Wednesday, December 14, 2011
Is it good to close short-term 0% credit card accounts once balances are paid off?
My wife and I ran into some debt problems with some high-interest cards and consolidated most of it on 3-4 0% credit cards. My plan was to pay off the cards before the 0% offer expired, making equal monthly payments while not using the cards at all. We are on schedule. When the balances are $0 should we close the accounts? I hear mixed opinions on how closing credit cards may affect your credit score and want to make sure we are making the right moves. One thing to consider is that we would have only had the 0% cards for little over a year. We also a $157,000 mortgage and payments are always made on time. Thanks!
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