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K64OK

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Should you close credit card accounts after paid off?
I'm doing a debt consolidation of a large amount of credit card debt. Was able to secure a loan via Credit Karma with Lending Tree (THANK YOU Credit Karma!) However, I don't know if it is better for my credit report/score to close the accounts once paid off or leave them open.

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If your cards are in good standing it is better to leave them open.  This helps with your utilization ratio and your average age of account if they have been open for a while.  I would only close them if keeping them open will lead to you racking up a balance again that you are unable to pay in full each month. 

Reply by
K64OK

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Thanks so much Havvkeye's! Appreciate your helpful insight! :)

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If you had read the articles here to learn hows credit works and what will build your score, then you would already have the answer.  Closing credit accounts hurts your.score.

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K64OK

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Thanks for your reply jwsister. However, I did try to research the subject and obviously didn't hit on the right subject/response.

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