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Posted in Paying Your Bills
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JRL35

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Paying Off debts
Hello, I want to pay all my credits cards, which are two and my husbands as well. I heard that is really bad to pay all off and close the credit card. I planning to pay them off but not close them. My question is if the credit cards open and I don't use them at all is it bad for credit? or do I have to buy something each month or whatever I want to use them? I know I pay a annual fee for both also I am trying to get a lower APR since they are too high I get them since I was young did not know much at that time and plus I wanted to establish my credit. Thank you!

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Don't close the cards.   Contact each credit card and ask them to waive the annual fee.   They may.   If you don't need to use them, then don't, although, every couple of months charge something that would amount to about 10% of the credit line and pay it in full on the due date.   Cards can be closed by the credit card company if they go unused.  Each card has their own timetable, although, routinely, its 12-18 months on average.

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You are so right that closing the cards is a bad idea.  For your information, please take the time to read the articles on this site so you can learn how credit really works and how to use it to your advantage.  I did and now have a very good credit score and no cards that charge annual fees, which is something I would have not known before.

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