Should I close my CC? Rich?

[SoRo]

Quick history- when I was 18, I opened a TON of store credit cards. Pretty much anywhere that I shopped in often, if they offered a discount, I signed up. I have since closed all of these cards. This was all between the ages of 18 and 20, before I realized I'd be hurting my credit score.

My credit score is now (last time I checked) right around 700.
I rarely use my credit cards. In fact, I only ever use one as I cut the other ones up after I paid them off a few years ago. So my card limits are
- $11,000
- $7,500
-$5,000

They all have a zero balance and good interest rates. I feel like I should close 2 of them and just leave one for emergencies, but I don't want to if it will damage my credit score.
Also, the largest one is my USAA card, which is the one I would keep open as it has the best rates and is tied in with my accounts. Should I lower the limit? I have so much 'available debt' and I'm not sure what the best move is.

Thank you for any suggestions!

[gunsgirl]

actually keep them open. you don't have available "debt" but a very low debt to income ratio-
this is what you want-

for your USAA card call ans ask for an increase.

and then use one card once in awhile to maintain payment history- if yu buy something pay it off at the end of the month- or in 2 months ( depending on what you spend)

a score of 700 is good - but you can raise it another 50 points for excellent.

[ProudArmyWifeD]

Closing a credit line only HURTS your score.

You actually really could have benefited by having all of those cards you signed up for when you were younger - because the longer you've had a credit line the higher the boost to your credit score.

So my suggestion is, do NOT close any other account. Like I said, there's no benefit to it, it will actually knock your score down for quite a while. Instead, just don't use those cards.

And having high credit lines is a good thing, it means the companies see you as a good risk. As long as you don't take advantage of it and run your debt up, you are doing great!

[858Smith]

Yep! I'd definitely call to increase it!

[LuvMySailor4ever]

This is good advice!

[Roxie0816]

id keep them open. It may hurt your score to close them, while carrying a zero balance should not. I'm not sure if this ia true but i was told that If you close the card yourself (and it has a zero balance at the time of closure) it won't hurt your score, however if you don't use your card for X amount of months or years and the company (say visa, MC etc) closes for you, then it will hurt your score, even though it carried a zero balance.

ETA: it is better to have 3 cards than 10! the more cards you have the worse you score will be. just keep the few with the highest limits.

[abbienikol]

I wish i had your problem lol

[MarineWife0929]

Thanks for the advice! I'm taking notes.

[SoRo]

Thanks ladies
I've been in some deep debt with these cards in the past, so it's tempting to just close them and forget all about them. Luckily, being debt free feels too good to mess up again.

Credit cards can feel so tempting!

[ProudArmyWifeD]

Originally Posted by Roxie0816 id keep them open. It may hurt your score to close them, while carrying a zero balance should not. I'm not sure if this ia true but i was told that If you close the card yourself (and it has a zero balance at the time of closure) it won't hurt your score, however if you don't use your card for X amount of months or years and the company (say visa, MC etc) closes for you, then it will hurt your score, even though it carried a zero balance. ETA: it is better to have 3 cards than 10! the more cards you have the worse you score will be. just keep the few with the highest limits.

This advice is incorrect.

http://www.bankrate.com/brm/news/cc/...it_scorea2.asp

http://apennycloser.com/2007/08/28/5...ur-fico-score/

Originally Posted by SoRo Thanks ladies I've been in some deep debt with these cards in the past, so it's tempting to just close them and forget all about them. Luckily, being debt free feels too good to mess up again. Credit cards can feel so tempting!

If you are tempted by them, then cut the actual cards up. You'll still have the account open, but no chance to use them.

And yep, being debt free is quite an accomplishment!!!!!! Good for you!!