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
Brokenyc

0 Contributions
0 People Helped
I would like to close two of my credit cards and pay off the balances monthly....

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
935 Contributions
134 People Helped

Depending on your agreement with the credit card company, it is possible that when you close the cards, the balance may be due and payable immediately.   It does not serve to close the cards.  Just put them away in your sock drawer and discontinue using them as you continue to pay your monthly payments.  If you already have payment issues on the cards on your credit, this will remain for 7 years.  If you close the cards, this would stay on your credit for 7 years as well.   If you close them and don't make payment as demanded by the credit card company, this could impact your credit for the same 7 year period.   Closing the cards will reduce your overall line of credit and your balance would then be equal to the line of credit thus you would be at 100% Utilization on both cards until they are paid off.  High Utilization can harm your credit until such time as the utilization is reduced to a lower amount.  

Result 1-1 of 1Results 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.