Three can only be used in the store (Old Navy, Ann Taylor Loft and Banana Republic) and one is a Mastercard (Macy%26#039;s). I heard if you cancel cards, it hurts your credit -- unless you specifically ask them to state on the cancellation %26quot;customer requested to cancel card,%26quot; so it doesn%26#039;t look like the store canceled it. Is that true?
I have four store credit cards I don%26#039;t use. Will it hurt my credit to cancel these cards?
Shred the cards. Close cards that have not been used in years. If you have any balances, make sure that your balance is less than 25% of all of your available credit. That is what will help you.
I have four store credit cards I don%26#039;t use. Will it hurt my credit to cancel these cards?
No as long as you also pay the off in full on time.
I have four store credit cards I don%26#039;t use. Will it hurt my credit to cancel these cards?
Cancelling them may hurt your credit score. Just shred the cards and don%26#039;t cancel them.
I have four store credit cards I don%26#039;t use. Will it hurt my credit to cancel these cards?
Do not close accounts! Even if you don%26#039;t use them. It hurts your credit rating. Part of your credit rating is determined by how much available credit you have. If you cancel cards then you will lower your available credit and thereby lower your credit score.
The only reason you should ever cancel a credit card is if it has an annual fee and you don%26#039;t want to pay it any more. Then it might be worth it to take a hit on your score to lose having to pay that annual fee.
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