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newsbug2003 | I just paid off my credit cards...now what? |
I recently paid off all of my credit cards and now I'm wondering if I should close the accounts, since I never plan on using them again, or does it look better on my credit report to have a lot of open credit? I'm thinking about buying a car sometime around the first of the year and would like to keep my credit score as high as possible.
Additional Details
I just went and checked and my credit score is 735. :) |
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IDKthat
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It's good to have one major credit card. You want to watch your debt to income ratio. Creditors look at how much you earn vs. how much debt you have the ability to rack up (open credit). You don't want all your potential debt taken by little store cards, leaving no room for a car loan.
Congratulations!
Hope this helps
after reading other answers....
The accounts you close will still show on your credit report. As long as you've made timely payments & you are in good statnding when YOU close them they will only help your credit.
Go to freecreditreport.com
Your getting alot if conflicting answers on here.
Good advice about saving for a down payment, the more you can pay initially, the less you pay in total for the car.
ok go to http://www.creditfairy.com/
I'm not making this up or just giving an opinion here
I needed help to pay off my credit cards & went to Consumer Credit Counseling a non-profit government agency that helps people with financing. They make you pass a test before you can join the credit help program. Their site is http://www.cccservices.com/
not that you need it, but the people thumbs downing me would benifit from it. |
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pro gamer chris
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brag about it |
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Xx~ sxc*bbe*123 ~xX
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i think the best thing to do is to close them down.. credit cards only get u into ****.. |
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Emma F
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If you don't plan on using them I would close them. Remember a credit score is an I love debt score. Build up an emergency fund of 3 to 6 months expenses and save and invest. Now you don't have payments you can buy anything you want, because you have cash! Welcome to a debt free life. As for the car save up for it. Don't go back into the debt trap. For further advice visit the link below! |
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TX Cyclone
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I would keep some open but at a level where if you do charge, you can pay it off the next month. Maybe you could close retailer ones and keep ones like AMEX or VISA. When you go to buy a house, for instance, they look at revolving credit, not loans such as cars.
BTW...congrats, must feel great. I did it about 10 years ago and now I only have a couple of cards that I can pay off every month. |
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Classy Granny
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Closing them for some strange reason lowers your score. Keep them, just don't use them. |
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Yancy C
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Thirty percent of your credit score is calculated using the ratio of your credit used vs. available credit, called a utilization ratio. Anything under about 35% is considered very positive. (Meaning you have $5000 of available credit, and you aren't using more than $1750 of it, for example.)
If you close all your accounts, it will ultimately hurt your score, because it affects this ratio.
But since part of your score is calcuated by factoring the number of accounts and the type (About 10%) The healthiest thing for your credit score is to close all the accounts but one, and make sure that one has enough available credit to cover you in the event of an emergency.
Within six months, your score will glow in the dark.
By the way, congratulations. It's a great feeling, isn't it? Now start investing some of that extra money into a retirement account before you come up with other uses for it. |
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heybulldog
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cancel the cards. Don't worship the fico. All it brings is debt. Both credit cards and the fico score was designed by banks to get you into debt and keep you in debt. Just look at how the fico score works.
You have to borrow money and make payments on time to get a high score. You also have to keep borrowing money and keep making payments on time to keep a high score. It's a "I Love Debt" score.
Credit cards are the financial worlds cigarette and "building credit" is the biggest joke of the 21st century.
If you pay as you go. If you live on less money than you make. You will NOT have any payments. You will have money and not have to worship at the alter of the great fico. |
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rayt721
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Do not cancel those cards. You want the credit history and you also want to show that your debt to debt limits is low which will boost your score. You don't have to use those cards and they will not count against you for a car loan. The exception is if you are being charged annual fees. Either get them waived or cancel the cards because it's senseless to pay for something you don't want/need/use. Congratulations. Now, don't get back into the trouble again. Why not use the money you were paying to save up a great down payment on the vehicle and with more cash you will have more negotiating power. Don't be afraid to walk if the dealer won't give you what you want. There are plenty who will. After settling on a price, thank them and get ready to walk. They'll freak at the point. Tell them you want an alarm system or upgrade radio or something else at their expense because they just tapped your budget out. I bet you get it!!!
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nymamiyankee
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congrats on paying them off, but dont close our ur acccounts..you need some kind of payment history and having ur paid accounts on ur credit report will show that....if you dont use them thats great, but keep them open |
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nofear_intrepid40
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Keep one or two,in the event of an emergency.The operative word is EMERGENCY. You've made me jealous!!!!!!!!!!! |
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Reaper
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Are you really that irresponsible? You'd have to cancel your cards to keep yourself from spending?
Whatever you do DONT cancel your cards your credit will take a serious hit and kiss that new car you want good bye! |
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