Credit Tips: Should I Close Rarely Used Credit Cards?

Posted On: October 1, 2006

Author: nyctaz
Posted: Wed Sep 29, 2004 12:58 pm
Post subject: Should I close my credit card accounts that are rarely used?

The overall available credit on my credit report will surely affect my credit score. I have about 7 major credit cards in total of $50,000 credit. I always tell myself I don’t need so many credit cards as some of them I’ve never used. I am thinking to close the rarely used credit accounts with credit line $5,000 or lower (I have 2 accounts like this) but afraid this will lower my credit score if the cushion of my available credit is lowered. I am bearing about $14,000 credit card debt and have been enjoying 5.9% APR. I am afraid once my credit score getting lower, this fantastic low APR will be in history and I will have to pay more interest on my debt.
By the way, my current credit score is 729 based on Experian.
Could anyone please advise?

Author: Board Monitor
Posted: Thu Sep 30, 2004 11:06 am
Post subject:

I would leave the accounts open. You debt to limit ratio would adversely be affected and I suspect that you credit score would drop. Just my $.02 worth.
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews