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ECIL | Depends on how many you have, what your score is, and if you plan on making a large purchase soon. If you have a few, leave them all open. If you have a lot, close 2-3, then 2-3 several months later, until you get down to just the ones you need. Having a lot of cards will ding your score. Closing down several at once will knock your score too. But taking them down gradually will drop the score less than closing a lot at once. Even if they are paid off and closed the accounts will show in your credit report for a few years.
You can get a free credit report once a year. According to law passed in October 2006, the three main reporting agencies (Experian, Equifax, TransUnion) must provide you with a free credit report once a year upon your request. There is a way to "game" the system a bit. Ask for a report from one agency, three months later from another agency, three months later from the third agency. No three reports will be exactly alike but it is a good way to keep tabs on your reports. The credit report is different than the credit score. You must pay for the score but it is a nominal charge. Your bank may be able to provide you a score too. Go to annualcreditreport.com. It is a website set up by the three agencies to request your report. Be prepared to jump through a few hoops to get it. This is the only legitimate site set up by them.
The number of inquiries into your credit will affect your score too. A flurry of requests, let's say from shopping for a vehicle, will drop your score a bit too. But the score will climb back up a few months later if there aren't any more periods of multiple requests. | |
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credit score and payed off credit cards
