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Question By
Gypsey46

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credit card cancellation
I want to know if it is beneficial to cancel credit cards with high interest rates after they have been paid off. Would it help my credit score?

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Top Contributor
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Cancelling won't improve your scores.  Paying down the balances will.  Do not close any cards with balances, however, as that can adversely affect your scores.

Top Contributor
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Closing accounts will most often cause damage to credit. I would not close the cards. Do some reading about all of this before you make any final decisions.

Top Contributor
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As said above

Do Not Close credit cards.  It helps you even if it is just sitting in a sock drawer. 

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