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Question By
Quiz14

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I have several dept. store cards that I have paid off. Do I call to close them all?
Will closing them help my credit score if I keep just a couple of my major credit cards open?

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i'd leave them open if they don't have annual fees. use them once a month then pay them off. if they have long histories closing them could hurt your credit. 

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* Never Close a Line of Credit or Credit Card,  unless you are paying a annual fee on it.  Then it's a toss up in the air, depending on how long you have had the account,   how many other lines of credit you have etc.   Closing the accounts will Hurt you score ,  not sure how long it will hurt it or how much but it will Hurt it.

* YOU DO NOT HAVE TO USE YOUR CREDIT CARD EVERY MONTH !  Ticks me off everytime some says that.   

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Reply by
pennstate04

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no one here said you *HAVE to use it every month. i suggested she use it every month. that is ideal. good scores come from payment histories. payment histories come from MAKING PAYMENTS. to have tradelines sit dormant doesn't really help you. 

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You do need to use a card once a month to appease the FICO scoring systems, we had this conversation on here before, I guess you ignored what I said. If you do not show revolving activity you will be penalized by FICO scoring systems and we know that FICO are the scores to worry about. And it gives card companies an incentive to keep your account open and offer credit line increases. I am not saying that a balance has to be carried over, just a balance reported, so no interest will be paid as long as you got a decent card.

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Reply by
icuhowie

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Pennstate04,

Using a Credit card every month is never good.

Yes Good Scores come from Payment History.  Payment History do come from MAKING PAYMENTS,  BUT YOU DO NOT HAVE TO OWE ANYTHING ON THE CARD TO MAKE A PAYMENT!   I have been doing it for Years. 

When you Purchase something with a CC you are playing their GAME, 

Turn The Table on the CC Companies,   Use The System to YOUR Advantage.

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Reply by
icuhowie

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TryingTo,

No you ARE 100% Wrong,  YOU DO NOT NEED TO USE A CARD ONCE A MONTH,  LOL  Where do you folks get this C-ap from?   YOU DO NOT HAVE TO USE THE CARD AT ALL,   Just Making Small Payments of 1 or 2 dollars will Give you Payment History and keep the card Active.

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