Got my credit report...

[Al Neri]

But don't have a balance. Some are credit cards with $300 LIMITS... so they may have been cards I signed up for when I was less than responsible (read: in college).

Is there a problem with cancelling all of these at once? (calling each # associated with the account on the report and cancelling them that way)

I don't plan on having any inquiries any time soon, but if this affects my credit score (read: 795) I'd like to know how long it would be for...

 

[MrBond]

You should first verify that you actually opened the accounts when you call them. I'd either close them or get the billing information changed so you're actually getting the bills. Who knows who's getting them now.

Am I right in thinking you have several credit lines open, with balances, that you haven't been paying on? How is your credit score 795 then? That seems like a surefire way to kill your credit.

 

[Al Neri]

They're $300 LIMITS not balances.

There's 0 balances on the cards I don't use

 

[VTHodge]

I don't think the act of closing an accout has any affect on your score, with one exception. One of the factors in your score is the amount of time that your credit history covers, based on the oldest open account. So you may not want to close your oldest account.

 

[dullard]

The potential problems for closing them:
1) You could be closing your oldest accounts. That will shorten your length of your credit history and could possibly damage your credit score a bit.

2) You could reduce your total available credit. Thus, if you do carry balances, then you could reach a damaging credit used/credit available ratio.

3) People here will flame me (they have in the past for stating this), but for the maximum credit score, you need at least one account with a $0 balance. The effect is small, but noticible on your credit score. Close all but one of these accounts if you use all of your other accounts monthly.

Benefit for closing them:
1) Less likely to have your identity stolen and people misusing your accounts.

Decide for yourself if the benefit outweighs the possibly minimal problems.

 

[alien42]

i have a belk credit card on my credit report that i did not know i signed up for. i called belk to cancel it but they have no record of me in their system so its just stuck there.

 

[Vic]

795 is an excellent FICO. Check the DLA or "Date of Last Activity" on these accounts. If it's been a long time (a few years), don't worry about 'em.

 

[Al Neri]

Originally posted by: dullard
The potential problems for closing them:
1) You could be closing your oldest accounts. That will shorten your length of your credit history and could possibly damage your credit score a bit.

2) You could reduce your total available credit. Thus, if you do carry balances, then you could reach a damaging credit used/credit available ratio.

3) People here will flame me (they have in the past for stating this), but for the maximum credit score, you need at least one account with a $0 balance. The effect is small, but noticible on your credit score. Close all but one of these accounts if you use all of your other accounts monthly.

Benefit for closing them:
1) Less likely to have your identity stolen and people misusing your accounts.

Decide for yourself if the benefit outweighs the possibly minimal problems.

:thumbsup:

 

[Nevada]

i also have a few credit cards accounts under my name with $0 balances that i never used. i'm afraid to close those accounts mainly because i don't want to hurt my credit score. i have 3 credit cards that i like to use for daily purchases and etc.

 

[Flashram]

Originally posted by: alien42
i have a belk credit card on my credit report that i did not know i signed up for. i called belk to cancel it but they have no record of me in their system so its just stuck there.

Dispute it with the CRA (or all 3 if it is on all). If it does not come back validated it will be removed from your reports.