You will still have to pay off your credit card balance, whether it's open or not. My advice would be to just keep the account open, and cut up your credit card(s) for that account. This way you cannot put any more charges on the credit card while you are paying it off. It will not help your credit score to close the account, in fact it could hurt it. Your revolving credit line (credit cards) plays a big role in determining your credit score. Closing credit card accounts typically raises your credit utilization ratio, which can lower your credit score. It certainly does not hurt your credit score to keep the account open.
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Nov 18, 2009 10:34 AM
