Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Cards
Profile Image

Question By
kmunchkin09

0 Contributions
0 People Helped
How do I reduce my debt and increase my credit score?
I have a number of credit cards. Havertys (with my husband), Target, Walmart, Davids Bridal, JCPenny, Kohls, Capital One Platinum, with Capital One Quicksilver and Citi Double Cash being the most recent ones. My JCPenny and Kohls have a 0 balance. My Capital One Platinum, Target and Walmart are closest to their limit. Should I close the cards with no balance so I wont use them? Should I close the Target and Walmart cards after I pay them off because I think I have a problem with using them. I can't close the Platinum because its my longest credit line. My husband and I have created a debt clearance plan but its just started. Will my score drop if I close my accounts? WIll it increase if I use my new cards and pay them off soon instead of waiting? I need help!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1136 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

Your score will most likely decrease if you close cards and using your new cards and paying them off will not increase your scores. For score increases you need to work on getting your cards with balances paid down. I am not sure what to advise, usually I will tell people to not close any credit accounts, but if you cannot trust yourself to keep yourself out of major debt, then in your case it may be a good move, I don't really know. At least you know and admit that you do have a problem and that is the first step to getting on the right track. I wish you the best of luck and I wish you the self control that is needed for you to live a better and happier life. You can do it with the power of determination.

Top Contributor
7373 Contributions
3812 People Helped

Don't close cards!!!

Helpful to 1 out of 1 people

Each card has a credit limit and the total of the credit limits improves your credit score.  Do not close the accounts or you will reduce your credit score.  Lock the cards up so you can't use them and learn how to use credit wisely. Work on getting the cards paid off and don't use them unless you can pay the bill off when it comes in.  You have to learn proper money management  I hope you have read the articles on this site so you can learn about credit.  If you haven't, please do so.  You'll be a wiser person when you do.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.