Will my interest rate on my maxed out credit card go up if I close it and pay it on time?

Question

Or is better to keep it open and pay it? Does it look better if they banks know you won't use it by closing it? Will my interest rate go up if I close it?

Answer 1

If you close it your credit score will take a serious hit!

Do not close it! It will shorten your credit history!

Just pay on time!

Answer 2

I would pay it off and close it. That way you will not be tempted to use it and you will have the money that you used to use to pay it to save or do whatever you want to with.

Answer 3

Pay it = yes

Close it = no

Your interest rate will go up by not making payments on time.

Answer 4

Your interest rate will remain the same as long as you make payments on time.  If you miss a payment/late on one, then it will go to the default rate which is sky high.......

Why close it?  Keep it open and let it build your credit.  The only reason to close it is if it has a high annual fee/monthly fee card.