Should i close my revolving credit card accounts if i don't use them?

Question

I have 7 revolving credit accounts. Some with dept stores, others with visa, mastercard, discover, amex, citi. they are all at $0 balance, but i have heard that it can hurt my score to close them. Should i close some? all?

Answer 1

Close all of them. Don't worship at the alter of the almighty fico score. It will bring you nothing but debt.

Responsible people don't play the credit card game!!

Answer 2

Yes it could hurt your credit score. Your balance to available balance ratio affects your score. If you're not using them why do you need to close them? If you just don't feel comfortable with so much credit, cancel a couple the newest ones or just cut up the cards. The length of your credit history helps yours score too.

Answer 3

No absolutely not keep them open forever. You need all of the credit you can get. It shows that you are responsable.  

Answer 4

Do not close them.

I did that and took a 20 point hit on my credit.

When you close an account that you have credit on, they see that you suddenly have less credit, and you have less to be trusted with.

Just not a good idea. I work at a mortgage company, and from what I see, I recommend that you make SMALL purchases every month and pay the balance monthly (even if you just use it for gas--which I know is not a small purchase--but it still works well). This is my suggestion only :)

Answer 5

you dont 7 cards....you should have a debit card and 1-2 credit cards max

Answer 6

Do not close any of them.  It will hurt your score.  It speaks well that you have open credit with zero balances.