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Why PIF before closing a credit a card?

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mesoc
Established Member

Why PIF before closing a credit a card?

I see this statement made everyday since i joined up on these forums, you should pay off your credit card before closing it.  I closed my first premier credit card 2 months ago with a balance of $140.  I got it down to $95, and sent off a check for the remaining balance just a few days ago. 
What do I need to watch out for?
Message 1 of 3
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Anonymous
Not applicable

Re: Why PIF before closing a credit a card?

Interest and monthly maintenance fees for closed accounts would be the first two things to come to my mind.
 
Edited because for the life of me I can never spell maintenance right...


Message Edited by modernsurrender on 04-05-2008 04:28 PM
Message 2 of 3
Anonymous
Not applicable

Re: Why PIF before closing a credit a card?

If you still have a balance it will be factored in to your utilization but I don't think the credit line will be making your util go up
Message 3 of 3
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