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1fitspirit

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Does closing credit cards negatively affect my credit rating?
I have paid off 6 credit cards with high balances and want to know if it would be better to keep them at a zero balance or close them? My FICO score here is 703 and I had a bankruptcy 8 years ago, no other blemishes.

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Don't close cards.

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If they are still active, you have available credit in the total of credit limits granted and the more credit you have been granted, the better.  If you close the cards, you lose that available credit and your score will drop.  Keep them active (a good way is to have a regularly occurring bill like utilities, phone, insurance) charged to a credit card, then pay the credit card every month instead of sending a check to the utility, phone, insurance company.  You won't pay interest as long as you make those payments regularly and in full.

Once that bankruptcy is off the reports (in about 2 years) your score may improve even more.

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