NO! Here is why. When you establish a line of credit you begin to build a credit history. As time goes on that history will gain you points especially if you are in good standing with that credit line. When you cancel a card that line of history disappears and your credit score will go down. If you want to do with less credit cards. Pay them down and set them in a shoe box to be forgotten. Do not cancel them. Canceling the card will also mess with your debt ratios further damaging your credit score. < Back Next> Find a home now |
| Will reducing the number of credit cards I have improve my credit? |
