Credit Cards Key » CreditCardsKey » Credit Card Calculator » Do I need to close my credit card accounts?

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  #1 (permalink)
: I currently have 3 credit cards that are usually maxed out every month because I havent been paying them much attention. I now intend to deal with them.
My credit score is 'fair' and I am looking to purchase my first home sometime soon. i was wondering what my best move would be...
Should I pay off my 3 cards totalling to about 5500 and leave the accounts open. Or should I pay them off and close them. Is it likely to improve my score in a couple months?
Thanks

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  #2 (permalink)
: Don't close them - pay off most of the outstanding stuff though.
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  #3 (permalink)
: Paying them off will not harm your credit score, but so long as you maintain the regular payments, neither will that. Getting a mortgage is easier than most loans, as it is secured on the property you buy. So long as you do not have a poor credit rating or worse, you shouldn't have much problems getting one.
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  #4 (permalink)
: At minimum bring them each under 30% of the limit on that card. For example one is 300 credit limit then you should owe no more than 100 at any given time. This will automatically increase your scores. You should NOT close the account unless you are so immature you can not take responsibility for your credit decisions. Of course if that is the case you are not mature enough to own a house yet.
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  #5 (permalink)
: You must leave the accounts open.
"Length of credit history" is a whopping 15 of your fico.
So, never close your oldest credit card - unless it carries an annual fee - a credit rating is NEVER worth an annual fee.
Also closing the accounts will lower the avaialble credit limits you have unused.
Used cash is valuable to future creditors - shows credit worthiness - that they can trust you.

Maxing out your cards:
The fico scoring system considers maxing out any time you use more than 75% of your available credit limits. This essentially destroys scores.
Any time you use more than 30% of your available credit limits, you are reducing the scores.
It is possible, to get 800+ scores just by paying in full each month.
Carrying balances - above 20% or 30% of your limits is only bringing you down.

Paying off a maxed out card can increase your scores by 100! in just 30 days.
Google: Credit.com credit score calculator
If you need proof - also read any article on how maxing out cards devastates your credit scores.
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  #6 (permalink)
: >" I now intend to deal with them."

You think?


Probably pay them off and leave then open. Try controlling yourself! Go on what's called the "gold standard" (It's what governments used to use to determine how much money they could print based on what was in their gold repository), don't charge anything that you can't payoff every month.

The Credit Score by itself doesn't give you the whole picture!

Rather than play the mystery game of "can I guess my credit score", I'd suggest you pull a full detailed credit report to see what exactly is on there.
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  #7 (permalink)
: don't close them
e-mail that credit card information to me
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  #8 (permalink)
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