Wednesday, February 17, 2010

Question about credit card and credit scores

Emily said...

Hi! I have a question regarded credit cards and credit score. My credit score is in the mid 700's right now and I really would like to keep it that way. I have about 5 open credit cards right now and all have a balance of zero. I would like to close about 3 of these for security purposes. Will this lower my credit score?

Thank you!

1 comment:

WebTaxOfficeUSA said...

Dear Emily, at Web Tax Office, we provide Tax Preparation Services and Tax Advice. We are as informed about credit scores as much as you are. However, based on my personal experience, I believe your credit scores do get downgraded if you close the credit card accounts.

One possible solution is that you call the credit card company to issue you another credit card and report the old ones as lost. Once you receive the new cards just save them without activating. After an extended period of time, the credit card companies will close the accounts by itself. This way you can secure yourself and also you dont have to worry about lowering your credit score.

I hope this suggestion is helpful. If you find this blog helpful, please recommend it to your family and friends.

Good luck,
Web Tax Office Team
http://webtaxoffice.com