Closing Credit Cards?

[jIM_Ohio]

I honestly think you should not cancel a card. I have several, all with zero balances. I keep the cards, but I just don't use them. My credit score is 817.

I have accounts I have not used in years (Circuit City, Best Buy...) and my score is between 750 and 780 depending on the agency.

I have dings on the score (according to latest mortgage refinance), because I have too many open accounts.

OH WELL. I am not living life to have the highest credit score. My credit is above average, that is good enough for me.

[Ima saver]

Once in a while a card that I have not used in years closes the card for me. Otherwise, I don't think having them has hurt my credit. I think having a higher score has helped me on my insurance premiums since I tend to have cars that have normal than higher premiums.
Right now I am paying about $800 a year on the vette and I don't think that is too bad.

[krayziebone33]

Part of credit score is the "length of time" account has been open. Longer/older accounts are more favorable.

Thank you.

[th_tan]

Don't close off credit cards, long age credit cards help your rating big time. If you have cards less then a year old that you want to get rid of, they won't hurt as much though.

[LuckyRobin]

If you close out the credit cards be sure to include that you want the card issuers to report that the account was closed at user's request. That way anyone viewing your report will know that you closed them, not the bank owning the card.

[krayziebone33]

If you close out the credit cards be sure to include that you want the card issuers to report that the account was closed at user's request. That way anyone viewing your report will know that you closed them, not the bank owning the card.

That's a good suggestion. I have also heard that come people look at that as a positive thing because it shows that a person is responsible and credit-conscious.