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I have numberous credit cards with high limits, interest rates, and ZERO balances. Can I improve... |
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Date:
August 3, 2007, 1:52 pm |
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I have numberous credit cards with high limits, interest rates, and ZERO balances. Can I improve my credit score by closing some of these cards? |
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Answer:
As a matter of fact it is unlikely that you improve your score via closing your current cards. The situation may vary. Keep in mind, that you should have a couple credit cards in good standing (you pay on time) open at any time. 3 or 4 with high credit limit is an ideal situation. If you have too many cards in will decrease your score, because you have too much credit and that is a risk for banks. On the other hand, if you have too few accounts (not necessarily cards, but also loans, mortgages, etc.) it is also bad for your score. Now if you have 5 cards with high limit and you close one or two of them, it will not effect your credit. If you have 2 cards and average credit and you close 1, it will probably decrease your credit score. So, in your situation it would probably be reasonable to close some of your current cards. |
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