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Registered: ‎04-04-2009
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Closing unused credit cards

Hi-I am thinking about closing some of my unused credit cards.  Long story short--I ended up getting a home improvement loan with a fixed APR and had some of my credit cards paid off/down.  I have 2 Chase cards that I haven't used in years and they have a 28% finance charge.  I don't plan to use these cards.  I paid off one of these cards a few months ago & the other was paid off by the loan company.  I have a few store cards that I haven't used and would like to close those too.  Any advice?   

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Posts: 28,098
Registered: ‎04-01-2007
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Re: Closing unused credit cards

Hi, welcome to the forums!

To answer your question: Yes: don't. At least, not until you know what you're doing.

First of all, read Closing Credit Cards (linked below in my siggy.) Then read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.

Can you post back, listing your cards in order of age, oldest first, and their current credit limits and any balances? So:

Opening date - - credit limit - - balance showing on your credit report.
1.
2.
3.
4.
etc

It's understandable to want to close cards that you don't think are useful, but if you'll let us chime in, we call tell you which ones to close without damaging your credit.


* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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