decent credit score and closing 2 or 3 cards will definitely not have a negative effect on the score. My advice to you is do not close more than 3 accounts all at once. It is better to do it spread out over a period of time, say 6 months. I'm not sure why you what to lower your available credit since you are planning to cancel some of your accounts. I think you should put off asking until you have cancelled some of your cards. It is not a good idea to cancel more than 3 cards AND to lower your available credit all at once. |
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grace M
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If you close some-
your payments will go way up |
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Kat
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30% of your credit score is history, how long you have had the credit cards, the longer the higher the score. Also the higher limits you have is a large part too. Don't close older high limit accounts. If you have over 6 cards, choose carefully before you start closing. Also, you need to use them once in a while. Charge something like a fast food, them pay it off. Do this once every 3 months to keep the accounts active, otherwise they may close the accounts for you for non activity. I work for a credit attorney. |
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Pundit PUG
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You should not have ANY unless you have very strong willpower. Do you? |
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