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
TexasBawb

0 Contributions
0 People Helped
How much credit do I need ?
I have 3 credit cards, 1 line of credit and 2 store cards with a total ballence of aprox $11,000. In April I get a sizable bonus from my job and plan to pay off all these balances. Should I keep all these cards open or close some of the accounts ? The temptation of using them has gotten me in in trouble in the past.

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
142 Contributions
65 People Helped
Most Helpful Response

Wow!!!!

Helpful to 1 out of 1 people

I try very hard to not be critical of others posts, but in this case I have to speak up.  jrhenry11 is totally out of line here.  TexasBawb, you indicated that you have gotten in trouble in the past but now with the upcoming bonus check you can pay off all of your cards.  That is awesome and does not make you irresponnsbile (not unresponsible as jrhenry11 says).  

Your credit score will suffer a bit if you close accounts because total utilization and age of credit may be affected.  However, that is far better than keeping access to the credit if you think the temptation to over use them will occur.

Ideally you should keep the cards open but if you don't trust it, then close them, a small ding to your credit is far better than going delinquent or having them maxed out.

Makes no sense to me to lock them away and them magically unlock them every four months, sorry.  You always know where the key is.

You know yourself and can decide what is it best, hope this helps some.

Congrats on the bonus.  Best of luck to you.

Top Contributor
740 Contributions
796 People Helped

Helpful to 0 out of 1 people

You should never close an account pay it off then LOCK IT AWAY so your not tempted it will hurt your utilization ratio if you close the account especailly if its your first card....clearly you arent financially responsible if credit cards have got you in the trouble in the past and should have supervision when using them PAY THEM OFF LOCK THEM AWAY ONLY USE THEM ONCE EVERY 4 MONTHS AND THEN PAY THEM OFF IMMEDIATELY WHEN THE BILL COMES IN KEEPING THE UTILIZATION UNDER 20% OR FOR SOME AS FINANCIALLY UNRESPONSIBLE AS YOUR SELF 30% BECAUSE 20% WILL BE TOO DIFFICULT

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.