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A credit union rep in Des Moines asked why I had 11 cards with $0 balances and I finally closed 8 of them
I thought keeping old cards open with zero balances was helping my score, but she said lenders look at available credit versus what you actually use and too many open lines can make you look risky to some banks. I closed 8 of them over two weeks and my score went up 19 points by the next statement. Did closing old accounts ever backfire for you, or was it a good call?
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vera1951mo ago
Closing a bunch of zero balance cards is nerve wracking because everyone warns you about losing your credit age. I did the same thing last year when a lender told me my file looked "thin" even though I had tons of open lines. Went from 9 cards down to 3 and my score jumped 22 points in about six weeks. The age thing barely mattered since the cards I kept were my oldest ones anyway.
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