I have about 15 credit cards and I want to cancel about 8 of them...I hardly use them and it's been hard keeping track.  I know it'll lower my credit score a bit, but does anyone know how many points??  How do I get those points back later?
124293
Actually, cancelling them may lower your score. Here's why.\n\nLets 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).\nYour debt to credit ratio is 14%. Very nice!\n\nNow lets cancel those 8 cards.  That removes $24,000 in available credit.\n\nNow 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.\n\nThat 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,.\n\nGo to www.myfido.com 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.
149906
Anytime you open a new revolving credit account (credit card), your credit score is affected negatively. It probably won't be by much, especially if you stay in good standing. Having more revolving credit (a higher credit limit or more cards with limits) is a negative toward your credit score. When you go to apply for a loan of some kind, the financial institution will look at how much total open revolving credit you have, because they see that as something you could potentially use. If it were me, I'd first contact the credit card company of one or both of the cards to see if you can get a higher limit and lower APR, since you are in good standing with them. Mention the other offer you got and say you would like to stay with them, but you are thinking of switching. Often for people with good credit and good payment history, they're willing to bring down your APR and up your limit to keep your business. If you're successful in doing that with one of your existing cards, be sure to cancel the other card and pay off the balance to keep your credit score from being adversely affected by so much revolving credit.
17773
You have the right idea, just needs a little tweaking.  First of all, never max out your credit card, even if you are planning on paying it off immediately when the bill arrives.  Most credit card companies update your credit report monthly on the day your new statement is avaliable.  The current balance listed on your credit report is actually the balance on your last statement.  If every month you max out and then pay off your card your credit report will still reflect your card as maxed out.  You would be much better off if you made a couple of small purchases each month and then pay them off in full when the bill arrives.  Using over 50% of your avaliable credit is considered excessive and will probably lower your credit score.  If you are relatively new to credit and still building your credit score, I would keep your monthly statement balance below a third of your credit limit.
81128
Absolutely close or cancel any un needed cards. If not for security reasons alone. Banks look at how much credit you have"open" and available to you. They compare this to your income to get a ratio. A debt to Load ratio. So if you have 5 cards out. that's realistically 3 too many.You need to keep a "balance" between having some credit cards and too much debt. You need a few cards open and active to satisfy the companies that you are worthy of more credit but not too much to have them think that their acct is the one that you will default on.
27220
I have about 5 - Used to have more. I don't think 5 is needed though.  3 is my recomended # -  We USED to have credit debt and ended up keeping the 5 cards that have the longest credit history. That's the only reason we have 5.   I do use them often but now it is only for purchases that I KNOW I can pay in FULL when the bill comes.  So I am NOT in debt anymore - Thank You God!!  It was a long road to hoe - 10 long years we paid off our debt  (over $57,000  - not including house loan) \n\nI am a firm believer in credit used properly.  Too many people don't understand how to go about using credit and end up building a mountain of DEBT instead.  I learned the hard way that this not a good idea.\n\nPS -  andy_r_boyd  -  Don't close down your other card.  Just keep it open with no balance.  put the card away in your file cabinet for safe keeping.  When you close down your oldest cards you are closing down your history!!  TIME is your friend.  Just having the card there helps your credit score because you are in good standing with that card.  Plus it shows to other creditors that you are not out of control with your credit cards.  It looks good to have a card with no balance on it.  It shows that you can budget yourself and you don't have to rack your balances up or max your cards out.  Keep it until you are old and gray :)
652049
I must disagree with our Chase expert.  Doesn't anyone bother to visit http://www.myfico.com and actually STUDY their answers first?\n\nWhen you lower your credit limit, you will effect your debt/credit ratio.  That in turn lowers your credit score.\n\nHowever, in your case, you don't have that great of a limit to begin with.  The small drop will recover in a few months.\n\nYou will do much greater damage by canceling cards.  But I understand your concerns.  The temptation of running up your cards is hard to fight.  I've seen many time how people get balance transfers or consolidation loans to pay off their cards, then run them right back up again.\n\nIf the card with $5000 is fairly recent, I would consider canceling it.  Having 3 cards is good enough to establish a credit rating.  Keep one at $2500 and lower the other two.  \n\nDon't do all this at one time!  Wait a couple months between changes so your score doesn't take a huge drop.  If you are planning a major purchase in the near future, don't do anything until afterwards.
101292
Only if you stop paying off your credit cards . . . it will.  Keep your payments up and it will not affect your credit score.
25232
If you don't already have one open a checking and savings account. it is best to go through a credit union they are better and safer in the means they won't screw you over like the others.  Get one or two credit cards and no more than that if you have more cancel them. Opening and closing credit card accounts will lower your credit a bit but in the long run it works to your benefit. I say to only have one or two because too much in credit card credits will also bring done your credit. Don't use them often but say charge dinner on it sometime and then always pay the bill the day it comes, pay all your bills this way. It shows responsiblity on your credit report. And don't look at you credit report more than once a year, it also lower your credit.
156065
The above answers are wrong.  Please take the time to go to http://www.myfico.com\nThis is the home site for the people that developed the credit  card scoring system used by the agencies.  \n\nPart of your score involves credit history and your "debt to credit" ratio.  \n\nIf you cancel your credit card, it will have a negative effect on your score.  However, it's also not good to have a card that charges you annual fees, especially when you don't use it.  The drop in your score will be temporary, and should be restored in a few months.  I suggest getting whatever credit you need first, then cancel the card.\n\nYour relationship with the bank isn't monitored by the credit bureau unless you have taken out loans.  The loan info will be on your history and will not be removed when you switch banks.  So you are safe there.  My experience with credit unions is they have better interest rates on both savings and loans.  Isn't there a way that you can somehow maintain your relationship with them?
511909
Yes, it does hurt your credit score.  But not for the reasons these guys are telling you.\n\nVisit http://www.myfico.com for more info on how your credit score is calculated.\n\nThe reason you are being hurt is because if you get too many credit cards (even if you don't use them) you are accumulating a huge amount of unused credit.  \n\nSo, for example, if you go to apply for a car loan, and they see you have 15 cards with $100,000 in available credit limits....and you only make $30k a year...that scares the crap out of them!  What happens if you get that car loan then start running up your credit cards?  \n\nThis fact is reflected in the credit scores, and it will keep it low.  It is generally recommended that you have no more then 3 credit cards.  You may want to consider canceling some of them, but do it carefully.  If you do too many at one time it will also hurt your credit.
7323
They should not have cancelled your card just becasue you asked for a credit-increase.\n\ntry calling the customer service, and ask them why they cancelled your card... I think it is some sort of miscommunication.
440371
Hmmm interesting, well i dont know much about credit cards. I know that this has done me and my friend good in the past in bad times. Give this a look, tell us what you think.\nhttp://shurl.org/AWxZX
207281
cancel credit card payment
334505
This is an online simulator that lets you punch in variables to see how it will effect your FICO score.  I've found it very helpful & your score does quickly rise when you pay on time & more than the minimum balance on credit cards.\nhttp://www.providian.com/cmc/fico_simulator.htm
460526
I have always had good credit, but together me and my husband spent 18 months cleaning up his credit from a 540 score to well over 700 (which is great btw). This was about 4-5 years ago. I only say that to let you know I know what I am talking about. For starters the actual mathematical formula used to determine your credit score is a secret. Which sucks. However, there are guidelines that are very helpful such as :\n•Payment history (35%) – the most important category. Have you made all payments on time and for how long. How many unpaid debts you have that have resulted in alternative action (e.g. bankruptcy, tax liens, collection lawsuits, etc). \n•Amounts owed (30%) – how many lines of credit you have and how much you owe compared with how much you can borrow. \n•Length of credit history (15%) – how long you have had your accounts. \n•New credit (10%) – how many new lines of credit you have. \n•Types of credits used (10%) – do you have a balance of revolving (credit cards) and installment (loans) credit lines. \n\nIf I were do this is what I would do. Get rid of the store cards (close them). Closing them doesn't hurt your credit....what hurts you credit it the fact that you are lowering your overall amount of credit extended to you, and if your balances equal more than 30% of total credit available, you get a ding. But as soon as your balances fall below 30% you get a jump in your score. So KEEP your card for 6500, and keep your balance under 30%, or get it there asap. Then never use more than 30% of your total limit on the card. Personally, I would keep the card, pay it off, and never use it again ata all but keep it open. You want to keep it open because the lenghth of time of open revolving accounts(credit cards) is a plus to your credit score. I have this one credit card that I have had since college. they keep raising the limit hoping I'll go nuts. The limit is now 11 grand. My balanace is ZERO. There fore, i have 11k of credit extended to me, but a zero balance (like i said under 30% is good), and I've had this credit card for about 8 years, so that looks "responsible" on the fico score, and is a plus to your score.\n\nIt's tricky to get used to how it all works, but I spent the time doing it and we went from BARELY being able to buy a house 4 years ago and filling out mountains of paperwork, to have great credit and filling out a one page document, and handing over a down payment to buy our second house.\n\nAnyway, store credit cards are trash! They ALWAYS have high interest rates, and they are only good for the stores they are listed for. You aren't going to be having any clothing emergencies, and if your closet burned down (literally), and you did have a clothing emergency then you could reasonably use your visa.\n\nHaving said all this, can I make a suggestion?\n\nTotal Money Makeover by Dave Ramsey. Go to the bookstore and buy it. You will thank yourself.\n\n\n***********OH YEAH! Don't ask to have you credit limit lowered on the visa (like some others have said on here)! That in itself won't lower your credit rating, but you will have less credit to use to stay under the 30%, and anytime you go over 30% that DOES give you a ding! Remember, credit limit hikes are good for you IF you stay under 30% and don't lose your mind and go nuts a Macy's!
193031
Simple. Pay all your debt and cancel your account with them.\n\nOtherwise, stick with them and continue all this stress and hassles.\n\nSo if you can fully pay only one credit card this year, make it this card. You either have to play their game, or get out of their claws.
26253
To me, all the points and miles business is a hook to lure you into buying and paying for something else or buying something you do not need or weant.  I would look for the lowest possible rate, no annual fee, best grace period, lowest default rates, and a card that has a customer service department based in the US that  speaks English.  I have actually cancelled cards because their customer service centers were in India or Panama and could not understand a word they were saying.  Also, check to see that the interest rate is not computed over TWO billing periods (this can cause you to incur a finance charge even if your balance is zero) Bear in mind that no matter what the terms are you can get, these credit card agreements are one-sided affairs that the card issuer can change at the drop of a hat. So you might think you have one deal one minute and turn around and BAM! all of a sudden the rate is 42%.