What happens if i cancel my credit card
Over the years of moving a credit card debt from one 0% offer to another, I've accumulated eleven credit cards. I've paid off my debt. Should I keep all eleven because it might hurt my 813 FICO score to start closing them?
To sum up all the responses above, keep them, until you read fused's Closing Credit Cards .
There is a time and a place for closing credit cards, IF they are annoying you/ worrying you/ costing you money. Generally, it's fine to just keep them quietly ticking over in the background.
If you decide to dump a few, one of your main considerations should be the age of the card compared to your AAoA (average age of accounts.) The history *should* stick around for 10 years after closing (they have been known to fall off sooner, especially on EQ), but when it does fall off, you want it to affect
your AAoA as little as possible. You want to target cards that are younger than your AAoA. When they fall off, depending on what else you have going on, this will either help your AAoA or have a neutral effect.
I have 10 cards in my name, plus one AU card (my husband's.) I am finding that it's getting annoying keeping all these cards happy, but unfortunately, the cards that I'd like to dump are my oldest. And thou shalt not close thy oldest card, or thy next-oldest.
There are other factors to look at, such as CL and effect upon your revolving util, and these are discussed in the cited thread. But with your scores, I doubt that these are issues. Just be aware of all the complex and interlocking issues involved, so that you'll know what will work best for you.
Message Edited by haulingthescoreup on 03-17-2009 06:53 PMSource: ficoforums.myfico.com