Close Accounts

[timmis1127]

i think i have to many credit cards and its hurting my score if i close a couple of my accounts will it help my score?

[Anonymous]

You never want to close an account that has a balance.

If you close an account with no balance it could possibly hurt a little.  It takes away from your overall credit limit.

As long as there is no balances on the CC, it should not have that much of an impact on your score.

How many are you talking about?

Do you have a good mix of credit?

Message Edited by guiness56 on 07-19-2009 06:54 AM

[DI]

Never close your credit card with the longest history.  Never clase your credit card with a balance.  Never close a credit card that was open a year after your first credit card was open.

[Underh20]

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DI wrote:
Never close your credit card with the longest history.  

Never close a credit card that was open a year after your first credit card was open.

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1.  Why?

Most posters here state that closing a credit card does not effect the history as it will continue to report for many more years and it doesn't hurt your AAoA. 

2.  Why?

[DI]

Underh20-  If you close your account with the longest credit history you will be starting the 10 year clock.   Once an account is closed there's no guarantee the CRA's will keep reporting it.  EQ is known for deleting tradelines right at the 10 years mark.

[Anonymous]

Close a CC that's still reporting as open but is a card from a BK business?  (Gottchalks) I hated seeing them go!

What effect would that have?  Long history and no negs. 

TIA,

D-R