I want to close some accounts that aren't very old. How bad is this? Should I just sit on them for a while or close them now? I would like to close them before I get an annual fee but that is a long way off. Thanks, Kim
Kim, Do the CCs have balances on them? Do not close them with a balance it will mess up your ratios and decrease your score. If they are not carrying balances only close two within a six month period, otherwise it will play havoc with your score. Dani
If they are very new cc (less than 6mths) you could cancel them. however, if they pass the 8th mths. period, i would keep them untill they aged for a year (at 0 bal.) . so i could reap some fico points.
Re: How does closing cc's affect sc If there is no annual (and even if there was a small annual fee) I would leave it open with 0 balance. With no balance it will halp keep your ratios down, and the all powerfull fico god likes 3 years open for some reason, so the longer you keep you accounts open the longer your account average age is. I would just put them in the sock drawer and forget about them. scott p.s. I did also read somewhere that if you leave a balance at 0 for too long it can be negative. So you might have to charge 50 bucks on it once in awhile and let the monsters make a couple of cents.
