When closing revolving credit card accounts, how does it affect your credit score?

I am going to consolidating all of my credit cards and I plan on closing all of the accounts. I just need to know how will this affect my credit score.

When closing revolving credit card accounts, how does it affect your credit score?

Iceman is correct. When you close credit card accounts you lower your debt/credit ratio, plus you erase a portion of your credit history. Both are major components in calculating your score.

The danger is that many people who consolidate debts turn around and run up their old cards again. You need to discipline yourself and don%26#039;t let that happen to you. Freeze your accounts, or maybe lower the credit limits. Tear up the cards so you won%26#039;t be tempted to use them again. But never close the account.

When closing revolving credit card accounts, how does it affect your credit score?

I also wanted to thank ICEMAN as well! Your advice is greatly appreciated!! Report It

When closing revolving credit card accounts, how does it affect your credit score?

I have the same problem, want to do the same with cccs but they cant tell me how my credit scores will be affected, even though they%26#039;ve been doing this since the 70%26#039;s. I know its a good idea because they got deals with these banks and your interest drops to like 6% meaning that you can pay it off quickly. Now, I figure you have a high debt ratio, and that is not a + on credit scores anyways.

When closing revolving credit card accounts, how does it affect your credit score?

don%26#039;t close it all at once. 2 per year only after they have $0 balance

When closing revolving credit card accounts, how does it affect your credit score?

There are other factors, but it is good to close them, especially to lower the amount you can borrow.

When closing revolving credit card accounts, how does it affect your credit score?

Person above me is dead wrong.

- When you close out your credit cards it lowers your overall credit line. Believe it or not, the higher credit line the better your score. So this will be a negative on your credit report because it is lower your credit line.

- You are also limiting the credit history and the length of open accounts. Which also can have a negative effect on your score.

Close them out one at a time if you must. But if there is no annual fee, simply cut them up and dont use them.

When closing revolving credit card accounts, how does it affect your credit score?

You can consilidate, but I wouldn%26#039;t close any, reason being that you not only shorten the available credit, the payment history on active accounts but also the average age of all your credit accounts. All of those factors can be toxic to your credit score. It makes it look like you owe more than you%26#039;re capable of borrowing, and that you%26#039;ve established credit more recently than you had, not to mention that you disrupt the mixture of revolving and installment credit accounts. If you plan on using credit in the future, let%26#039;s say to buy a house it will definitely hurt you. My sugggestion is that after you consolidate the credit cards, I would use them very,very lightly to no more than 25-30% of your combined available credit on all of them. That way, you can still build credit and keep the balance under control