Closing Credit Card Accounts

For just about anything you want to get off your chest about credit cards.
3 posts
Posts: 1
Joined: Wed Dec 08, 2010 5:23 pm
Location: USA

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 !

Platinum Member
Platinum Member
Posts: 58
Joined: Thu Nov 04, 2010 6:45 pm
Location: Boston

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.

Platinum Member
Platinum Member
Posts: 51
Joined: Mon Oct 11, 2010 7:29 am
Location: Massachusetts

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.

Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 0 guests