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Should I close my $0 balance credit cards?
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I have 4 credit cards with $0 balance and high credit limits. Is it better for my credit score to close these accounts or to keep them open with no activity?
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It's better for your credit score to keep one credit card, using it periodically and paying off the balance before interest is accrued.
Answer Date: 07:14am 06/26/08
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Keep them open with no activity. Closing them will hurt your credit score. That is just the way it is figured.
Answer Date: 06:29am 06/26/08
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yes, because if you go to apply for other credit, the credit grantor will look at the open amount available to you on your credit cards. Also, if you have more than 1 credit card, keep one open for emergencies, it's good not to have too many open credit cards. If you close your credit cards, it will reflect on your credit bureau as "closed by consumer" which shows responsibility.
Answer Date: 10:49am 06/26/08
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