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You have five credit cards each with a $1,000 limit, making your total available credit $5,000. Your regular monthly credit card expenses total $1,000. Your credit utilization ratio is 20 percent ...
Credit Card 3: $1000 credit limit with no charges Across the three accounts, you have $3,000 in available credit and you have $500 in outstanding balances. Your utilization rate is almost 17% ...
If an unused credit card has a high credit limit or a long-established credit history, closing it could negatively impact a cardholder's credit score. It is usually better to leave these cards open.
Closing a credit card may hurt your credit, but the impact varies depending on your credit history. ... $6,000 balance / $10,000 credit limit. Card 2: $1,000 balance / $3,000 credit limit ...
For example, owing $3,000 on a $10,000 credit limit is fine for your credit score. Closing a credit card with a $4,000 limit and then owing $3,000 on a total credit limit of $6,000 puts you at 50% ...
If you were to close an unused credit card that has a $2,000 limit, your total available credit drops to $8,000, and your balance now represents 25% of your available credit.
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Closing a credit card account can also impact your credit utilization ratio if you have debt on other credit cards and revolving accounts. This factor makes up 30 percent of your FICO score, so ...