About how much of the credit score is lowered if I cancel my credit cards?

I have about 15 credit cards and I want to cancel about 8 of them...I hardly use them and it%26#039;s been hard keeping track. I know it%26#039;ll lower my credit score a bit, but does anyone know how many points?? How do I get those points back later?

About how much of the credit score is lowered if I cancel my credit cards?

Actually, cancelling them may lower your score. Here%26#039;s why.

Lets say you have 15 cards, and the average limit is $3000. that gives you $45,000 in available credit. Now lets assume you have $6,000 in debt on these cards. The differance between these numbers is $39,000 (your available credit).

Your debt to credit ratio is 14%. Very nice!

Now lets cancel those 8 cards. That removes $24,000 in available credit.

Now you have 7 cards, $21,000 in available credit, but you still have that $6000 in debt. Your new debt to credit ratio is now 28%. By their standards it%26#039;s not bad, but not as good as 14%, so they may lower your credit score.

That said....(that was your question?)...if it was me I%26#039;d go ahead and cancel them. 15 cards is crazy! By wisely using those other 8 cards, you will easily restore your store within a few months. If you have no plans to buy a car orhome soon, that would be my recommendation,.

Go to www.myfido.com and read up on how credit scores are calculated. Once you have educated yourself, you can examine your own situation and see if it%26#039;s worth it.

About how much of the credit score is lowered if I cancel my credit cards?

It%26#039;s www.myfico.com Report It

About how much of the credit score is lowered if I cancel my credit cards?

canceling them should not affect your credit it mite be a good idea to try to negotiate better terms on sum of them win you cancel thy will offer some good stuff to keep you as a costumer lower interest or higher limit better bonuses

About how much of the credit score is lowered if I cancel my credit cards?

it will lower it on avergae like 25 points but it will go back up in a matter of 6 months

About how much of the credit score is lowered if I cancel my credit cards?

Saghieh, you are being deceptive. There is NO WAY you can tell what this person%26#039;s credit score will do if they take some action.

Anyway, Studly is correct(as usual). It depends on your credit utilization. If you carry little or no balances then I would keep the cards that are the oldest, have the highest credit limits, lowest annual fee and/or give you the best rewards. If that is your situation canceling those cards will most likely have little long term effect on your credit score.