I am in a situation where my credit score has gotten increasingly better and I want to dump my 2 First Premier cards, a crappy Cap1 and an Orchards card. I do have a worry though. I have on average about 60% available collectively on these cards and I am worried about closing them out before paying them down to a zero balance. I read some horror stories on line about it not being a good idea to close cards out before you are able to pay it down to a zero balance. I read that it can bring your credit score down and I don't want that after all of the hard work i have done in the last few years. I understand that not everything you read is true, but it is hard to differentiate truth from fiction sometimes. I was wondering with the new credit card laws recently passed that I was more protected now than in the past with closing these out. I have an annual fee coming up later this month on one of my First Premier cards and that is one of the reasons I want to get the ball rolling. Should i pay these off one by one before closing them out or are there better options? Any help and/or advice will be greatly appreciated. Knowledge is power and I can use a bit more knowledge on this particular situation. Thank You in advance!!
