- Posts: 1
- Joined: Mon Mar 07, 2011 3:29 pm
- Location: New York
I'm wondering if I made the right decision canceling one of my credit cards. I have 6 credit cards. The oldest one opened in 2004 with a 0 balance and a credit limit of 11,000. My second card which opened in 2006 have a balance of $100 and a credit line of 6000. My third credit card which was opened in 2009 have a balance of $435 and a credit line of 7750. My fifth card which was also opened in 2009, I canceled it yesterday. It had a 0 balance and a credit line of $5000. In 2010 I opened another card, it has 0 balance with a credit limit of 10,000 and in 2011 I open another card with 0 balance and a credit limit of 1000.
I heard canceling a credit card will hurt my credit score, Did I made the right choice closing my credit card with 0 balance with a credit line of $5000? I just wanted to make my life easier and get rid of some of my cards.