question about credit cards
Is it better to close out the acct after you're done paying it off or leave it open? I think I remember that leaving it open is better but I thought I'd check with people. Also, is it better to use it or leave it with the zero balance? I'm paying stuff off now and trying to repair my credit. Thanks!! EDITED TO ADD: I just called the card that alerted me to the closed account. Apparently, the credit counseling company I was working with took the liberty of closing them all for me. I was not told they would do this. So, now basically, I just pay them off and they're all closed. I don't know if this is good or bad for me in the end. My plan was to pay off my three lowest balance cards before the end of the year, then aggressively pay off my two higher balance ones over the next year, leaving me with just my student loans left to pay off. I'll probably still do this. I may go back to the counseling agency now however. I dropped it so that I could have more direct control over this and could have my cards back as I paid them off. Since that's now no longer an issue and they can get me lower interest rates, I may just go back. We'll see.