Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

I have three credit cards and was thinking of just keeping 2.

Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

Get rid of them!

If you go to obtain credit for whatever reason, the creditor is going to consider the amount of your credit limit as risk.

For instance, you have 3 credit cards with a limit of $1000 each. A creditor will add the $3000 to the potential risk you could incur if you decide to go %26amp; max out your cards.

Not to mention the interest rates!

So, call each cc company, ask them to lower your interest rate. Then keep the 2 that give you the lowest rate, I would personally only keep one, but this is your decision.

Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

sounds like agood idea to me :)

Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

Hang on to the one you%26#039;ve had for the longest, since it keeps a longer history open for you. But it is good to cancel some if you have a large amount of credit available to you.

Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

Not really. Having accounts that you have paid off shows that you are a good credit risk

Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

cancel them! you user them one time you may just use them and get you balances back.....

Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

you could cancel a credit card after you pay off the balance. if you keep the card it will show as open credit and could count against you when applying for credit. if you do cancel the card be sure that it states on your credit report that you closed the account and not the credit card company.

Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

It%26#039;s probably a good idea to cancel it. Just don%26#039;t go getting another card, because that kind of yo-yo activity won%26#039;t look all that great on a credit report. But it%26#039;s not a good idea to show that you have tons of available credit, because you might be a credit risk for the future.

Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

*WARNING* DO NOT LISTEN TO ALL OF THE ABOVE!

You do not want to close all your accounts after you pay them off. A major factor of your credit score is how much available revolving limit you have. For example if you have 10,000 in cc%26#039;s you have just paid off %26amp; it went from being 0% avilable credit to 100% avialable this will Greatly Improve your score. If you close them all you you will be right back to 0% avilable %26amp; you get no reward for paying them off. If you have to many close all but 4 of them.

Is it a good idea to cancel my credit cards after I clear their balances? Or will it hurt my score?

I have had several people tell me I am out of my mind not to have credit cards. If I want something I pay cash for it and know that it is mine. Or I save my money until I have enough to pay cash for it, then I purchase the product. I figure why should I buy something I don%26#039;t need and pay someone I don%26#039;t know for something that will cost in the long run more because of interest rates. I figure I am way ahead because, at the end of the month when my pension comes in I pay rent, living expenses and what ever is left over is mine. I have no bills, or phone calls, or threatening letter of disconnection notices. What is left is MINE. So from my point of view a credit card belongs to the devil and let him keep them, why would you want to make him rich with your hard earned money. You worked for it why give it away?