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New Visitor
Shafter
Posts: 4
Registered: ‎01-22-2013
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Credit Card

I have 2 credit cards with a zero balance.  Will my score increase or decrease if I keep them open or close them?

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
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Re: Credit Card

If they are your only CC, your score will go down.

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Revelate
Posts: 8,938
Registered: ‎12-30-2011
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Re: Credit Card


Shafter wrote:

I have 2 credit cards with a zero balance.  Will my score increase or decrease if I keep them open or close them?


Are those your only credit cards?  Likely decrease if you close them, otherwise YMMV.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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OptimasPrime
Posts: 348
Registered: ‎08-17-2012
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Re: Credit Card

3-4 credit cards is generally considered to be the sweet spot in terms of maximizing your fico score. After that, most people see diminishing returns.

 

With that said, it might be advantageous to add another card, rather than closing your existing one(s).

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