Quote:
Originally posted by cash78mere
i have a really great credit score for someone my age. but i want it to be even higher.
does it really raise your credit score if you close out credit cards that you never or rarely use (like gap, j crew, etc)? i have about 3 or 4 cards that i just never use, but keep them just in case. i'm willing to get rid of them if they will actually imjpact my credit rating in a positive way.
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In reviewing someone's credit report, a creditor will be somewhat concerned if you do a "closeout sweep" because that will signal that you don't trust yourself with credit. Depending on your income and what sort of balance (if any) you carry on these cards, closing them down may or may not be a good idea. If you're pulling in a good steady income and aren't carrying a balance, then close just one or two. That way they see you have credit and are responsible. If this situation does not apply to you (irregular income or balances), then definitely do what you can to close out these cards. Just don't do it all within a month's time. Cancel one about every other month or so. And after u are done cancelling, don't apply for any sort of credit for about 3 months. Try to keep at least 2 accounts of any type (auto loans, school loans, credit card) open at all times. And try not to let your balances exceed 30% of your credit line (i.e. if you have $10000 of available credit, keep your total balances down below $3000). Good luck w/ whatever you do!