credit card question i am thinking of retiring soon?

Question

I AM THINKING OF RETIRING SOON.
MY QUESTION IS A CREDIT CARD QUESTION.
WHICH IS BETTER: DO I PAY MY CREDIT CARDS OFF AND CLOSE THE ACCOUTS. OR DO I PAY THE CREDIT CARDS DOWN TO ZERO (O) AND KEEP THE ACCOUNTS OPEN.?

HOW WILL THIS AFFECT MY CREDIT SCORE?
THANK YOU,

UPCOMING RETIREE.

Answer 1

For credit cards that do not carry annual fee, the interest rate associated with them is likely to be higher than those with an annual fee. This makes sense, as the card companies want to offset their revenue loss from the annual fee by charging a higher interest rate. In fact, the gain from the higher interest rate can even be more lucrative than the annual fee alone.

However, there are still some benefits to owning such a card. If you are one of the minority of people who pay off the entire outstanding balance in full each month, a no annual fee credit card is actually going to do you a lot of good. There is no need to pay any additional fee to the card companies or go through the trouble of asking for a waiver of the fee at the end of the year. You can use the extra money for other purpose.

This type of card can also benefit those who carry very little outstanding balance. Typically, if you roll over less than fifty dollars each month, you can still gain some benefits from such a card. The interest you pay is likely to be less than the annual fee. However, you have to do some calculation here based on an analysis of your spending habits. Make sure that the total interest you will be paying in a year is less than the annual fee of similar card. Go to: http://www.credit-card-gallery.com/No_Annual_Fees.html, apply online and get instance approval.

Answer 2

I agree with "cork". All of your cards represent your potential to get into debt and that raises your score.

Answer 3

PAY OFF YOUR BIILS IF YOUR CAN...

ZERO INTEREST IS SUPER.
CLOSE THE ACCOUNTS YOU WON'T USE.
HELPS PREVENT FRAUD AS WELL AS THEFT.. CAN STEAL WHAT YOU DON'T HAVE.