I have too many credit cards. I really want to not use them and let several of them close by the issuer for lack of use. Right now I use less than 1% of my available credit. I have read it is OK to use up to 30% without negative consequences. My credit score is 813. I would like to keep it this high. Will letting some cards close hurt my score?
Maintaining Available Credit Card Limit Ratio While Decreasing Number of Credit Cards
Most likely yes because your debt ratio will go up percentage-wise. Even if you leave them open and do not use them they still report your available buying power and falsely inflate your worth. You would need to increase your CL with the remaining CC’s to avoid that.
I recently closed 4 perfectly paid credit cards and was slammed 100 points. I had my head spinning. Now I am carefully opening new credit to have current payment history to show. Even though my point was to get out of the credit card game while payments were perfect and the score was healthy.
Now I say most likely because you stated you only use 1% of your CL so there is not much to change except you will lose current payment history, but if you already aren’t using them there is logically nothing to change. Now that is logically and credit bureaus are not logical.