If you are trying to increase your Credit Score, then don't close the accounts! I learned this the hard way Keep them open UNLESS having them is too much of a temptation and you will get yourself deep in debt with them. You can cut them up while keeping the accounts open. 

Congratulations on paying them off, you are quite far ahead financially than the average person by doing that!

Closing your accounts is not recommended and will negatively affect your credit score.

If you are able to keep your finances in check and restrain from racking up a balance on them it will help you maintain a strong credit score in the long run.

While credit cards can be a temptation, having a good credit score can come in handy in many different instances in life.

Also credit cards can come in handy when you are making a large purchase and have the money to pay but by purchasing through a card and paying it off you are able to take advantage of the rewards that many cards have to offer.

I wouldnt close the older ones. The newer ones maybe. The thought is that having older lines of credit helps your score. I would say if the newer ones dont lessen your average age then its ok. This assumes that you will not carry debt on the other cards which would affect your utilization.

If you feel that you have too many and won't use them, then that's a good idea. I'd like to offer a few pieces of advice: 

  • If possible, keep the card that's been open the longest. The age of your accounts (how long you've had the card) is a big factor in your credit score.
  • Make sure when you call to close the account, ask them to indicate that the account was closed at your request. Otherwise it may look like the credit card company closed it which is not as favorable to your credit score.
  • Your credit score may drop, but it should recover over time if you are using the remaining cards responsibly. Sometimes it does take several months for the reports to catch up. 

 

Thanks for all the great replies! I am 70, own my home and don't see myself in a place where I will be making any major purchases for the rest of my life. I am concerned that the dark web will have my info and that if I have fewer cards there will be less to worry about. Thoughts?

KellyFromKeene posted:

If you are trying to increase your Credit Score, then don't close the accounts! I learned this the hard way Keep them open UNLESS having them is too much of a temptation and you will get yourself deep in debt with them. You can cut them up while keeping the accounts open. 

Hi Kelly-

Thanks for your comment-actually the opposite. My score is very high, I don't plan to make any big purchases like a home or car, and I want to have less chance for the bad guys to steal my info!  I saw a report that said dark web will sell thousands of identifying info for $50! 

Susan L. Miller posted:

Thanks for all the great replies! I am 70, own my home and don't see myself in a place where I will be making any major purchases for the rest of my life. I am concerned that the dark web will have my info and that if I have fewer cards there will be less to worry about. Thoughts?

I would close them. Especially the store cards. I would probably only hold on to two. One would have the highest limit.  And the oldest one. 

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