If I close a credit card account, will that lower my credit rating? My rating is currently 704.?

My current equifax credit rating is 704 which is considered fair... and I had to increase the credit limit on a lower interest credit card so I could pay off my others. Is there a way that I can lower it by closing a credit card account I don't use or is it better to keep it open and not use it. I have 4 credit cards and use only two accounts.

If I close a credit card account, will that lower my credit rating? My rating is currently 704.?
It is better to keep it open. Your credit score is partially based on the amount of credit you have used versus available credit so it is better to keep that card open which shows all that crdit available.
Reply:It's better to clsoe any accounts that you don't use. Unused accounts lower your credit score.
Reply:If you close your credit card account ,your FICO score will go down.In order for you to increase your credit score again you would have to payoff your existing balance on your other credit card or charge up other amount and pay it off in 3 month.
Reply:A closed account with an open balance still needs to be serviced until the balance is paid off. However, it shouldn't affect your FICO anymore than if it were still open. Serviced debt is serviced debt.
Reply:Open credit is viewed as potential debt, which may slightly lower a credit score-not sure-but it does count as a slight negative when applying for some loans. If you don't need it, close it; but, you might want to hold onto it for a rainy day. It's not going to make much of a difference to your credit score, if you have 704.
Reply:Yes it will affect your credit, but the hit won't be bad and after 6 mo. or so your credit score will go back up, nothing to worry about at all.
Reply:You should only have ONE credit card, and you should pay off the balance in full each month.





Since you are carrying a balance from month to month, YES, close off the two higher interest cards you are no longer using.





You can't be tempted to use them, if you don't have them.