open accounts

[Anonymous]

if i pay off my credit cards is it better to have my accounts open or closed

if i was to close some accounts that i do not use will it make my score higher or lower

[llecs]

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kristinebarboza wrote:

if i pay off my credit cards is it better to have my accounts open or closed

if i was to close some accounts that i do not use will it make my score higher or lower

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Open, IMO.

Assuming there's nothing bad showing on the account, having them closed or open won't really make a difference in your scores (also assuming you don't close all your CCs). However, in the long run, your history will be deleted and you'll take a hit; it will take 10 years for that to happen.

[Junejer]

I agree with llecs. It doesn't make any sense to close the cards unless you are being killed by AF, MF (monthly fees, not the other MF--dirty minds), etc.

[Anonymous]

actually since fico likes to see a good number of accounts w/0 balances and a smaller number w/uti around 9% (in general), closing accounts could skew the numbers and you could take a hit in the too many accounts w/balances area.

if they are accounts that will grow and have no fee's keep them open and use them about every 3 months (pay before the statement cuts to keep 0 reporting) to keep them reporting and to keep them calulated in your overall uti.

if you can shut them down and have the majority of acccounts still active and reporting at 0, as well as not have your overall uti rate suufer then it really boils down to the convienience factor.

[Anonymous]

Also open account CL are used in total UTIL. If you close them your UTIL on other CC will go up & scores down.

Unless they are costing you I would keep them open