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Information on credit Impact of cutting up cards

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Archie

Joined: 09 Nov 2009
Archie's page
Posts: 63

9 Magic Points

Subject: Information on credit Impact of cutting up cards

Tue Nov 10, 2009 5:21 pm

I have multiple credit cards that have been paid off for some time, and I have never had a late payment or other penalty with any of the cards. I would like to close a couple accounts just to get rid of the unused cards. I am getting married in October, and hopefully looking to purchase a new home in a year to 18 months. So, I really don't want anything hurting my credit score. Would I be better off just cutting the cards up and leaving the accounts open at least until I buy the house, or should I cancel a couple since I know my credit is great not worry about it? Any ideas would be greatly appreciated.

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 594

99 Magic Points

Tue Nov 10, 2009 8:04 pm

If you close any I would close the newest ones. But if they are in good standing I would leave them open and just cut up the cards. They shouldn't be affecting your score unless you have high credit limits and that could affect your debt to income ratio.

fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4285

127 Magic Points

Tue Nov 10, 2009 11:25 pm

Archie, you must make sure you do not close your oldest cards. If they have been paid on time and never late then they will show excellent credit history. Always leave those ones open. What you want to avoid is having too many open lines of credit for this will effect your debt to income ratio. Say for example you have a sears and the value of the card is $6,000, a few more value $10,000. Wether you have used the entire amount does not matter, it is how much is available to you. So even if you only had a debt of $2,000 betgween the three cards it would still show..$16,000. Get rid of the newer ones it will do much less damage.

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