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  1. #1
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    Default If you cancel credit cards, does it effect your credit rating?

    I've come to realize how many credit cards I have, that I don't use and would like to get rid of them with all the news of hackers getting your information. Some one said though if you start cancelling cards it would look bad on your credit rating. Is that true? I thought the opposite would be true.

  2. #2
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    No idea, but you can ask for the credit amount be reduced. You never know when you will need to use them.

  3. #3
    Expert Forum User The Ultimate London Mom!

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    I think it can, but having too many can too, as can not using them for long periods of time. I would keep your cards with the longest history and cancel any newish ones.
    Last edited by Carol; 06-22-2011 at 07:18 AM.
    Cole is 8 years old! January, 2005
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  4. #4
    Expert Forum User The Ultimate London Mom!

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    Seems like everything can hurt your rating!

  5. #5
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    I don't THINK so, but I am not 100%. I cancelled my credit card so I could get approved for my mortgage. (and it had a ZERO balance!)

  6. #6
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    I think you're ok. The credit report should say “closed at customer's request“. Keep the one(s) you've had the longest, as Carol suggested.

  7. #7
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    it absolutely does. Not because it is now closed but because the amount of “credit“ you now have is less.

  8. #8
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    yes it does, percent utilization is a factor is calculating credit score. How many cards do you have and what are the credit limits...pm me if you like and I can help you choose which ones if any to close!
    Mom to DS - 9.5 years old
    AND

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