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Better for credit: pay off 2 cards and get rid, or keep with low/no balance?
Posted on 9/24/14 at 5:17 pm
Posted on 9/24/14 at 5:17 pm
I have two cards that have carried a balance for a while. I'd like to get the balance down or just pay off totally. The way I see it, I have a few options:
Pay them down to 0, and cancel them altogether?
Pay them down to 0, but leave open with no activity?
Pay them down to close to 0, and use them throughout the month, but pay off each month?
I have never really used them all that much. I've mostly paid for everything outright on purchases, but recently made some big purchases and used the cards.
Just wondering what would be the best option credit wise.
Pay them down to 0, and cancel them altogether?
Pay them down to 0, but leave open with no activity?
Pay them down to close to 0, and use them throughout the month, but pay off each month?
I have never really used them all that much. I've mostly paid for everything outright on purchases, but recently made some big purchases and used the cards.
Just wondering what would be the best option credit wise.
Posted on 9/24/14 at 5:39 pm to Chair
quote:
Pay them down to 0, and cancel them altogether?
Nope. Your total available credit and usage thereof is a part of your credit score. Lowering credit, which increases your utilization hurts your score.
quote:
Pay them down to 0, but leave open with no activity?
Nope. They will probably eventually close them. See 1.
quote:
Pay them down to close to 0, and use them throughout the month, but pay off each month?
Bingo. Except, this
quote:sounds like you're overthinking it. Just pay them off, keep the usage low aka balance low around when the statement cuts, pay it off every month in full before bill is due.
Pay them down to close to 0
This post was edited on 9/24/14 at 5:42 pm
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