I have 6, but only use too, I was wondering, should I close the other 4. I mean I don't use them, they just sit in drawer, there not even in my wallet.
I basically got them to see what they would give me. when I was leaving off for college. So now I'm wondering should I closed those accounts. I don't think I even activacted 1 or 2 of them.
2007-12-16 05:58:50 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Like others are saying, it's good to keep credit cards open with no balance. Again, however, too many can cause you trouble.
Like others have said, keep one for gas, and one for emergencies - and use them ONLY for that. If it becomes a problem and you're using them for other things, cut them up too. Too much credit card debt and lack of responsibility is far more damaging to your credit than closing credit card accounts.
Now, one other thing that I've heard from multiple people - is that if you want to keep a back-up card (outside of the other two that I've already mentioned), go ahead and do that. Just put it in a block of ice in your freezer so that you can't or won't simply impulse buy with it. If you really need it for something, you know where it's at. Otherwise, it will take a lot of effort to get the card out and probably not something you're going to want to go through to buy a pair of shoes or a new tie (that you really don't need).
2007-12-16 06:51:25 · answer #1 · answered by twentyseven 3 · 0⤊ 0⤋
It's true that a large part of your score is based on the ratio of revolving credit debt to the available credit limit. Closing accounts lowers your available limit. If you don't carry balances on the two cards that you use, this won't have much impact on your score and it will very quickly rebound.
My personal opinion is that having a stack of credit cards that you don't use is just asking for problems. You have to secure those cards and monitor them.
Keep the two oldest major credit cards that don't have an annual fee. Only keep store or gas charge cards if you have some special reason. Close all the rest.
2007-12-16 14:10:06 · answer #2 · answered by bdancer222 7 · 1⤊ 0⤋
How much are the fees? If they don't have a fee, then you have little expense in keeping them open.
If they do have a fee, think about what you'll be spending your money on. I don't borrow much money, so my FICO score is a non-issue to me. I've closed all but the accounts I actually use (and these are never maxed out).
2007-12-16 14:11:14 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Leave them open with no balance. It looks good on your credit because it shows you have it there, but you don't live beyond your means. Good Job!!
2007-12-16 14:03:22 · answer #4 · answered by Jose P 2 · 0⤊ 1⤋
as the previous answer states, leave them open, if you close them, it will actually lower your credit score, and don't get anymore!
2007-12-16 14:08:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋