Was canceling credit card the right choice?

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Was canceling credit card the right choice?

Postby buglewe » Mon Mar 07, 2011 3:41 pm

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.

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Postby ashleyAMX » Tue Mar 08, 2011 6:25 am

Wow.. 7 lines of revolving credit? 1 closed account. My rule of thumb is don't close anything, especially not the oldest. But the one you closed was only 2 years old. So, idk how this will effect you but id suggest taking a look at your report.

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Postby teaserky » Wed Mar 09, 2011 2:05 pm

The only time I cancel my old credit cards is if I get charged inactivity fees.

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Postby Aperillo » Thu Mar 10, 2011 2:43 am

I don't think canceling your 7th credit card will hurt your credit score

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Postby sdfinch » Thu Mar 17, 2011 2:52 pm

You are good! It was a newer card and lower avaialable credit. Just do not close your older accounts !!!

Also try to never close down big credit lines.

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