@Anonymous wrote:
I know closing credit cards has a negative impact on your credit score, but is it really bad? How long does it take to recover from closing credit cards? How much does your credit score go down?
As with just about anything credit-related it depends on one's credit. There isn't a fixed impact for closing a card nor is there a fixed timeframe for recovery or a fixed number of points. Take a look at the link provided in a former post as it covers the impact of closing a credit card. Do the math to calculate utilization before and after to help you in your decision making.
@Anonymous wrote:
I have about 3-4 credit cards that don't get used and I know that not using credit cards hurts your credit score as well. Any advice?
It sounds like you're relying on some oversimplifications. Not using doesn't necessarily hurt. Usual factors are:
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
General recommendation is for optimal scoring to only have only balance reporting at 10% or less so it helps to have cards not reporting balances from that perspective. Where you might run into an unwanted effect of not using a card is closure due to inactivity but you'd have to confirm with each creditor to determine the relevant policy.
@Anonymous wrote:
Why close them as long as you don't have a annual fee no need to close them it will only help your Utilzation.
While that's a populay apporach at myFICO it's not one-size-fits-all. Not everyone chooses to keep all no-AF cards open. Impact to utilization is going to vary depending on the card and the OP's other balances and limits.
