Credit Experts in here

[Juiced4v]

I have a question in regards to paying off some CC's

I have 3 CC's, 1 has a high credit limit (which has not been touched), my other two CC's have smaller limit and I carry small balances on both. I plan on paying off the two smaller CC's this week and just keeping the one with higher credit limit for emergencies. My questions is - if I pay off the two smaller ones and close those accounts. Will this hurt my credit? Or should I leave them active?

Thanks for the help...........

[8mpg]

Yes, it will hurt your credit. It lowers your overall credit limit as well as decreases average account life.

[slow99]

Barbie has excellent credit.

[David]

Keep them open.

[Chili]

I think you mean Debt Experts!

[DON SVO]

I have several credit cards that have a decent limit on them that I leave open. They stay in the safe and I use them once a month or so for gas or groceries. I pay them off at the same time every month and avoid interest.

[abecx]

Leave them active, revolving credit lines with nothing on them are better than none.

[8mpg]

If they have yearly fees, just call them up and tell them you want to downgrade your card.

[David]

Maxing them all out is also best.

[jluv]

I've found from personal experience that it may be best to keep a small balance on each. I like to pay mine off in full every month or two, but my score sometimes drops a few points when I do, and then any new amount charged from zero shows up as a 100% increase in the balance, dropping the score a few points again. Not sure why it works that way, and it's frustrating.

[mk5.0]

Keep them open and with a small balance. I had lowes close my card due to not ever using it.

[Venom]

Your credit score is very complex and fluid. People get too wrapped up in the actual number and it's so much more than just that. Yes your overall credit score shows creditors a birds eye view of your worthiness to repay.

Your credit report has a different score on it based on what type of credit you are trying to get. If you are going to get an auto loan you have a beacon score based on your past auto loan history. The same thing goes for a home loan, revolving credit cards, store brand cards etc...

Pay them off if it makes you feel better but you should still use them occasionally and pay them off before the interest hits. Secondly, it's not horrible to have a small balance on a card and pay the minimum amount monthly. Granted you're going to take the hit on interest but it will build your repayment history quickly.

[Rick Modena]

Maxing them all out is also best.

lol.

[Nash B.]

Yes, it will hurt your credit. It lowers your overall credit limit as well as decreases average account life.

average account life uses active and inactive accounts, calculated from the account's opening date, right? Then it wouldn't impact it

[Juiced4v]

Thanks Fellas! I guess I will keep them open...

And thanks John!