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Old 10-18-2008, 10:39 AM
taurus430 taurus430 is offline
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Default Canceling a credit card.

If I want to close a few credit cards out, will that affect my credit history? I closed one the other day and I have another to close. I don't like having them if I don't use them. Should I wait a while, feedback plse and thanks in advance.
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Old 10-19-2008, 10:38 PM
skins_fan skins_fan is offline
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Default Re: Canceling a credit card.

Could, part of your score is based on length of credit history. If you have had these cards awhile then closing them could affect this part of your score (I believe this is 30% of your score)
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Old 10-22-2008, 12:38 AM
makecentsofyourlife makecentsofyourlife is offline
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Default Re: Canceling a credit card.

I would not cancel your credit card accounts. What I have done in the past, is make a photocopy of my credit card (front and back), and then shred the card. I then lock away the photocopy in my filing cabinet. Having that account there will help you later on when you try to get a loan. The bank that may want to give you a loan will compare your debts to your credit available. Keeping those accounts open will keep your credit available amount as high as possible, therefore helping you to get a loan.
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Old 10-22-2008, 08:06 PM
pants711 pants711 is offline
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Default Re: Canceling a credit card.

If you have three cards you can close the most recent 2 without adversely affecting your credit score. Keep the card that is the oldest open. Longevity is the key with credit history and scoring.
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Old 01-15-2009, 12:32 AM
ksluis62 ksluis62 is offline
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Default Re: Canceling a credit card.

I saw Dave Ramsey on TV this morning - he recommends closing accounts, contrary to what most say, including me! He says the personal spending impulse is too strong. You should know if you have this issue.

Closing accounts will lower your FICO score to some extent. If you have low debt to limit ratio, the affect won't be as much as if you have a high debt ratio.
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Old 03-08-2013, 07:18 AM
Amyk Amyk is offline
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Default Re: Canceling a credit card.

Yes it will. Part of your credit score is based on your credit history, therefore, if you close some of your credit card accounts, it will shorten your history which could decrease your credit score. If I may suggest, do not cancel your credit card accounts. Just opt to keep them away or cut them in half to avoid using them. But before doing so, make sure to create copies of them. They will be useful when you try to apply for a loan since having a high available credit will increase your chances of getting approved. Just keep on regularly to keep yourself updated.
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Old 03-08-2013, 12:08 PM
littleroc02us littleroc02us is offline
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Default Re: Canceling a credit card.

I cancelled all of mine and am a joint user on my wife's credit card which we tend to use for gas and an occasional plane ticket. We've never missed a payment and usually pay it off each month. Both of our credit score are 800 or better.
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Old 03-08-2013, 02:21 PM
nimbus nimbus is offline
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Default Re: Canceling a credit card.

I've read it both ways. Some experts say yes while others don't. Whatever you decide, go slow before you do it.
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Old 09-25-2013, 03:23 AM
davidbakner99 davidbakner99 is offline
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Default Re: Canceling a credit card.

To cancel a credit card you will need to contact the credit card company directly. Most credit card companies will allow the customer to cancel the card via phone, but some require cancellation in writing.
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Old 03-03-2015, 04:53 AM
user@123 user@123 is offline
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Default Re: Canceling a credit card.

Yes , Cancelling credit card will reduce the average age of all of your account. Closing accounts hurts your credit score. It also affect you credit utilization ratio which means the percentage of available credit that you are actually using. For example, if you have a credit card with a limit of $5,000 and you have a balance of $2,500 on the card, your credit utilization is 50%.
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Old 07-15-2015, 09:15 AM
sumit.agah sumit.agah is offline
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Default Re: Canceling a credit card.

Quote:
Originally Posted by taurus430 View Post
If I want to close a few credit cards out, will that affect my credit history? I closed one the other day and I have another to close. I don't like having them if I don't use them. Should I wait a while, feedback plse and thanks in advance.
Cancelling credit cards lowers your score because it makes your payment history appear shorter. Credit bureaus as well as lenders want to see that you have experience in the credit arena so itís important to show them your past.
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