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I have too many cards that I don't use. Should I close some of the account? will this help my... |
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Date:
January 30, 2007, 5:22 pm |
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I have too many cards that I don't use. Should I close some of the account? will this help my credit score. |
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Answer:
If you have a lot of credit cards and they are all paid off timely and in full, it positively influences your credit history. In case you decide to close some of the accounts due to fees you have to pay or some other reasons (maybe you want to apply for other credit cards instead), your credit score will be lowered with every credit card you cancel.
If you have improved your credit since you get some of these credit cards, you can try to ask the bank to lower the rates or increase the credit limit, so you will be able to use these credit cards further. To avoid damage to your credit score, you are recommended to wait until the card term expires. |
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