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I am 20 years old and my credit score is 681. I have 4 credit cards, if i cancel say one or two of... |
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Date:
November 9, 2007, 7:03 pm |
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I am 20 years old and my credit score is 681. I have 4 credit cards, if i cancel say one or two of them, by any chance will that bring my credit score lower? |
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Answer:
Having FICO score of 681 implies that your credit is good, so you have to keep this level or increase it to the excellent. In fact, cancelling every credit card will definitely lower your credit score. Closing credit lines affects your score negatively. We strongly recommend you to keep them even in case you do not use them, especially if those do not charge annual fees. It is just better to keep them. |
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