too many old cards

[Anonymous]

I have about 30 cards/accounts that are open since the mid 80's. I don't use many of these (I only use 2 major cards) and never use retail cards. Can I close some of these accounts without hurting my score? (I have a great score)

[fused]

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softballmom wrote:

I have about 30 cards/accounts that are open since the mid 80's. I don't use many of these (I only use 2 major cards) and never use retail cards. Can I close some of these accounts without hurting my score? (I have a great score)

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Hi! Try reading Tuscani's credit scoring 101 thread below.

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

[MidnightVoice]

If they are not costing you money, don't close them.  The average age of your accounts is one reason you have a great score 

[Anonymous]

Thanks for the advice!

[Boswd]

Under normal circumstances yes that is good advice but having around 30 cards does not look good at all to future lenders.   I would get rid of at least 80% of them

[MidnightVoice]

It could also depend on the credit limits - 30 cards with a $100 limit is different to 30 with a $5,000 limit, I would guess. 

[Anonymous]

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softballmom wrote:

I have about 30 cards/accounts that are open since the mid 80's. I don't use many of these (I only use 2 major cards) and never use retail cards. Can I close some of these accounts without hurting my score? (I have a great score)

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Do you plan on doing a refi or purchase of a home anytime soon? Even if you do, I would not close any CCs until the mortgage lender required it--if they required it.

Message Edited by Noah_Bodie on 07-06-2007 04:24 PM