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srdbuddha

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13 People Helped
Can/should I close credit card accounts after paying off with debt consolidation loan?
I'm getting a debt consolidation loan.
I will be paying off my credit card debt.
Should I and if so, when, should I close my credit card accounts (minus 1 for emergencies)
Wouldn't my debt consolidation loan then take the place of my credit card for payment history?

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CC Paid by Debt Consolidation loan

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Do you have the strength to have the credit cards (store in a lock box, perhaps) and NOT use  them?  If so, keep the cards locked up.  Don't cancel them.  The total amount of available credit and the amount used is one factor in having good credit.  So will having obtained a loan and paying IT off and having the total balances of your credit cards paid off.

Play with the Credit Simulator program and you'll see the benefits. 

Hope this helps.

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