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missy623

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Is it good for me to pay off and close any of my credit cards?
I have 5 store credit cards and 4 regular credit cards. I want to eliminate a few cards. How do I choose which cards to pay off and close that will improve my credit score?

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Paying off cards is a great move to improve your score. Closing cards is not. When you close cards, your score will more than likely drop. It's best to keep the cards open and not use them. These allows you to show you have a large amount of available credit and are utilizing a small amount which is good for scoring. The only way I'd say close the cards are if you are paying an annual fee. In that case I would think about paying off and closing the ones with the annual fee if they are of no benefit to you.

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