You may check your credit score to find that your credit score is being pulled down because you have too many credit cards. Closing the credit cards won’t help though because they’ll still be listed on your credit report.
I’ve been reading conflicting statements about exactly what closing a credit card does to your credit score. For example, one blog stated closing a credit card with a balance hurts your credit score, another blog said it didn’t. So, rather than guess around about the true answers, I went straight to the source – FICO. Read what Craig Watts, FICO Public Affairs Director, has to say about a few misconceptions and exaggerations about how your FICO score is affected by closing a credit card.Closing Credit Cards Affects Your FICO Score tells you what’s true and not true about FICO scores and closed credit cards.
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