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strobbedp | Once a credit card is paid off, is it better to leave it active or should we close the account? |
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 |
 
Bob-O
 |
There's no harm in leaving it active. If you have other cards and you have a good credit history there's no harm in shutting it down either.
If you're trying to control your spending and you think it may be silently nagging you to use it again then I'd close the account.
If you're not planning on using it and it has a fee associated with it that might be another reason to close the account. |
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redvelvetflames4ever
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Leave it active. Having an active credit card that shows it has been paid in full is great for your credit history report and fico score. |
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finance_coder
 |
It depends on your personal financial situation. If you don't have any other credit cards, then keep it active. Just be responsible, and try to use it only for things you can afford (i.e. do not carry a balance month to month).
On the other hand, if you already have one or more other credit cards, and/or you don't trust yourself to use it responsibly, close it. |
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roxiecat4200
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Leave it active, too many closed accounts looks bad on your credit report...if it has a high interest rate you could leave it empty for a few months and then call and see if they will lower the rate...having a smaller %rate also looks better. |
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Pam G
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If you plan to use the card again, I would leave active--but place in a secure area to prevent identity theft. If however, you DO NOT plan to use the card again, I would deactivate and destroy. Thanks. |
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WannaRetire
|
Ok, ok, we know what you're thinking: 'I've got an unhealthy number of credit cards in my wallet, I think I'll start closing those out to help my credit score.' Not so fast, warns Steven Katz, a spokesperson for TransUnion, one of the country's three major credit reporting agencies.
Since part of your score is based on the length of time certain lines of credit have been open, closing out that 10-year old credit card could take a bite out of your credit score.
"It's negative because it's taking away a reference to a positive credit history," says Katz.
And if you are trying to trim down your debt by hopping from one low-interest rate offer to the next, closing cards along the way, Katz warns that kind of behavior could send a message to future potential lenders that you might be a credit risk |
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Zeltar
|
It's better to leave it active and stick it in a drawer. Longevity of accounts in good standing is important to your credit rating. |
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mimi
 |
Here's a link that will answer your question and confirms what I've always been told...keep it open, just don't use it if you don't have to.
http://lifehacker.com/software/credit/learn-the-11-myths-about-credit-reports-248775.php
There are also reader comments there. |
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P S
 |
if you want a Fico score (it basically means you pay back your debts over a long term) then you keep it.
If you dont want a FICO score then you dont need it.
I am debt free and in free cash flow.
I now use Manual underwriters if I really need a loan. I get much better terms. |
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winter_jc
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If you have multiple cards already it is better to close it. If you only have one or two then you should leave it open and use it periodically to keep it active. |
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wcqa626
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Leave it active, but if your afraid you might get into trouble by charging up again. Just shred it. |
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