Closing credit cards and credit scores

Lp4life on 01/03/2017 - 22:15
Last edited 01/03/2017 - 22:41

Hi All

Just want to get some info on closing credit cards. I have 9 credit cards opened over many years. If i close 7 cards in one month will it have an positive or negative impact on my credit score with veda? I've read about credit to debt ratio and how that can reduce my score if i close cards with big balances but does veda know how much credit and debt i have exactly? I recently got the free report from them but it only showed how many times i apply for credit and doesn't have anything on actual credit amounts approved. So how would they know what the credit to debt ratio is?

Any advise or knowledge would be greatly appreciated.
Cheers

Financial

Comments

  • CyberMurning on 01/03/2017 - 22:37

    I heard from veda staff, she said if you close you cc but the bank forget to tell veda, then your report won't show it.
    Everything isn't real time or automatic.
    Very annoying credit rating system

  • djkelly69 on 01/03/2017 - 23:19

    My experience is that only credit applications affect my credit score, not closing cards. I don't follow my Veda score though, so could be different.

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