Thursday, May 5, 2016

Will closing 1 out of 7 credit cards (all in good standing) harm my credit score?


I had 7 credit cards, a home mortgage and debt on only 1 card. I close a credit card that I hadn't used in 2 years and opened 3 years ago because the bank twice sent the replacement to the incorrect address. Tired of that and worried it would end up in unsafe hands I closed it. I wasn't using it anyway. So, I'm worried my credit score (which is 809) will take a hit because of this. I've been told not to cancel credit cards but in this case felt it was the safe thing to do in case someone got it and activated it. Thanks for any helpful information.

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