Close Credit Cards?

**Slug** · 07-09-2010, 05:08 AM

None. Keep the cards unless they have an annual fee. Otherwise there's no reason to reduce your available credit or limit your credit history.

**thigley986** · 07-09-2010, 05:21 AM

The Delta has an annual fee of $150. In a given year if we direct our spending through the AMEX (and pay it off monthly) we spend $30,000 - $40,000 on it, earning two free plane tickets that would have cost about $450/ea. Do you think the best option for us is to keep this card open and use it? Or is there a better option?

**sm808** · 07-09-2010, 06:46 AM

IMO, don't close any cards until you have applied for your mortgage. Use the one AMEX, charge your expenses, and pay it off. Because the mileage rewards are (way) higher than the annual fee, you're coming out ahead and the available credit is good for your score. If you want to close them, do so after your mortgage is settled.

**kork13** · 07-09-2010, 03:31 PM

Personally, I'd not worry too much about keeping all of the credit cards. Keep the ones you want, close the ones you don't. Do you have any reason to need a tip-top credit score within the next year or two (buying a home, financing a car, starting a business, etc)? If not, don't worry about it. If you're responsible with your credit, the effects of closing the cards will be far outweighed by your good use of credit. Keeping your higher-limit cards and especially keeping your older cards will be the best in terms of your credit score. But don't base it on your credit score, base it on what meets your needs and what works for you.

One thing you might consider, however, is finding a different Delta credit card, one that does not charge an annual fee. There are dozens of credit cards out there for each different airline, so if you can find a free card that offers Delta miles, you can get the same benefit without the annual fee.

**Stuartthomas** · 07-14-2010, 11:05 PM

reply

this could cause your credit history to appear shorter and could harm your credit score. Better to keep the account open and not use it or just use it infrequently. If you want to close it because of a higher interest rate, contact the credit card company to see about lowering the APR.

**littleroc02us** · 07-15-2010, 06:07 AM

I would close them all except one. My wife and I keep our Discover open for minimal use because she feels the need to keep it open. I don't like credit cards, but we have kept our credit scores around 800 both of us. We pay our bills on time and don't have debt. They look at those positive traits when you get a mortgage.

**TheStreetCeo** · 07-15-2010, 07:31 AM

Whatever you close make sure you keep the card you've had the longest open. I don't think I read that in any other posts below. It helps the length of your credit history, and longer is better.

**karenkc** · 07-17-2010, 11:16 PM

After paying off cc debt, I closed all cards except the one I've had the longest. Coincidentally, it also had the highest limit. I like it because I don't have to monitor a lot of cards for new fees or fraudulent activity. I also downgraded my checking debit card to an ATM only card so I don't have to worry about checking debit card fraud within 2 days (which is the typical amount of time you must report it or you will be held liable.) Now I just use my one credit card and I like it so much better.

**athenabyron75** · 08-05-2010, 06:45 AM

We paid off a couple of credit cards a couple of years ago and then closed the accounts, we were suprised by the large drop in our credit score. I would keep the cards open for now and maybe think about closing one after you buy a house.

**danielhermann** · 11-08-2013, 03:31 AM

Keep all with you

There is no need to close any card account if there are no annual fees on them. Its just like keep them if anytime you need them. But remember to keep them safe and also to remember the PIN. Also check with the banks whether the cards are insured or not in case of any misuses. These will ensure peace of mind and use whenever necessary.

**TheKayla** · 11-08-2013, 06:18 AM

Closing credit cards can hurt your credit slightly, but the biggest factor is of course your spending habits. If you are 100% confident you will not use them to rack up debt again, I would leave them all open. If you use them, pay them off that very month. However, if you know you have a higher risk of putting too much on them again, close them and keep perhaps only one or two for emergencies/credit building (although you should have an emergency fund for that stuff anyway

). If you run the risk of getting back into CC debt and have more than 10% of the limit riding on the card, that would hurt your credit far worse!

**snidersusan21** · 07-14-2014, 07:30 PM

Don't close the card, it will hurt your credit score. It's not good idea to close your account then having plan to apply mortgage. Keep that card until you applied your mortgage.

**youshallliveinoverflow** · 07-17-2014, 04:18 AM

I think you have to be careful with closing credit cards. You have a good credit score and you may hurt your credit score by closing old debts. Just cut the cards up and not use them. Good Luck and congrats on eliminating your debt ..

Close Credit Cards?