Posted by daisy0849 3 years ago In:

daisy0849
daisy0849 Asked:

How does canceling credit cards effect your credit rating and credit score?

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Book
Book Answered:

Having unused but available credit normally looks good on your credit report.  It's like having a reference that someone thinks you're a good risk.  So, standard advice has been keep those accounts open, unless the fees are unacceptable.

That being said, many lenders today will profile you through more than a standard credit check.  If they suspect that you're liable to binge with your available credit and get yourself in serious debt, they may ask you to close the other accounts before they grant you a loan. 

I'd agree with you, but then we'd both be wrong.
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daisy0849
daisy0849 Answered:

Thanks....this is what I thought but wanted to be sure!

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