Credit Cards

[Kanela]

Hi everybody, I have a question that I still am not sure about the answer.  If you close out credit cards does it negatively affect your fico score?  I await some responses before I decide.  Thanx!

[SpecFile]

How long have you had the cards and what CLs are associated with the cards that you would like to close?

[Kanela]

I have had two cap one's for about 5 years, both small c/l one $500 and the other $2500...thanx

[FICO_Focused]

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Kanela wrote:

Hi everybody, I have a question that I still am not sure about the answer.  If you close out credit cards does it negatively affect your fico score?  I await some responses before I decide.  Thanx!

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The only way it will effect your FICO is if the available credit lines will impact your current utilization percentages... The TLs Hx will stay on your report for at least 10 yrs if it is not being reported as derogatory.

If you need the available limits to keep your utilization low, than it can hurt.

Rob

[Kanela]

Thanx Rob, no derogatory reporting and I have two other cards with much higher c/l and are paid off in full each month so I dont think there will be a problem with closing these two small ones out.

Thanx for your information.