What to do with unused credit cards? Our balance is zero, and we never use them...?

Question

Should we cut them up and cancel the accounts? We've just been holding onto the cards because you never know if you have an emergency and need the fast cash.

We have at least 2 credit cards with zero balance. We have 3 other credit cards with low balances on them that we use all the time. Plenty of credit in case of an emergency.

Would it better our credit rating to close those other accounts? Or just leave them there, at zero?

Thanks!

Answer 1

Keep them. Your credit score will drop if you don't. It looks better for you if you have them open with a zero balance then nothing at all. If you closed your accounts you can lose at least 10 points off your credit score!

Answer 2

you should probably cancel them. its just taking up room, and there's no reason for them

Answer 3

by closing any credit card, it will take down your credit score. I learned this first hand, and my score dropped by 30 pts. if you are not using them, then contact the credit card companies, see if you can lower your credit limits, then tuck the cards away someplace safe.

Answer 4

I don't know what your credit score is, if it's over 750, you don't really have to worry, you can just keep one card just in case.

If it's under 775, you could raise your credit score by using your credit cards and paying then off each month (it sounds like it's what you're doing already). That's one way to build up credit points.

You have to look at how much credit limit total you have, too much could hurt your credit score, too little could hurt your credit score as well. Looks to me like you have a good balance, you could do away with one or 2 cards.

Answer 5

Dave Ramsey has a deal. He needs cards to cut up on stage during his events. He said for every five cards you send in, he'll give you one of his books. Check out his web site

http://www.daveramsey.com  .  Make sure that you cancel the cards and maybe punch out a number..Then send them in and pick out the books you'd like. Then hand out the books to your friends that need to get out of debt! Think of the value of that gift!

Congratulations on getting out of debt!!