Too many Credit Cards! Close it or not!!

L2R2I · Post by **L2R2I** » Mon Mar 21, 2011 10:01 pm

I have about 5 credit cards with no activity on it now. I got those to do Balance Transfers and paid off all.
Irrespective to R2I or not should I close all those accounts or leave it open? Would closing those accounts affect my Credit Score?

Lakshya · Post by **Lakshya** » Mon Mar 21, 2011 10:11 pm

L2R2I;376855I have about 5 credit cards with no activity on it now. I got those to do Balance Transfers and paid off all.
Irrespective to R2I or not should I close all those accounts or leave it open? Would closing those accounts affect my Credit Score?

If you are moving back to India then I would close it. Otherwise I will keep it open. Closing these accounts will effect your Credit score.

L2R2I · Post by **L2R2I** » Mon Mar 21, 2011 10:35 pm

Lakshya;376856If you are moving back to India then I would close it. Otherwise I will keep it open. Closing these accounts will effect your Credit score.

R2I only in 2013 - Can I atleast call them to reduce the credit limits without affecting the credit score, since I don't want the unused cards to chew up my credit limits which can be used some where else later!

stup123 · Post by **stup123** » Mon Mar 21, 2011 10:54 pm

closing them wont affect ur credit report much

on a long run,having so many lines of credit open without any activity isnt good

Keep the one thats the oldest and close the newer ones..ur credit score shouldnt be affected

rajaR2I · Post by **rajaR2I** » Tue Mar 22, 2011 1:27 am

stup123;376864closing them wont affect ur credit report much

on a long run,having so many lines of credit open without any activity isnt good

Keep the one thats the oldest and close the newer ones..ur credit score shouldnt be affected

True. I closed all my credit cards and kept only 2. Its been over year, no change in my score at all.

Lakshya · Post by **Lakshya** » Tue Mar 22, 2011 3:01 am

rajaR2I;376889True. I closed all my credit cards and kept only 2. Its been over year, no change in my score at all.

Actually I was not clear to OP, effect of change usually come when you try to borrow (on CC). Because your revolving credit will be much lower due to closing CC.

cyberabadi · Post by **cyberabadi** » Tue Mar 22, 2011 3:15 am

Lakshya;376913Actually I was not clear to OP, effect of change usually come when you try to borrow (on CC). Because your revolving credit will be much lower due to closing CC.

I agree. Less % of revolving credit gets you better offers on interest rate.

Sid · Post by **Sid** » Tue Mar 22, 2011 3:35 am

If one moves to India, and had decided to keep 2 credit cards, what happens when those 2 cards expire? Will the banks send the new cards to their address in India?

Old-Spice2 · Post by **Old-Spice2** » Tue Mar 22, 2011 3:55 am

sid_earth;376924If one moves to India, and had decided to keep 2 credit cards, what happens when those 2 cards expire? Will the banks send the new cards to their address in India?

Many cards do not accept foreign address. They will close the account.

Sid · Post by **Sid** » Tue Mar 22, 2011 4:31 am

Old-Spice2;376932Many cards do not accept foreign address. They will close the account.

Most credit cards have expiration dates of about 3-4 years. So effectively it means that R2Iers can keep a US credit card only for this much period?