• CMG MORTGAGE, INC. NMLS #1820
  • Jim Collins
  • News
  • Can you cancel 10 credit cards without damaging your credit score?

Can you cancel 10 credit cards without damaging your credit score?

  • October 29, 2018

"I became ill suddenly and had to retire at 62. When I was divorced at 45 I had nothing. I re-grouped, saved, saved and saved, put two children through college and rose through the ranks at work.

 

"When I retired, I had two years of expenses in an emergency fund (it is still there), zero credit-card debt and have lived very frugally on my small pension and Social Security Insurance since then. When I was making six figures at work, I took out credit cards to get miles, rewards etc. I have quite a few. Because I am not using them, I am getting annual fees (I have about 10).

"I want to cancel these accounts because I’m wasting $1,000 a year in credit card fees, which is sinful to me. However, most people say cancelling the cards will affect my FICO score. My FICO score is 780 and the notes on the credit-card report said high limits on multiple cards is a negative. I want to cancel these cards with the high limits and save the wasted fees.

"How will it really affect my FICO?"

 

Read more at MSN.com

Jim Collins
Senior Loan Officer
NMLS # 153218
Branch NMLS # 1805856
MA,NH,ME

Jim Collins

PHONE: (207) 752-3320
jimcollins@cmgfi.com

APPLY NOW
CMG Image
© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).