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I have like 8 active credit cards and 1 charge card, only 3 of those have balances and the rest already have $0 balances.
Is it okay for me to close probably 5 of my cards and my credit score won’t be affected ? If i close some of credit cards what will be the effect?
Answer: Closing old cards will keep them in your history for up to 7 years after which they will disappear. Your credit score could go down because you would have lower available credit after closing them. Also, once they are removed from your history, your average account age could drop which can also affect your credit score negatively. It could be beneficial to keep these cards active and even spend something on them once every 3 months or so just to make sure they don’t get closed for inactivity.
More questions:
- Can my husband and I give one of our credit cards to our daughter to use for a limited amount of time?
- Does it affect your credit score when a credit card company closes your account?
- How do you deal with credit card debt?
- How much do you pay each month for a credit card?
- I am 22 years old, and I will be soon applying for my first credit card.
- I have two credit cards and I am unable to pay off the balance. What do I do?
- What are some hidden fees which occur when transfering a balance?
- What are some ways to start building good credit?
- What are things you should consider when deciding which credit card to apply for?
- What is the best offer you’ve seen for a rewards credit card for business?
- When applying for a credit card, is it advisable to close credit card accounts
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