Re: When you cancel a credit card does it affect your credit?

Posted by JerNTN (24.158.147.91) on July 30, 2004 at 18:43:56:

In Reply to: When you cancel a credit card does it affect your credit? posted by lilme on July 30, 2004 at 18:28:52:

Not if your credit report shows the cancelled accounts are in good standing, i.e. paid on time.
In fact, you may see an increase in your credit score IF the accounts are 'closed by consumer'. From the perspective of lenders, closed lines of
unused credit, shows a sense of prudent financial responsibility.

Some lenders are hesitant to extend credit to consumers who have several open lines of credit.

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