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zoey0926

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credit cards open with no balance
i have many open accounts (credit cards) and they have zero balances - should i close these out if i am not going to use them? will this help my credit score?

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I would not as it may hurt your scores, but it really depends on how many cards you actually have. Just about every time that you close a positive line of credit your scores will be affected negatively, the severity of it all depends on your overall credit profile. If you have a lot of cards and decide to get rid of some, only close one at a time and wait a month to see how it affects your credit scores (watch your Fico scores as well, these are Vantage here). If you only have a few accounts, don't close them.

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Having open credit cards shows you have been trusted to pay back the money you borrow, because that is basically what you are doing.  Having a large number of credit cards indicates many people trust you.  The more available credit (which you certainly don't have to use) the higher your credit score.  One way of keeping some cards active is to assign a household account (cell phone, TV, predictable insurance premium) to a card and pay that card every month.  You'd be paying that utility bill anyways and this way the bill still gets paid and the card stays active, which also helps your credit score.

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