all paid off...closing cards

[Pat94108]

Personally, I would close them all but one and just use that one card for everything and I feel you vmdizzle, I am about the same way. Whenever I have a credit card, I overspend, although I do know when to stop but I eventually realize that having a charge card works better for me.

[vmdizzle33]

Good idea about the Netflix or reaccuring charges. I'd like to keep one physical card in case of emergencies. Then cut up the rest and put like my netflix, gym membership, car insurance or something else that is autodrafted onto the others and pay it off that month.

[vmdizzle33]

I have an Old Navy, Bank Americard, Barclay Card (got for apple financing and then ran it up), Bill Me Later (the most irresponsible thing I ever got), Best Buy, Chase Slate, I also have a Kays Jewelers but it has nothing on it.

[09Lexie]

Chase Slate doesn't have an AF- idk about your BoA or Barclays. But I would PC the Slate to a Freedom, (still no AF) give it to your Dad and keep it open. The store cards, will close on their own if no activity. The BoA if it doesn't gave an AF I'd give that to your Dad too.

You never know what the future holds. Having 2 cc's from large institutions would be in your best interests. Have 1 set up for gym membership and the other for cell bill.

[vmdizzle33]

BOA has an annual fee of $39 and its my oldest card. The barclay I'm not sure, I've not even had that car a year. I don't know the terms on this site yet, what is PC? The Old Navy is a VISA, will it close on its own? My father lives 700 miles away. I don't think I want him holding onto my cards in case of an emergency.

[thelethargicage]

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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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Your father is right.  If you can't control yourself, just use your debit card.

[09Lexie]

PC= Product change

Old Navy Visa like any cc that's not used over time will close on its own. You can also ask BoA for a PC to a cc with no AF, if giving them to your Dad is not feasible, then securing them in a safe, safety deposit box or cutting them up -after you write down the number for the auto pay/auto bill

[vmdizzle33]

90Lexie:

Okay, you're giving me some good advice. I just want to clarify. You're suggesting leaving all of the cards open and only using the BOA and Chase (once I get Chase to Freedom and the BOA with no annual fee) for autodrafts or things I can pay off like gas? Leave all of my other cards at zero balance and let them close on their own or me close them?

[longtimelurker]

I think people here are being overly concerned about retaining cards.  Did you default on anything before your father paid it off, or is your credit score basically ok?

If it's OK, then I would do ask your father suggested, close all but one, and then, as other posters said, give it to him or someone you trust.  If your needs and self-control change, then you can apply for new ones.

The only question is whether you need  a credit card for various "OK" things, like renting a car or a hotel room.   Sometimes debit cards aren't accepted.   This is why I would keep one open.

[Pat94108]

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@longtimelurker wrote:

I think people here are being overly concerned about retaining cards.  Did you default on anything before your father paid it off, or is your credit score basically ok?

If it's OK, then I would do ask your father suggested, close all but one, and then, as other posters said, give it to him or someone you trust.  If your needs and self-control change, then you can apply for new ones.

The only question is whether you need  a credit card for various "OK" things, like renting a car or a hotel room.   Sometimes debit cards aren't accepted.   This is why I would keep one open.

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+1 Couldn't agree more.