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Post Info TOPIC: Credit Card Question
rar210


Marc Jacobs

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Posts: 2409
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Credit Card Question
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If you pay off a credit card and have no plans of ever using it/needing it again, is it better to close the account or leave it open with a 0 balance?  I've often been confused on this, I want to do the best thing for my credit but am unsure what that'd be in this situation.

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ILoveChoo


Hermes

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unless you pay an annual fee for it, leave it open with a 0 balance.

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Hermes

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Posts: 6944
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Def. leave it open - it looks good on your credit to have accounts open for a long time that are in good standing.

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BargainQueen


Marc Jacobs

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Posts: 2001
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Yup, leave it open it shows you have a long and good credit history.

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jah


Dooney & Bourke

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Posts: 815
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I work in this biz... keep it open.  The proportion of your income that you have potential to "credit yourself to" can ding you, but having a larger amount of extended credit used to the total extended ratio is worse...  Also, time of accounts, etc. will work for you as indicated previously. 

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