need to cancel 2 credit cards...should I?

[Semidevil]

so when I first started, I had 2 credit cards...then as time passed, I got 3 more, for certain reasons, i.e, they gave reward points, flyer miles, high limit, etc etc. I am now thinking of cancelling the first 2. If I cancel them, will it look bad on my credit?

I"m not having trouble paying them off...It's just that I don't want to have so much to hassle with if I can help it.
so if I cancel my card, does it look bad on my side?

these 2 cards, I think I have had them since I was 18-19. I am now 20 years old.

 

[MercenaryForHire]

If it's completely clear, I don't see why it would. You're just switching to a card that Provides Better Rewards for a Responsible Credit User such as yourself. Remember to capitalize your buzzwords.

- M4H

 

[Aceshigh]

Don't cancel the cards. It will definitely hurt your credit score. If you don't want to use them pay them down to a zero balance, but don't cancel them. Old unused credit does not hurt you, it help's you.

By cancelling your two oldest accounts, you will lower your credit score.

 

[EyeMWing]

Just leave them with a 0 balance and let them expire. You can never have too much "OMFG I NEED FAST MONEY" ability.

 

[Jeraden]

I've heard that having too many open credit cards hurts you when applying for a loan/mortgage, as you are considered a higher financial risk since you could theoretically max them all out and go bankrupt.

 

[LordJezo]

Why would a closed account hurt your score?

 

[Aceshigh]

Having a large amount of unused available credit does not hurt you. Its a myth.

 

[ggavinmoss]

Don't necessarily close the accounts you've had longest... don't they take into account the longest you've held a credit card in determining something (maybe FICO score)?

-geoff

 

[Semidevil]

Originally posted by: Aceshigh
Don't cancel the cards. It will definitely hurt your credit score. If you don't want to use them pay them down to a zero balance, but don't cancel them. Old unused credit does not hurt you, it help's you.

By cancelling your two oldest accounts, you will lower your credit score.

so is it ok to just stick them in my room and not use them at all?

 

[feralkid]

Originally posted by: LordJezo
Why would a closed account hurt your score?

I have noticed that any time someone asks a question regarding credit, someone will always say "it will hurt your credit score."


Close an account? Hurts your credit.

Open an account? Hurts your credit.

Ask for credit information? Hurts your credit.

While some of the suggestions posted here are valid, often they need to be prefaced with an "if", or a "when".

They are correct in stating that closing credit card accounts will NOT raise (improve) your credit score.

I could go on, but I'm pretty sure it would hurt my credit.

 

[Aceshigh]

Originally posted by: LordJezo
Why would a closed account hurt your score?

Because, the older your established accounts are, the more they are helping your credit score. If you close those accounts, the positive effect they have on your credit score will be lost.

 

[EyeMWing]

Originally posted by: Semidevil

Originally posted by: Aceshigh
Don't cancel the cards. It will definitely hurt your credit score. If you don't want to use them pay them down to a zero balance, but don't cancel them. Old unused credit does not hurt you, it help's you.

By cancelling your two oldest accounts, you will lower your credit score.

so is it ok to just stick them in my room and not use them at all?

Yes. Why would it not?

 

[sandmanwake]

Like people have said, closing those accounts won't help you raise your credit any. See this thread for more financial myths.

http://www.fatwallet.com/forums/messageview.php?catid=52&threadid=225082&highlight_key=y&keyword1=myth