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charaly

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I paid off my credit cards. Should I close the accounts or just not use them yo up my credit score /

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Don't cancel cards!!!

Having available credit is one thing that keeps one's credit score up.  You cancel the cards, you kill your credit score.  Just use the cards a little bit each month (no more than 20%) and pay them off when the bill comes in.  That is positive credit utilization.

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When are too many cards too many?

I paid off all my credit cards.  I now have a $200,000 mortgage and a $25000 equity line with $0 credit card debt.

I was in credit card hell and got out of it ($35000 in debt).  Now what?  I understand cancelling all cards is horrible for my score but I have 5 credit cards and 4 retail store cards.  Can I close 2 of the higher interest rate cards leaving me with 5 cards with a total of $24,000 in open credit?  Will that keep my credit score in good shape.  I have a 704 and with cards paid off I assume I should jump to about 760.  Any advice will be welcomed.  Thanks!

A debt of nearly $35,000 is finally paid off.  I cancelled (2) cards totalling $8500 of open account as they were at a ridiculously hi interest rate.  I still have $24k in open credit (3 credit cards and 3 department store cards).  How many cards is too many when I understand that cancelling all cards is disasterous for a credit score.  

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