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should I pay off and close these accounts or freeze them to raise my score back???

Valued Member

should I pay off and close these accounts or freeze them to raise my score back???

Thanks for taking a little time out for me...I have some card cards and they are circuit city balance $400/1000.... best buy balance $700/800....orchard balance $0/500....carnival balance $0/500 I have 3 amex, sears and a frys but I use those alot.....should I close some of these cards to increase my score or pay off and freeze on ice....which  way will help my score faster???...help me
4 REPLIES
Established Contributor

Re: should I pay off and close these accounts or freeze them to raise my score back???



rezultsbydebi wrote:
Thanks for taking a little time out for me...I have some card cards and they are circuit city balance $400/1000.... best buy balance $700/800....orchard balance $0/500....carnival balance $0/500 I have 3 amex, sears and a frys but I use those alot.....should I close some of these cards to increase my score or pay off and freeze on ice....which way will help my score faster???...help me





IMO I would steer clear of closing any accounts while you have utilization (according to your post it looks like other cards also have balances. Keep them all open. I would pay down the balances you have, and that should help your scores.

By closing cards with no balance you hurt your util and your score could drop. You should NEVER close a card with a balance.

Hope this helps a little!
Frequent Contributor

Re: should I pay off and close these accounts or freeze them to raise my score back???

Closing the cards won't help your score, I would say do not close them unless there they have fees associated.
Senior Contributor

Re: should I pay off and close these accounts or freeze them to raise my score back???

I wouldn't close any of them but pay down the circuit city and best buy balances, as they are hurting your scores.

Generally speaking, you should think twice about closing cc's, unless they cost you money to maintain.
"Never ever, ever be late. Never" (FUTR)
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Moderator Emerita

Re: should I pay off and close these accounts or freeze them to raise my score back???

Please read these threads, which I have swiped from fused's siggy. This should help you with the big picture:

Credit Scoring 101 (by Tuscani) --read the first post at least

Closing Creit Cards (by fused)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007