Thursday, December 15, 2011

Does closing credit cards help you to get larger credit limit when you open a new card?

Some notes to clarify: I have about 7 cards, and 4 are department store cards. Those 4 cards I am closing only about half of the available balance has been used. So if I close the cards does it show to future card offers that I have more credit limit available ? Also how long does it take the credit bureau to know that the accounts have been closed?|||That is a difficult answer. It will take up to 90 days for the credit bureaus to update. Back to your question, if you do close off these four cards, close them off over a period of time because closing them all at once will hurt your score, badly. If you close these accounts and then go apply for credit somewhere else, you won't necessarily have more credit available. The future lender will give you as much money as they are comfortable with.

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