Close or not to close is the question!

[BPASWA]

I have a very excellent credit score. The question I have is if I should close out some of my revolving accounts. The break down is this. 3 open accounts totaling 15.2k in credit limit. 0 balance on all 3. Installment loan (car) 12.9k balance 10k. that leaves me with a credit limit totaling 28.1k Debt to Credit ratio is about 36%. So I know if I close out one that's going to raise the ratio. But some would say I have to many open accounts with high limit that is available to me. Also if I don't actively use my CC I'm not establishing credit either. I'm a little hesitant on charging on the CC because it took me forever and a day to pay it off. Just want to throw that out and see what some of your thoughts are.

[ScrimpAndSave]

No...don't close them. It will lower your score.

[momof1in150]

I would keep your two oldest ones open. It might have a short term effect on your credit score but it will balance itself out. If you are looking for new credit in the next 6 months I would leave them alone. Banks may see that you have too much available credit so it would make you a risk for a mortgage or car payment.

If you feel like they are a risk (you will use them and not pay them off immediately) then close them.

[LuxLiving]

You don't have to close them, call up and ask that the credit limits be reduced if it bothers you that there is too much credit available.

[Reldon]

I would probably just keep the credit accounts opened. If you don't want to use them, you can just cut it up so you won't be tempted to use them.

[noppenbd]

According to the myfico Score Estimator (Credit Score Calculator | Improve FICO Score) it should not affect your score much, as long as you keep your oldest credit card account open. The number that factors into your FICO score is the percentage of available credit card debt used (the loan appears not to be totalled in with the cards). Since your cards all have 0 balance your utilization is 0%, whether you have 1 card or 3.

Beyond the FICO, mortgage or auto underwriters may look at your total outstanding credit available, so closing a credit card or lowering your credit limit could actually help you there.