@longtimelurker wrote:
I think people here are being overly concerned about retaining cards.
It's understandable given that utilization is immediately impacted by closing cards, utlization plays a significant role in credit scoring, and improving credit scores is a goal for many here on myFICO with some looking to eke out every possible point. That said one size doesn't fit all and the OP needs to make the call based on the OP's needs/wants/preferences as well as short term and long term goals (buying a car? buying a house? etc). OP can calculate the impact on utilization and decide which cards to close using that information as another deciding factor.
It's certainly understandable that knowing that one's self would use up available credit that closing accounts may be the best solution. However, OP should consider the impact on credit and other possible solutions such as securing the cards, destroying the cards, treating the cards as cash/debit etc. OP knows best what's mostly likely to work out for the OP.
I was in the same boat when I was younger and even ended up filing for BK. I had to learn to be responsible to get where I am now and I couldn't have learned by not trying to be responsible. Again, one size doesn't fit all. Avoiding credit cards may be the best solution for the OP but none us can really determine that and can only offer suggestions.
@vmdizzle33 wrote:
Now that I am pushing 30 I am wanting to get my debt under control and make a concious effort to be more responsible. I believe before I was already in so much debt I was like "whatever, what's $100 more" and I'd keep charging.
I'd also recommend actively tracking your utilization to hopefully mitigate that mindset. Again, utilization plays a significant role in your credit scoring. While 30% is the generally recommended max, for optimal scoring you probably want around 10%. Try to maintain 10% or less if you do keep any cards.
@youngandcreditwrthy wrote:
I think if you close all of your credit cards, your score will tank LOL
If the OP can't responsibly maintain open cards then the OP's scores will tank anyway and run the risk of ending up with derogs. Again, OP's call as to the specific plan of action that best fits.
