Why would you close your credit card accounts? Doesn't your credit score depend on the average length of accounts and also having low credit card ratio(under 10%) in order to grow your creditworthiness? If you closed them then you would have no ratio to compare your credit cards. Would that turn out negatively?

Answer

The number one goal should be paying off your debts. Since credit cards usually charge high interests, paying the balances off in full is very important. If you have several, I recommend closing the extra ones, starting with those that have the worse conditions and the highest fees. It's ok to keep a couple of credit cards and focusing on paying them off monthly, that's good for your credit. However, having a bunch of open credit lines can actually damage your credit.

Updated on March 16, 2018

Original Article:

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