Credit Tips: Will Closing a Credit Card With a High Limit Hurt My Credit Score?

Posted On: July 1, 2006

Author: AJ
Posted: Sun Jun 11, 2006 6:01 am
Post subject: Regarding cards above 10k

I have 3 cards all above 10k with zero balances. I have recently paid them off. I am using cards that are less than 10k. Should I keep the 10k’s open to show that I have them and can handle the limits, or will it hurt my score. 720

Author: TomfromCT
Posted: Sun Jun 11, 2006 6:50 am
Post subject:

Keep the cards for history and for Utilization.

Closing could hurt your FICO.

Author: WellManicuredMan
Posted: Sun Jun 11, 2006 10:51 pm
Post subject:

Also remember to charge something to each card at least every few months so that the bank doesn’t close them from inactivity. The amount doesn’t matter. I have a card I don’t care to use anymore but I have automatic payments set up for one of my regular monthly bills so the account stays open and my credit history remains longer.

Author: mouse
Posted: Sun Jun 11, 2006 11:27 pm
Post subject: Re: Regarding cards above 10k

Quote:

“AJ”
I have 3 cards all above 10k with zero balances. I have recently paid them off. I am using cards that are less than 10k. Should I keep the 10k’s open to show that I have them and can handle the limits, or will it hurt my score. 720

CLOSING HURTS MORE THAN HELPS

Use each card once or twice a years for $5 or $10 and PIF