Quote:
Originally Posted by TheMidnightNarwhal
Closing your cards with a balance of zero on them will not affect your score.
Personally, I like to have just one card with a higher limit. I had three 300$ limit cards before and now got a 2000$ limit card and closed the others.
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This is 100% wrong.
Quote:
Originally Posted by Haywood
Ok. Two different opinions. This is what I've been getting all along!
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Closing credit cards affects you in 3 ways. It reduces your available credit (having credit is not a bad thing so I am not sure why you would get dinged for it), it potentially reduces your average account life, and it increases your utilization because your available credit is lower.
Personally I would not close a card and if I did it would be just because I was worried about keeping track of all of them and I would do the one I was most recently issued.
I think you have to get WAY up there for available credit to poorly affect your score (I have ~200% of my annual income as available credit on credit cards alone and my score has not indicated anything negative from it)