Credit Card?

Question

I have three credit cards, each having a credit limit around $15,000. One is a no interest til May 2007, my balance on this card is roughly 13,000. My other card has around 10,000. I just finished paying off my third credit. My 3rd card is the longest existing credit card i have. Should I go ahead and close it out, or keep it. Will it affect my credit rating, if I close it. Meaning, will my credit score go up or down? I have a new job with a good salary, I should be able to cut my debt in half this year alone. But, I guess what I really want to know is if closing a credit card with a 15,000 limit have a negative affect on my credit score? Thank you.

Answer 1

a good part of your score is made up of your credit length, so if you close that card, that will affect it and will make your score go down a lot. another part of your score is how much credit is available to how much you debt you have, so if you close it, it will look like you have almost maxed out your available credit, and you you credit score will go down even more, so just don't do it.

Answer 2

Keep it...if you close the account on the credit card you have paid off your credit score will go down! Yes, it will have a negative effect if you close a long standing account. Freeze the card in a block of ice if you think your going to use it.

Answer 3

If your goal is to get out of debt,then yoou should close it out to avoid the temptation to charge more.
You can pay off the other 2 and close out 1 and pay off the remaining card but keep it active by charging something once in awhile,but pay off the balance every month.
Having good,but unused credit cards is as bad as having maxed out credit cards.
Your credit score is determined by several factors.
If possible,try to transfer your current baqlances to cards with lower interest rates than the cards you are using now.

Answer 4

Never close a credit card account. You do not have to use, but don't close it. It will indeed have a negative effect on your credit score.

Answer 5

Do not close the account...you want to keep the history active and the longer the relationship is the better.
You can learn more at http://www.mycreditadvise.com

Answer 6

I HEARD THAT IF PEOPLE CLOSE THE ACCOUNT IN THE CREDIT CARD IS BAD BECAUSE IT AFFECTS YOUR CREDIT IT IS BETTER IF YOU CUT IT IN HALF, SO YOU WON'T USE BUT YOU STILL HAVE IT OPEN FOR FUTURE EMERGENCIES. YOU NEVER KNOW!!!!!!!!!!!!

Answer 7

yes, your c/s is effected by your use of available credit...if you close that card you will appear maxed out on your available credit..it will lower your C/S to close that card

i would suggest burning it though so you cant use it again

Answer 8

keep it open