Credit Tips: How Does Closing a Credit Card Affect Your Other Credit Card Applications?

Posted On: August 8, 2006

Author: timmbukk
Posted: Tue Aug 08, 2006 6:45 pm
Post subject: CLOSING OUT CARDS….GOOD OR BAD??

I want to narrow my card collection, but I do not want to hurt my score. If I decide to close out a a few starter cards that I have had for 3 years with a positive history, will it cause harm to my score?? Will they remain on my report?? I just have too many tradelines and I want to clean my profile up a little. Thanks for any input.

Author: hesiden
Posted: Tue Aug 08, 2006 11:53 pm
Post subject:

Closed cards stay on your report, so you are not “cleaning” it any.
Closing cards is usually a bad idea. Your “starter” cards are probably your oldest and you want to keep the oldest cards. You might be able to convert the starter cards into something better, depends upon issuer and card type.

Author: mouse
Posted: Tue Aug 08, 2006 11:55 pm
Post subject: Re: CLOSING OUT CARDS….GOOD OR BAD??

Quote:

“timmbukk”
I want to narrow my card collection, but I do not want to hurt my score. If I decide to close out a a few starter cards that I have had for 3 years with a positive history, will it cause harm to my score?? Will they remain on my report?? I just have too many tradelines and I want to clean my profile up a little. Thanks for any input.

Does they have a fee???

If not don’t close them…

$5 or $10 every 6 or 12 months works and PIF

Author: mantras
Posted: Wed Aug 09, 2006 9:42 am
Post subject:

I believe closed accounts drop off your report 7 years after being closed and inactive. If you have recent cards with no perks I’d try to combine to an old card. You can usually combine if its the same company. Of course there are exceptions.