Reply
New Member
Dingler
Posts: 12
Registered: ‎01-04-2013
0

Sould I cancel two credit cards opened in the last 12 months with low credit limits?

For some reason I applyed for two different credit cards about a year ago and were approved.  One gave me only a $500 limit and the other gave me a $1200 limit.  My other credit cards are all more than ten years old, have very high credit limits (over $10,000), and have been used heavily.

 

Here is my question:  Maybe having these two new accounts, with low caps on my credit record hurts my FICO score.  Would cancelling them improve my score if I kept my score? (Average date of credit)

Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007
0

Re: Sould I cancel two credit cards opened in the last 12 months with low credit limits?

Yes, they do some damage.

 

No, closing them will NOT help. Only time will help.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}