Absolutely nothing is bad with getting credit card accounts, as long as you utilize these accounts sensibly. But what if you’re wanting to reduce your number of credit cards? Here’s the proper way to close your credit card. For more tips read http://www.newhorizon.org/credit-info/how-to-close-old-credit-cards-without-damaging-your-credit-score/ Want a copy of your credit report here http://www.newhorizon.org/Info/creditreports.htm

1. How to Cancel Old Credit Cards
And Not Harming Your Credit Score
by: www.newhorizon.org

2. Using your credit card accounts and maintaining good credit rating
usually leads to a borrowing limit increase and other credit card
offers.
Absolutely nothing is bad with getting credit card accounts, as long
as you utilize these accounts sensibly.
What’s more, bad credit cards have aided lots of people re-establish
their credit and improve strong scores - but what if you’re wanting
to reduce your number of credit cards?

3. Terminating credit card accounts that you no longer use may seem smart,
particularly if you’re trying to streamline your finances. On the other hand,
there is an incorrect and a proper way to cancel down your accounts.
Credit ratings depend on several factors, for instance the the time of your
credit history. The more time you’ve had a credit card in your name, the
better your personal FICO credit rating.
So here’s the proper way to close your credit card:

4. Terminate the Newest Card
Terminating or eliminating an older card may cause some credit damage, on the
other hand, you can reduce the harm by keeping your oldest account open and
closing your newer accounts.
Closing the oldest account can help reduce your credit score, but if you were to
keep this account open and terminate another account, the duration of your credit
history continues to be same.
Thus, helping maintain your credit score unchanged. Read your statements or call
your credit card company for information regarding the date that you opened your
account.

5. Lowest Borrowing Limit
It can also help to close the account with the least borrowing limit. The larger the
gap between balance and your borrowing limit, the better.
Accounts with low limits ($300 to $500) increase the the risks of having a higher
utilization ratio, which could harm your credit rating.
On the other hand, for those who have a credit card with a higher $1,000 borrowing
limit and you maintain a balance of $200, your utilization ratio is lower than 30
percent, which helps boost your score.

6. FOR MORE CREDIT CARD TIPS READ
http://www.newhorizon.org/credit-info/how-to-close-old-credit-cards-without-damaging-your-credit-score/
GET A COPY OF YOUR CREDIT REPORT
http://www.newhorizon.org/Info/creditreports.htm