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Question for the Money Doctors

Question submitted on Dec 3, 2013.

Question

I have about 10 to 12credit cards and all have a zero balance but one. I want to know if I should close the accounts down to improve my credit score, or should I leave them all open with zero balances?

Answer

My personal opinion is that you should keep only the credit cards that you need for convenience, such as ordering things online or renting a car. You shold close the other accounts that you do not need. This will improve your FICO score since it will reduce your ability to borrow additional money. Trust me and close those unneeded accounts, you will be glad you did.


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