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New Member
lucia0618
Posts: 4
Registered: ‎06-20-2007
0

Cancelling Credit Cards and the Impact it has on your Credit?

I have several credit cards that I don't use at all, but because I've been told that cancelling cards has a negative impact on your credit score/report, I've been wary of cancelling them in the past. I'm interested in getting a new credit card, but about a year ago when I applied for a similar new credit card I was denied, and I was told the denial stemmed from me having too many cards open for my income bracket. As far as the 1 credit card that I do use, I've never made late payments and always pay my balances in full, so I was surprised to be denied. Basically, my point is that I want to cancel the credit cards I haven't used at all in years so that I can get a credit card that I can actually utilize, but I want to know if it will hurt my credit score significantly to cancel the credit cards I don't need or want?
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
0

Re: Cancelling Credit Cards and the Impact it has on your Credit?

Why do you want to cancel some and replace them?  What is wrong with the old ones?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Cancelling Credit Cards and the Impact it has on your Credit?

Never close an account unless it is costing you money.
Regular Contributor
ah32
Posts: 206
Registered: ‎06-05-2007
0

Re: Cancelling Credit Cards and the Impact it has on your Credit?

My credit cards are costing me money! I'm hoping to raise my score, apply for better cards, and close out the cards that charge monthly fees.  Is this the right thing to do?
New Member
lucia0618
Posts: 4
Registered: ‎06-20-2007
0

Re: Cancelling Credit Cards and the Impact it has on your Credit?

I want to apply for a card with 0% APR for a year so I can pay off my student loans with high interest that are costing me a TON of money. The cards that I have offer no benefits, no rewards points, no cashback, absolutely no incentive to want to use them. I was young and ignorant about credit issues when I opened them and if I knew better I wouldn't have opened them in the first place.  Isn't is nearly as bad to have a credit card that I haven't used except once the first time I got it about 4 years ago? This credit stuff just doesn't make sense to me.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Cancelling Credit Cards and the Impact it has on your Credit?

Then yes.. if you have other prime TLs, and are not rebuilding, then there is no need to keep sub-prime cards that are costing you money.

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