Less cards, better score???

Discussion in 'Credit Talk' started by suedan217, Aug 3, 2002.

  1. suedan217

    suedan217 Well-Known Member

    Hi, I have a question about cancelling credit cards after they are paid off. My wife has over 10 accounts with zero balances on all. In fact on her EFX report, that is one of the things that it says is held against her. However, it says that it is bad to have that many accounts either opened or closed. I know as a rule that closing the oldest card is bad. What I would like to know, would maybe just closing down to about 3 be good for the score. Thanks for all replies and experiences.
     
  2. Marie

    Marie Well-Known Member

    close no more than 2 every 6-7 months. the software can't tell the difference in you closing them vs creditors closing them...

    you'll take a HUGE hit for closing too many at once... so just close the ones you don't use...

    if your wife has perfect credit she can handle having more cards. I've seen high 800s with 10 cards.. just depends on what cards they are.

    for credit with some issues getting rid of extra cards does help. It all depends on where you're starting from...
     
  3. suedan217

    suedan217 Well-Known Member

    I am not sure if she qualifies for perfect credit, but she has never had any negative information associated with her credit. Just that EFX advice says that she has too many credit accounts.
     
  4. iontrap

    iontrap Active Member

    Is it better to have an old account with $0 balance and a few late payments or a new account with $0 balance and never late? I'm trying to decide which accounts should be canceled, and this question has been nagging me lately.
     

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