Should I Cancel paid off credit cards?

[Anonymous]

Hi there!

I'm new here...and I was wondering if I cancel some credit cards that are paid off would get me a higher score?....I have a credit score of 690....and I like to cancel a sears card too...please note that I paid everything off...Thanks guys for your help!

[MidnightVoice]

No!!

It will reduce the length of your history.  Just keep them open and possibly use them once a year for a banana, then pay them off 

[fused]

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Sasha wrote:

Hi there!

I'm new here...and I was wondering if I cancel some credit cards that are paid off would get me a higher score?....I have a credit score of 690....and I like to cancel a sears card too...please note that I paid everything off...Thanks guys for your help!

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Why do you want to cancel your cards?  If you do that, your scores will go down.  Keep em open and use them every couple of months or so.

Btw, I do not blame you for wanting to cancel a sears card, their APR is ridiculous!

[Anonymous]

Thanks for your imput....for some reason I thought i would get a higher fico score...

So, i should use them once in a while?  Don't want to sound stupid but why?

[Anonymous]

Thanks!  so you're telling me that even if I cancel Sears it will lower my score?...I can't believe the APR on it is legal!!!!

[MidnightVoice]

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Sasha wrote:

Thanks for your imput....for some reason I thought i would get a higher fico score...

So, i should use them once in a while?  Don't want to sound stupid but why?

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The FICO compter likes cards to be used sometimes, and likes the average balance on the cards to be very slightly above zero% of the total available credit.  So if you by a banana once a year it will be happier than if you stick it in a closet and ignore it.  And it won't like you closing it.  It is a pretty dumb computer 

[Anonymous]

Again, thank you! Wow! You're a pro! you made it all clear for me to understand....I'm really starting to love this place!

[MidnightVoice]

You should check out our supercontributors - they know where their towel is 

Explanatory note - if the comment on a towel confuses you, go read the Hitch Hiker's Guide to the Galaxy. 

[fused]

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Sasha wrote:

Thanks for your imput....for some reason I thought i would get a higher fico score...

So, i should use them once in a while?  Don't want to sound stupid but why?

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It's the opinion of many on this forum you should use your cards regularly and keep your balance to credit limit ratio between 1-9%.  I know that stinks with a sears card and its APR.  If you have other cards such as Visa or MC try to keep your util to 1-9% of your total credit limit on each card.  Maybe you can keep sears at 0 balance and use occasionally then PIF to avoid a FC.  Do not close your cards though.

[Anonymous]

Hey! I have one last question and I promise to leave you alone after

I'm wanted to do my banking with a new bank that have no to little charge for atm's , checks etc...

Would that hurt my score to change your Bank?