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
katelu

0 Contributions
0 People Helped
Now have an unsecured cr cd. Is this a good time to close my secured card, paying off the balance?

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
5038 Contributions
1131 People Helped

If you only got a couple of cards, do NOT close any, it would damage your scores. You can pay off your balance, but don't close it. To use credit cards the best way to help your credit scores, you only want 1 credit card to report a small balance each month (less than 10% of the credit line) and then pay it off before the due date if you wish to save paying interest (note: paying entire balance off by due date does nothing to affect your scores, but can save you some money on most cards).

Top Contributor
7347 Contributions
3805 People Helped

Pay it off but keep it handy.  The total amount of credit you have improves your credit score and this card will also add to the 'age of credit' calculations because the longer you have credit accounts, the better your score.  Never leave a balance on a card because you will be paying interest on that amount and that kind of shoots the savings you may have gotten when you purchased a sale item on credit. Pay all cards in full every month or as quickly as possible.

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.