Credit Repair/Credit Score


My wife and I have separate VISA cards with a "family" Scorecard account.   Each card has $30,000 limit and we carry no balances. Accounts are nearly 20 years old, no problems whatsoever.  We have decided the rewards are sort of idiotic and we asked about cash back.  Our credit union's Visa plan is poor vs. Capitol One's Quicksilver.  We have a new Quicksilver card with a $10,000 limit which is fine since we average $2,000 in charges and pay off.  We have gotten widely differing advice on what to do.  We feel like eliminating the 2 20-year old cards and high limits since the new card will work fine.   One advisor is aghast that we would even consider such a thing.  Our scores average low 800 and credit utilization is about 6% currently.  What's your best idea about minimizing score impact?  Thank you very much.


In general, I say unless the accounts are costing you money to maintain, why not keep them open.

The real answer to whether or not to shut down a credit card depends on two factors:

1) What are you going to use your credit for?
If you still think you need to have that high of a credit score for financing future items, then you need to maintain it. I would leave the cards open even if they do cost a little annual fee. Make a charge on them periodically. Pay it off.

If you do not mind a little lower score then and do not like the hassle of keeping extra cards open, then close them down. Keep in mind that if you shut them down you are not going from an 800+ score to a 600 score. It will drop a little depending on #2.

2) How long have you had other credit cards and open accounts for?
If you were just establishing credit in the last few years, then shutting down a credit card can be disastrous to the credit score. If you have had credit for a long time and have a few other credit cards that have been open for years, then the impact is minimal if you shut down a credit card.

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Chris Ebert


I can answer questions for Texas residents concerning issues that involve creditor and debtor rights. Specifically, I can answer questions concerning: FDCPA, FACTA, FCRA, and Texas state collections violations. Further I can guide consumers as how to repair their own credit with out the need for hiring a credit repair company.


For the last 10 years I have worked as a Sr. Paralegal in a law firm ( that defends debtors against their creditors. I have reviewed thousands of credit reports and under the supervision of our attorney helped thousands of clients resolve their credit issues.

The Ramos Law Firm

University of Texas at Austin

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