Shoud I keep $0 balance credit cards open or close them?
I just transferred 2 credit card balances to a better credit card – lower interest rate and cashback rewards.. Now, I have these 2 $0 balance Visa and MC credit cards, as well as a Bloomingdales and Pottery Barn credit cards that have been $0 balance for years, I think.. Is it better to keep $0 balance credit cards open, or is it better to close them, in reference to my credit score.?
Do your cards have an annual fee ? If they do then close them and save the money.
Store cards have very high interest rates. I would close them as well.
1 or 2 quality cards from major banks is best from a credit rating point of view. Lots of cards may hurt as the temptation is there to get into serious debt problems.
Ian M