How does it affect your credit score if you close all the credit cards you don’t use and have not used for years?
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It depends of course
on
do you a couple of cards that have some free credit to use.
say you have 4 cards with 5000 limits on each
3 are old and you dont use them
1 is current but you owe 4000
so you owe 4000 on 20000 worth of credit
if you close the 3 old cards you will be left with
4000 on 5000 worth of credit.
This will make your credit utilization ratio or debt to credit limt ratio go up
which would make you score go down on a 4000 / 5000 limit
just make sure you have some credit left to use out there.
lets call it 70% left to use.
if you do this it will not hurt your score much
BUT
it is not hurting your score to have the old cards open either
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