Is closing a credit card account a huge mistake?

[neilgunt]

I just finished paying off a $6000 debt with 4 different credit cards. I would like to close two credit card account and keep the ones that offer rewards and flight miles.
Would this affect my credit in any way?

[kork13]

yes, it would affect your credit, but the size of the impact depends on your personal credit history. The biggest change will be the amount of credit available to you, which would likely bring down your credit score somewhat. However, since you have no revolving balance (and as long as it stays that way), it won't seriously hurt you. It could potentially impact the age of your credit history over time. Keep in mind -- all of your payment history and credit age will remain on your credit history for the next 7 years, so as long as you have a clean credit history otherwise, your credit won't be seriously damaged by closing the cards.

[investingnoob]

I thought you were supposed to just cut up or hide the credit cards you dont use?
Like I just have a bank visa and debit card that I use.
I got a Macy's and Sears credit cards that I don't use unless I do a major purchase at that store.

[JoshuaHeckathorn]

Congrats on getting rid of your credit card debt! Now, make sure you keep it that way :-).

Unless you're charged annual fees that make it not worth keeping the cards, you'll be better off just leaving them open. Closing them could potentially hurt your credit utilization and length of credit history. And these days it's a good idea to try and hold onto whatever available credit you still have.