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vintagevaquera

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After paying off a high interest rate card would t be better to cancel the card?
I have cards with lower rates and don't need the card. Just not sure if it will help my credit report or hinder it if I close the account.

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I agree with jwsister...do not cancel this card because it will negatively harm your credit score. I have in the past been very successful in calling the bank and asking them to lower my interest rate. Doesnt always work, but asking this question you will always have a 0/50 shot vs not asking. Even if they say no, you can still use the card rarely for small purchases and then paying it off completely as soon as the bill arrives. Doing this will help keep your AAoA  (Average Age of Accounts) where it is and this, believe it or not helps your credit score. Hope this helps.

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Don't Cancel!!

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I still have some high interest rate cards but don't use them much.  The credit limit on each card is a plus on your credit score as is the length of time you've had it.  You can still put this high rate card to good use by having one regularly recurring bill (cell phone, TV, insurance) charged to the card then pay the card when it comes in.  You might even have the payment automatically deducted from your bank account so you don't forget it. I live on a fixed income and that is what works very well for me.  When you get paid only once a month, believe me, you get pretty creative in order to maximize the results from that income.

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