Closing Credit Card Accounts

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malmsteen
 
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Closing Credit Card Accounts

Postby malmsteen » Wed Dec 08, 2010 5:32 pm

Will closing credit card accounts negatively affect credit score, if I close two 3 yrs old credit cards that have 2500 credit line in each? If I apply for a new credit card and get approved (say with 5K credit line), I am looking to close down accounts which have lower credit lines and thinking to apply for one card that gives a big credit line.

Thanks !
malm


infomaniac
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Postby infomaniac » Fri Dec 10, 2010 11:02 pm

I see no valid reason to close the accounts. It would be best to keep open an account if it does not cost to do so.

Smerri
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Postby Smerri » Sat Dec 11, 2010 11:09 am

If I were you, I would leave the two accounts open and make a minor purchase on them every few months to keep them reporting. Therefore it shows a length of credit history as well as say 10k available credit if you were to apply for another card versus just a 5k available credit.

Length of credit history plays a significant role in determining credit scores.



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