Increasing my credit score

Submitted by Anonymous (not verified) on Tue, 09/21/2010 - 06:08
Forums
Credit repair

Hi,

I have had several credit cards with large lines of credit and had about $27,000 of credit card debt which I finally paid off in full early this year. At present I carry zero balance on any of them.

All monthly purchases on credit cards are paid off in full much before the due date. My credit score currently is 740, up from 700 a few months ago. I was wondering if it would help increase my credit score if I canceled some cards which I don't really need.

Thanks for any help.

Aaron

Hi Noe,

You have a good credit score and you need not worry about it much. You just need to maintain the on-time payments. If you close down your cards your credit score will rather be hurt.

When you close your cards, the available credit limit decreases and the credit utilization increases. This hurts your credit. Thus, it is better4 to leave them open and use these lightly from time to time.

Hope this helps.

Thanks,

Aaron

Tue, 09/21/2010 - 07:55 Permalink
Jamy (not verified)

This is very true that you have a very good credit score. The only thing you need to do is go on making your on-time payments on your existing cards. If you still want to close down some of your cards, don't do it at once and all at the same time. Close the one having the least credit history.

Thanks.

Tue, 09/21/2010 - 11:24 Permalink