FINALLY......I was approved for a credit card with enough limit that i can consolidate my three cards with really high interest rates...whewww. I can see the money Im saving already. But my question is how bad would it effect my credit if I close those three nasty credit cards??? I know doing so will put a ding on my credit, but I will be ok with that considering I recenlty bought a new home and already have a car. Should i do it??? If not..what should I do???....eventually I would like to refinance my home and pay off my last credit card and just keep the card at zero balance for emergencies...I HATE credit cards.....HATE THEM. Once Im done paying this one I pray that I will never have to use one again.
2007-04-30 18:46:07 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
I would cancel them for sure, it shouldnt hurt your credit at all. I was told by the bank that having to many cards can look worse than not having any. If you already have your house and car, then the credit cards arent even really helping your credit rating anymore. Cut them up and be stress free.
2007-04-30 18:55:07 · answer #1 · answered by krickee 3 · 1⤊ 0⤋
Don't close out those three credit cards unless you are paying an annual fee on them. I also have a home and a car and even though my credit is a little better, it's not as good as it should be. Ever bit helps.
2007-05-01 03:43:19 · answer #2 · answered by Vickie 5 · 0⤊ 1⤋
Cancel the paid up cards, and then cut up the other card. Pay the debt off as fast as you possibly can and then cancel that account. Then never accept another credit card.
Just use a debit card in the future.
Doc
2007-05-01 01:59:50 · answer #3 · answered by Doc Hudson 7 · 1⤊ 0⤋
It will not hurt your credit at all. You will still have the open cr. card paid on time, and the others will just show paid out.
2007-05-01 01:55:47 · answer #4 · answered by PEGGY S 7 · 1⤊ 0⤋