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
hiphapa

0 Contributions
0 People Helped
Should I close my Macy's account now that it's paid off?
I have a total of 6 CC's including Macy's which now has a 0 balance. With my other 5 major cards, my utilization is 80%. I was wondering if I close the Macy's card, would it help or hurt my overall credit score? I've had it since 2008, 6 years now.

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
57 Contributions
325 People Helped
Most Helpful Response

Helpful to 3 out of 3 people

Closing the account would push your utilization even higher, which is already having a negative impact on your score at 80%.  Unless most of your accounts are older, it would also lessen your average age of open credit, also hurting your score.

Best advice, don't close it, unless you don't trust yourself to keep the balance low.  Tuck it away in a safe place, and use it sparingly at least every few months to keep it active.

Top Contributor
7344 Contributions
3805 People Helped

Helpful to 1 out of 2 people

You'll lose that available credit and shorten your credit history, so NO.  Just work on getting all of your cards paid in full and keep utilization below 20%.  Read the articles on left side of page. You will learn, which is what this site is for.

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.