Closing credit cards Q & A

Hi Mike,
I was wondering what the big deal is about closing credit cards. I have 6 credit cards currently. I only use a couple of the cards. The other 4 credit cards I don’t use charge yearly fees to have there credit cards active. So I would like to close them but I don’t want my credit score getting lowered. I currently have excellent credit and don’t want to jeopardize that. What do you guys recommend?


Hi Tina,

This is kind of tricky one. Everyone in the credit worlds recommends not closing good credit, especially if you are about to make a purchase. This question could have two answers to it. If you are getting ready to make a purchase, then the answer would be no. Wait until after the purchase and then close the credit cards. Yes, your credit score will drop temporarily but with a couple of credit cards reporting on your credit report your scores will be fine over a couple of months. The credit score drop would only be temporary. If you are not about to make a purchase on credit, then I would close them or ask them to stop there yearly fees first.

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