i have paid some credit cards off, should i close those accounts or leave them open

Bob921
Contributor

i have paid some credit cards off and will be doing so next month. should i close those accounts or leave them open. and how will that affect my  credit score?

1 REPLY

@Bob921, Congratulations on paying off some credit cards and eliminating debt :)

 

If the credit card accounts do not have an annual fee, you might want to consider leaving them open, to help factor into your debit to credit ratio. Closing a line of credit could negatively impact your credit score a bit since another factor used is the length of time an account has been opened.

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