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Credit card question

Posted by J Jan 6 '11, 14:03

is it better to just pay it down then cancel at 0.00 balance.

or

cancel it and pay it down

or

just lower the credit limit back down to say 500.00 and pay down till you hit that.

or does it make any difference

Responses:

It depends. You should (a) have some credit card debt, and make payments, (b) don't have too high of a balance if you can help it, - JaxSean Jan 6, 14:10 3
- i would say you don't need to carry a 'balance' at all. use them and pay them off monthly. interest is just money going to *nothing*. -- nm - Andie Jan 6, 14:14
- I do want to keep one just in case -- nm - J Jan 6, 14:12 1
  - you have to have a credit card, you just do. - Andie Jan 6, 14:14
Frankly, this is one of the areas where the government needs to force greater transparency to protect consumers. -- nm - ty97 Jan 6, 14:09
Thanks, thought that was the way to go -- nm - J Jan 6, 14:08
Make a difference on what? Your credit score? - TWuG Jan 6, 14:05 4
- canceling cards has a big effect on your credit score, afaik -- nm - y kant pixie read Jan 6, 14:06 3
  - I've failed to find a clear answer on this. I believe canceling older cards can hurt you (because average age of credit drops) - ty97 Jan 6, 14:08 1
    - It also hurts because it affects the percentage of your credit that you're using, and that's a big factor. - Ender Jan 6, 14:23
  - It certainly can. I think the bigger a % of your available credit they represent, the bigger the hit. -- nm - TWuG Jan 6, 14:07
pay it off asap, only use it once or twice a year. -- nm - zeitgeist Jan 6, 14:04
what they said. -- nm - loosilu Jan 6, 14:04
do not cancel. pay it down -- nm - Remlik Jan 6, 14:04
pay it down and don't cancel -- nm - y kant pixie read Jan 6, 14:04

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Credit card question

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