Will it hurt the Credit scores if I have a lot of uncanceled credit cards (but no in use)?
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It will hurt your score more if you cancel those cards as you will be eliminating your length of credit history. Length of credit is the primary factor that determines your credit score.
Will it hurt the Credit scores if I have a lot of uncanceled credit cards (but no in use)?Short answer, yes!
Will it hurt the Credit scores if I have a lot of uncanceled credit cards (but no in use)?It can because you have the "potential" to rack up a lot of debt. If the amount that you CAN borrow is well above your income/assets, then can be a big negative.
Will it hurt the Credit scores if I have a lot of uncanceled credit cards (but no in use)?Actually, 2 to 3 open cards are a positive mark on your credit. Lenders often actually LOOK DOWN on cancelled cards!
Will it hurt the Credit scores if I have a lot of uncanceled credit cards (but no in use)?Your credit score is effected by the amount of "available" credit you have. Most importantly the ratio of credit used to credit available effects your score probably the most. You never want to exceed 30% credit usage so those open but unused accounts can work to your advantage.
To find out more about credit scoring I suggest that you check out Clark Howard's website. He's a consumer advocate that explains credit scoring the best!
Will it hurt the Credit scores if I have a lot of uncanceled credit cards (but no in use)?My wife and I are about to purchase our second house. Everyone we've talked to (banks, mortgage lenders, relators...etc) all state that it's better to have a few cards open with a very low balance. This shows that you have the ability to keep the cards with a low balance. a plus to your credit score
Will it hurt the Credit scores if I have a lot of uncanceled credit cards (but no in use)?No.
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