Comments on: About how much of the credit score is lowered if I cancel my credit cards? http://creditcardtalk.info/about-how-much-of-the-credit-score-is-lowered-if-i-cancel-my-credit-cards.html Talk more about Credit Card Sat, 13 Feb 2010 04:14:18 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Credit Guru http://creditcardtalk.info/about-how-much-of-the-credit-score-is-lowered-if-i-cancel-my-credit-cards.html/comment-page-1#comment-5534 Credit Guru Fri, 12 Jun 2009 15:21:00 +0000 http://creditcardtalk.info/about-how-much-of-the-credit-score-is-lowered-if-i-cancel-my-credit-cards.html#comment-5534 Saghieh, you are being deceptive. There is NO WAY you can tell what this person's credit score will do if they take some action. Anyway, Studly is correct(as usual). It depends on your credit utilization. If you carry little or no balances then I would keep the cards that are the oldest, have the highest credit limits, lowest annual fee and/or give you the best rewards. If that is your situation canceling those cards will most likely have little long term effect on your credit score. Saghieh, you are being deceptive. There is NO WAY you can tell what this person’s credit score will do if they take some action.

Anyway, Studly is correct(as usual). It depends on your credit utilization. If you carry little or no balances then I would keep the cards that are the oldest, have the highest credit limits, lowest annual fee and/or give you the best rewards. If that is your situation canceling those cards will most likely have little long term effect on your credit score.

]]> By: saghieh http://creditcardtalk.info/about-how-much-of-the-credit-score-is-lowered-if-i-cancel-my-credit-cards.html/comment-page-1#comment-5533 saghieh Tue, 09 Jun 2009 23:38:46 +0000 http://creditcardtalk.info/about-how-much-of-the-credit-score-is-lowered-if-i-cancel-my-credit-cards.html#comment-5533 it will lower it on avergae like 25 points but it will go back up in a matter of 6 months it will lower it on avergae like 25 points but it will go back up in a matter of 6 months

]]> By: Studly http://creditcardtalk.info/about-how-much-of-the-credit-score-is-lowered-if-i-cancel-my-credit-cards.html/comment-page-1#comment-5532 Studly Sun, 07 Jun 2009 14:28:12 +0000 http://creditcardtalk.info/about-how-much-of-the-credit-score-is-lowered-if-i-cancel-my-credit-cards.html#comment-5532 Actually, cancelling them may lower your score. Here's why. Lets say you have 15 cards, and the average limit is $3000. that gives you $45,000 in available credit. Now lets assume you have $6,000 in debt on these cards. The differance between these numbers is $39,000 (your available credit). Your debt to credit ratio is 14%. Very nice! Now lets cancel those 8 cards. That removes $24,000 in available credit. Now you have 7 cards, $21,000 in available credit, but you still have that $6000 in debt. Your new debt to credit ratio is now 28%. By their standards it's not bad, but not as good as 14%, so they may lower your credit score. That said....(that was your question?)...if it was me I'd go ahead and cancel them. 15 cards is crazy! By wisely using those other 8 cards, you will easily restore your store within a few months. If you have no plans to buy a car orhome soon, that would be my recommendation,. Go to and read up on how credit scores are calculated. Once you have educated yourself, you can examine your own situation and see if it's worth it. Actually, cancelling them may lower your score. Here’s why.

Lets say you have 15 cards, and the average limit is $3000. that gives you $45,000 in available credit. Now lets assume you have $6,000 in debt on these cards. The differance between these numbers is $39,000 (your available credit).
Your debt to credit ratio is 14%. Very nice!

Now lets cancel those 8 cards. That removes $24,000 in available credit.

Now you have 7 cards, $21,000 in available credit, but you still have that $6000 in debt. Your new debt to credit ratio is now 28%. By their standards it’s not bad, but not as good as 14%, so they may lower your credit score.

That said….(that was your question?)…if it was me I’d go ahead and cancel them. 15 cards is crazy! By wisely using those other 8 cards, you will easily restore your store within a few months. If you have no plans to buy a car orhome soon, that would be my recommendation,.

Go to and read up on how credit scores are calculated. Once you have educated yourself, you can examine your own situation and see if it’s worth it.

]]> By: jackfoo http://creditcardtalk.info/about-how-much-of-the-credit-score-is-lowered-if-i-cancel-my-credit-cards.html/comment-page-1#comment-5531 jackfoo Thu, 04 Jun 2009 11:40:52 +0000 http://creditcardtalk.info/about-how-much-of-the-credit-score-is-lowered-if-i-cancel-my-credit-cards.html#comment-5531 canceling them should not affect your credit it mite be a good idea to try to negotiate better terms on sum of them win you cancel thy will offer some good stuff to keep you as a costumer lower interest or higher limit better bonuses canceling them should not affect your credit it mite be a good idea to try to negotiate better terms on sum of them win you cancel thy will offer some good stuff to keep you as a costumer lower interest or higher limit better bonuses

]]>