Question:
I have two credit cards since 1997 I went ahead and consildated the credit I had on them to another card with a lower interest rate and with 1 year no interest on rolled over credit. The question is, should I close those accounts or keep them and just not use the cards?
Answers:
I agree with my good buddy Spifiman. Closing 2 10-year old accounts would be absolute TOXIC to your score, especially if you had been paying on time and they've been current. Those 2 accounts are what's called "seasoned accounts". Also, by closing those accounts, you decrease the available credit that you have on all your combined revolving credit making it look like you owe more than you're able to borrow. A suggestion would be to make SMALL purchases (no more than $20-30/month) on both cards to continue to show activity.
Well, I would close em out cause you goin' be right back where you started (In Debt) Keep only one card and make sure you pay the balance in full every month. That will improve your credit. Also, send letters to the credit card companies requesting them to close your account. If they close your account on there own, it may appear as if there was some type of problem with your credit history and that's why the let you go as a customer...Trust me, send the letters!! Good Luck.
do NOT close the cards you are not using, it is a red mark against your credit. Leave them open and just dont use them.
disregard ANY other advice you are given.
Don't use any card if you don't have the money already.
you will just put yourself in debt and your credit will be affected
Do not close those cards.
A full 35% of your score is made up of your payment history and another 15% is time in bureau. You have had those cards for 10-years, do not close them.
Use them for everyday things like gas and food that you would normally pay cash for and pay them in full every month before the due date. This will keep them active and help your history and debt to credit ratio.
If you close those cards your credit score will drop , because your credit limit will drop by the amount of the limit on those cards, giving you a higher debt to income therefore making you a higher credit risk.
Wheww , I said all of that without breathing.
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