What to do with zero balance store credit cards? | TigerDroppings.com
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DieSmilen
Southeastern LA Fan
My Rubbermaid Desk
Member since Dec 2007
1350 posts

What to do with zero balance store credit cards?

I have two store credit cards that I just paid off and am not sure if I should close them with 0 balances or leave them open. I am afraid of how it will change my credit score if I close them.


Mr.Perfect
Louisiana
Member since Mar 2013
6520 posts

re: What to do with zero balance store credit cards?
Leaving them open won't really hurt. How old are they? If they are old its helping your history


DieSmilen
Southeastern LA Fan
My Rubbermaid Desk
Member since Dec 2007
1350 posts

re: What to do with zero balance store credit cards?
One is 2009 lowes cc and one is a 2011 jared cc.


Will Cover
Oklahoma State Fan
Bug Tussle, OK
Member since Mar 2007
25722 posts

re: What to do with zero balance store credit cards?
quote:

What to do with zero balance store credit cards?
One is 2009 lowes cc and one is a 2011 jared cc.



If you're a person that has struggled with debt and have carried a balance on one or more credit cards where you have had to pay interest:


Image: http://www.couponswithq.com/wp-content/uploads/2011/09/3361150-isolated-illustration-of-a-credit-card-being-cut-in-two-with-scissors.jpg



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40 Rouge
LSU Fan
Red Stick
Member since Feb 2009
1820 posts

re: What to do with zero balance store credit cards?
Cut up the card, but leave the credit line open.

Having those limits available helps your overall credit rating because of the debt/limit ratio. You want that ratio as high as possible.


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LSUTOM07
LSU Fan
Baton Rouge
Member since Dec 2011
526 posts

re: What to do with zero balance store credit cards?
quote:

If they are old its helping your history


Closing the credit line wont affect this at all.


fasdit
Member since Mar 2011
35 posts

re: What to do with zero balance store credit cards?
I was wondering about this too. I have one CC with zero perks and am seriously considering dumping it in favor of a rewards based card.

Is it really true that my debt/limit ratio will increase if I leave a second card open, but never use it?


40 Rouge
LSU Fan
Red Stick
Member since Feb 2009
1820 posts

re: What to do with zero balance store credit cards?
quote:

Is it really true that my debt/limit ratio will increase if I leave a second card open, but never use it?


As long as that credit line stays open, it will report as available credit to the bureaus.

If you can keep a credit line open without any activity, I would. It doesn't hurt you to have it.


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