How much will your credit gain benefit by canceling your (paid offf) credit cards? Closing accounts can actually hurt your credit rack
a big constituent of your score is the ratio of debt to available credit. so if you hold 2 cards that are paid rotten, and each have a credit limit of, articulate, $500, and you have a 3rd card next to a $200 balance and a hamper of $500, that's $200 debt to $1500 credit. If you cancel the 2 paid-off cards, your ratio is 200 to 500--in other words, you're pretty close to self tapped out. does this sort sense?
Answers: Dont cancel your credit cards. Just shred them up if you dont want it. Canceling a credit card doesnt benefit or give support to your fico score.
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