to close a credit card or not to help score

[fatboyracing 10+ year member]

Ok does anyone know I have paid off a few credit cards should I close them or will i help my credit score leaving them open with a $0 bal

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[fbi90909 5,000+ posts]

keep it open for emergency purposes.

 

[DBBOOM 10+ year member]

Keep them open and in good status.

 

[SRim23 5,000+ posts]

If I recall a few weeks ago my banking teacher, who is a VP at a bank, said the way to go is to keep them open. He said a few years ago he noticed after he paid off some cards and closed them instantly his score went down. he got a few more cards, made some purchases and paid them off but kept them open and his score went back up. keeping them open with 0 balance or paying them as you spend shows responsibility or something i think he mentioned.

 

[Annnarbor84 5,000+ posts]

To each his own, I dont fu ck with credit cards. I would cancel them and cut them up.

 

[fatboyracing 10+ year member]

cool thats what I thought

 

[Annnarbor84 5,000+ posts]

We are in the middle of a recession, wasn't aware people were still concerned with credit

 

[TNTR70 10+ year member]

keep your highest limit and your lowest limit ones open, close all the ones in between...i use the smaller limit card for online and recurring auto payment stuff only. if someone hacks your account they can't charge up alot . keep your highest one for big emergency purchases, car repairs or home improvement, vacations etc. don't use it to buy online

 

[Scoobydoo 5,000+ posts]

max them out, declare bankruptcy and use one of the cards to pay for it

 

[Annnarbor84 5,000+ posts]

keep your highest limit and your lowest limit ones open, close all the ones in between...i use the smaller limit card for online and recurring auto payment stuff only. if someone hacks your account they can't charge up alot . keep your highest one for big emergency purchases, car repairs or home improvement, vacations etc. don't use it to buy online

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[duece212 5,000+ posts]

Keep the card open aslong as its not costing you an annual fee. Closing it will most likely have a negative impact on your score.

Go check out creditboards.com

 

[duece212 5,000+ posts]

max them out, declare bankruptcy and use one of the cards to pay for it

then sit back and wait for your obama check to roll in. Great advice!

 

[TNTR70 10+ year member]

If I recall a few weeks ago my banking teacher, who is a VP at a bank, said the way to go is to keep them open. He said a few years ago he noticed after he paid off some cards and closed them instantly his score went down. he got a few more cards, made some purchases and paid them off but kept them open and his score went back up. keeping them open with 0 balance or paying them as you spend shows responsibility or something i think he mentioned.

that all depends. this is what i know. the bank will look at your available credit on the cards that have 0 balance. lets say you have 5 or 6 cards with limits of 5,000 each. if you were trying to buy a house then the bank would not want you to have the avilability to run out and charge up 25 to 30 grand worth of cc debt right after you buy the home to furnish it with all new stuff. they would look at that as risky, but if you only had 2 cards with 5 to 6 k, they look at that as less risk to getting in over your head

 

[TNTR70 10+ year member]

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some people don't like to travel with cash especially out of the country, much rather use plastic...i wasn't trying to say that vacations were emergencies

 

[AVSTANG02]

Keep it open and buy a new 60" Plasma!

Giggity Giggity GOOooo