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Old 09-30-2007, 09:00 AM   #1 (permalink)
nsupanda82
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Is it best to close a credit card account after you have paid it off?

I just paid off several credit cards using a consolidation loan. I was wondering if I should close my credit card accounts or not. I have heard that it looks bad on your credit report to close them all and I do not want anything to look bad on my credit report because I am planning on buying a house in a few years. Any input will be greatly appreciated!
Just a little more information: the monthly loan payment is just as much as my MINIMUM monthly payments on my loan.
Just some information: the monthly loan payment will be just as much as the MINIMUM monthly payments on my credit cards.
 
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Old 09-30-2007, 09:00 AM   #2 (permalink)
moreacidthanalkaline
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There's no need to close the accounts, unless you feel that you won't be able to resist using them again.

You could go halfway and just destroy and throw out your cards - that way you won't be able to use them, but the accounts will still be there if you need to order a new card for an emergency purchase....
 
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Old 09-30-2007, 09:00 AM   #3 (permalink)
parsar
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crdit card loan doesn't hit ur future loan sanction unless u have made the default in the credit card loan.

but it is always advisable to make all ur credit cards balance, since it will affect ur future financial in terms of interest payments .
 
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Old 09-30-2007, 09:01 AM   #4 (permalink)
baylorgirl16
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Your credit score will be higher if you just leave the accounts open with a zero balance. Just cut up the cards, forget about them, and leave them open.
 
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