yngblkbeau
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If you suddenly close down all those extra revolving lines of credit it may cause your credit score to go down because this will have the effect of changing the age factor of your credit mix. The decrease in your credit score will be temporary though, and the score will come back up again after a few months. If you are planning to finance anything in the near future don't close any of them. Carry zero balances on all of them until after you've finished arranging the financing for whatever it is you plan to buy, then you can close them down.
Don't close them all at once. Leave a space of a at least a couple months between each closure, and make sure the creditor reports it to all the credit bureaus as "account closed at customer's request'. |
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Judy
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Your score is high because you are not using them.
These accounts are showing how long you have used credit.
They also increase your overall available credit.
Believe it or not if you had 10 cards and had 0 balance on all of them you would have top credit.
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Big Daddy
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from the way I hear it - the banks look at the way you spend credit - with 9 cards and you have plenty of credit to use and you are disciplined enough not to use it makes you look good - I have four cards that I haven't used in years - buy some gas once a year then pay it off - I'm over 700 - they keep increasing my limit and if you don't like the interest rate on one of the ones you use call to cancel that card and tell them that your rate is to high and you could get x amount from XXXX - you could get it lowered because they don't want to lose you after so many years |
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Chris M
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You know what, if it's an 814, DON'T DO ANYTHING.
It's high enough for the top 1% of any loan. |
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Bradley's MoM
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Leave it be. |
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misslabeled
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If your score is that high your credit cards aren't having any impact. The highest it can go is 850. Just as a matter of financial management you should probably get rid of cards you don't need, use, or that have high interest. If they get lost, stolen, or compromised, now THAT would wreck your score.
You might find out some have been closed or credit limits reduced due to inactivity. I have that happen with a Visa. They reduced the limit and then closed it the following year. |
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bdancer222
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If you are carrying balances on any credit cards, don't close ANY accounts till all the balances are paid off. Closing accounts lowers your overall limit which would increase your debt percentage.
You also don't want to close your oldest credit cards as longer history adds to your score.
If you are not carrying any balances, I recommend that you keep the two oldest major credit cards that do not have annual fees. If you have a newer major credit card with better limits/interest/rewards, keep that as well. Only keep store or gas charge cards if you have a special purpose and actually use them.
Close unwanted accounts via letter and request written confirmation that the account is closed and 0 balance. You may get an initial decrease from closing a group of accounts but your score will rebound quickly.
You should also periodically use all the accounts your keep so they stay active. Many credit card companies are closing accounts after shorter inactive periods. |
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Tim
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It won't hurt. Get rid of the extras, I did the samething with a high credit score. It created no problems. |
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two_sweetfour_words
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Cancelling paid off credit card doesn't hurt you in a way however they only help you being open. It shows all lenders that you have an open line of credit that doesn't need to be utilized at this time, but can be if needed. That makes you a trusting grantee!! You go girl |
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infinite crisis 247
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don't cancel them...especially if you have had these cards a long time. it will hurt you, and will decrease your amount of available credit. as long as you have good discipline, the smart thing to do is keep the cards open and charge small purchases on them periodically. then, when the bills come simply pay the full balance off. the reason that you must use them periodically is because some cards will automatically close if you don't use them in a certain period of time. |
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Dana
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thats a great score. keep them open. when you have cards open it is a good thing because it shows how much you are "worth" in a sense. Like how much money you are trusted with in credit...whether you actually use the cards or not. The more money you actually have available for credit will boost your score and is only a good thing. |
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Ricky J.
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Yeah it won't hurt you. Just make sure you don't have any penalty clauses or contracts to finish out. Those are the only things that can get in your way. |
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