Does closing credit card accounts voluntarily damage your credit score?
Over the years I have opened retail store credit cards to get a promotional discount on a purchase. Some of these cards I have never used again, but they show up as open on my credit report. Does closing these accounts voluntarily have a negative impact on my credit score?
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No, I would dump the store credit cards.
Beyond that, it is usually recommended to keep your credit card accounts (visa, mc, am ex discover) and just contact them to reduce the available credit limit.
Yes. But it’s a relatively small ding and most people feel like it is worth it. Your score is partially based on the amount of credit available to you. By cutting that amount of credit, your score is dinged.
(Edited to say: Consumerist.com talks about this all the time—I’m looking for a good article for you.)
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