Reply
New Member
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
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.

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.