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Should I close down unused credit cards?

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SunshineMary Guest	Posted: Sat Feb 27, 2010 3:19 am    Post subject: Should I close down unused credit cards? Like 0 Dislike 0 Hello everyone on board… I have a query regarding my used credit cards… Hope I could get some opinion from you guys… I had opened two credit cards a few years back in order to buy items for regular use. It has 0% APR. With time, I had paid off the balances on this card and now-a-days I don't use them. Now, the catch is that the interest rate has soared up to 15%. I would like to get suggestions on the fact whether or not I should keep the lines open unused or close them? If I close them, do you think my credit score would go down? Would it be better if I could occasionally buy some items using those cards? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
joshuaheckathorn Joined: 09 Feb 2010 Posts: 106 Location: Seattle, WA 18.81 Dollars($)	Posted: Sat Feb 27, 2010 8:30 am    Post subject: Like 0 Dislike 0 If the cards don't have annual fees, I suggest keeping them open. Closing them may hurt your credit utilization ratio (the amount of credit you use relative to your total available credit) and your length of credit history, which in turn will hurt your credit scores. So, I would enroll them in auto pay, use them from time to time to make small purchases, and keep them open and active. _________________ Creditnet.com: Compare the best credit cards and apply securely online.
banker0679 Community Expert Joined: 15 Nov 2007 Posts: 452 Location: Charlotte, North Carolina 19.27 Dollars($)	Posted: Sun Feb 28, 2010 12:29 pm    Post subject: Like 0 Dislike 0 Another thing to look at is that creditors may close and remove your credit card history from your credit report they are under NO OBLIGATION to report something positive on your credit report I have seen AMEX remove a 10yr history from someone just because they cancelled the card _________________ there's always hope! "My credit score shot up 68 points!"
fannie Guest	Posted: Fri Oct 28, 2011 12:08 am    Post subject: Business Loan Like 0 Dislike 0 Nice post. I was checking continuously this blog and I am impressed! Extremely helpful information particularly the last part I care for such information a lot. I was looking for this certain information for a very long time. Thank you and best of luck.

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