all paid off...closing cards

[vmdizzle33]

As of next month I will have paid off 7 credit cards. My highest limit being $2800 on an Old Navy VISA (no annual fee, 22.49% interest). Then $2500 on a Bank Americard, which is my oldest card (annual fee of $39 and 14% interest). The other ones have all been obtained in the last few years and the limits are $1500 or less.

With that being said, I am really confused if I should close all of them or not? I got myself into over $12,000 in credit card debt and I KNOW myself. As soon as there is a little available balance I go use the card again. I paid off some and then transferred balances, then ran those up! I am afraid if I don't close them all then I will run them back up again. Then again I don't want to hurt my credit score. I am trying to get a new job and will be moving soon. I need a decent score for an apartment/house, etc.

I currently have two car payments (jointly owned) and student loans. So I have a decent amount of installment loans, just worried about these CC. I believe my score is around 720 or it was last year when I bought my car.

Any suggestions on what I should do? I like the idea of having ZERO credit cards so that if I don't have the cash, its just not happening. My father wants me to close all but one and reduce the limit to $500 for emergencies.

HELP!

[azguy13]

Normally I would advise against closing any card that does not have an AF. However, since you have said you know yourself and will run them up again, I would just close them until you feel confident enough that you will not use them.

Another option you have is to literally cut the cards up and leave the TL open

[myjourney]

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@vmdizzle33 wrote:

As of next month I will have paid off 7 credit cards. My highest limit being $2800 on an Old Navy VISA (no annual fee, 22.49% interest). Then $2500 on a Bank Americard, which is my oldest card (annual fee of $39 and 14% interest). The other ones have all been obtained in the last few years and the limits are $1500 or less.

With that being said, I am really confused if I should close all of them or not? I got myself into over $12,000 in credit card debt and I KNOW myself. As soon as there is a little available balance I go use the card again. I paid off some and then transferred balances, then ran those up! I am afraid if I don't close them all then I will run them back up again. Then again I don't want to hurt my credit score. I am trying to get a new job and will be moving soon. I need a decent score for an apartment/house, etc.

I currently have two car payments (jointly owned) and student loans. So I have a decent amount of installment loans, just worried about these CC. I believe my score is around 720 or it was last year when I bought my car.

Any suggestions on what I should do? I like the idea of having ZERO credit cards so that if I don't have the cash, its just not happening. My father wants me to close all but one and reduce the limit to $500 for emergencies.

HELP!

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Don't close cut up the cards you never know when that emergency will arise

[myjourney]

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@azguy13 wrote:

Normally I would advise against closing any card that does not have an AF. However, since you have said you know yourself and will run them up again, I would just close them until you feel confident enough that you will not use them.

Another option you have is to literally cut the cards up and leave the TL open

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Same thoughts good answer you beat me by 1 minute Lol

[vmdizzle33]

If you never use the cards (just cut them up) isn't that the same as closing the account basically? I thought that when it was inactive for a certain amount of time the company closes them anyway. Plus, I don't want to pay annual fees on cards that I am not using.

[js0319]

It takes discipline. If you've worked hard to build the credit needed to obtain those cards, you'd just be throwing it all away by closing them. In today's world, it's difficult to live just on cash you need lots of it and because you can't have certain things without the ability to finance - such as a house, car, etc. I don't carry balances anymore, but credit is all I use. You can use credit without getting into debt, but it takes discipline.

[vmdizzle33]

So, cut up all but one and use it for gas or groceries then pay off before the next billing cycle? Would it be wise to charge at least a tank of gas on each card every once in a while if I keep them all open?

I just don't want to get in one of those "F" it moods and start buying stuff, like you said, takes discipline--but I have shown that I don't have that right now.

Not to air all of my business, but I didn't work hard and scrimp and save to be able to pay all of these off. I was lucky enough to have them paid off by my father after my grandmother passed away. So its not like I had to suffer to pay them off..which might make me more inclined to be deciplined. I know I sound like a total brat right now, but I am being totally honest with myself and with you.

[tinuviel]

Can you store them some place safe, but out of reach? Maybe your father would be willing to hold onto them for you? That way, you'd still have them available in case of a true emergency. If so, you could take your father out to dinner every couple of months or so and have him bring one of your cards; pay for dinner with that, let him take it back with him and then just pay the off that card. That would keep the card active. Rotate cards for the dinners. Just a thought.

[09Lexie]

What cc's do you have?

[ObieGrad]

Maybe rather than cutting up the cards, give all the cards to someone you trust and tell them to not let you anywhere near them.  That way the accounts remain open and you can still use them in an emergency.  If you have any recurring charges (things like Cable bills or Netflix) you could put those on the cards and then pay them off every month.  This would ensure the cards see some activity.