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newrussian · 10-31-2007, 02:07 PM

There are lots of opinions about closing or keeping the cards open.

A big chunk of your credit score is based on the debt to available credit limit ratio. If you close the credit cards, the total available credit limit goes down. This would make the debt a higher percentage. Also, closing an account, closes the history.

My personal opinion is that keeping credit cards open just for the sake of having a stack of credit cards is stupid. You have to monitor and secure those cards and they are all sorts of potential problems.

Close the store charge cards. Keep open the oldest major credit card without a annual fee and close the other.

10-31-2007, 02:07 PM	#11
newrussian Greenhorn Join Date: Jul 2006 Posts: 21 Rep Power: 6	Shoud I keep $0 balance credit cards open or close them? There are lots of opinions about closing or keeping the cards open. A big chunk of your credit score is based on the debt to available credit limit ratio. If you close the credit cards, the total available credit limit goes down. This would make the debt a higher percentage. Also, closing an account, closes the history. My personal opinion is that keeping credit cards open just for the sake of having a stack of credit cards is stupid. You have to monitor and secure those cards and they are all sorts of potential problems. Close the store charge cards. Keep open the oldest major credit card without a annual fee and close the other.

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