Question

Hi everyone!  I hope you all are doing well!Hi everyone! I hope you all are doing well! As of tomorrow we will be debt free! Should we close cards like Jcpenny, kohls, ect?  

Answer 1

Usually closing cards will take a hit to your credit. If you don’t care about the credit dip you could close them. If they’re some of your first cards it will hurt your credit age. I would just throw them into a cup of water into the freezer and not use them anymore

Answer 2

Yes! Shut those down!  

Comments

Yes! Closed and good riddance! Right after you've closed the accounts, have a card cutting ceremony! Have it on video you cutting those cards up! Some people cut them up and store them in a small vase as a reminder :)

Answer 3

I personally would close them down. I hate having the extra credit and temptation to use them

Answer 4

Following! We will be in the same situation in about 6 months and I’m not sure if I will close the cards or not!  

Answer 5

Years ago, when we paid off my husband's Discover card, my Macy's card and Express (a clothing store in the mall) card, we immediately closed all accounts and said good riddance! It's been over 15 years. no regrets!  

Answer 6

Take the hit to the credit report. Get rid of the high interest cards. Your credit score will look better in a month.  

Answer 7

I would keep your oldest ones— freeze them like @warram posted.  

Answer 8

Closing cards are will cause a hit on your credit. Generally it’s recommended to shred the cards. And after a period of time with inactivity the cards will close on their own and won’t hurt your credit.  

Answer 9

Thank you all!  

Answer 10

I have excellent credit and have closed out many cards over the years. Closing them hasn’t impacted me or my credit in the least. I say Go for it! They’re useless  

Answer 11

I think that it depends on your will power. Will you be tempted to use the credit without the intent of immediately paying it off right after you swipe? If this has been or could be tempting, shut them down! The interest you will pay is way more than any savings you initially got from swiping. For me personally, I have never left a balance on a department store credit card past a billing cycle. I take advantage of the “perks or discounts” and then immediately pay it off. I personally have 5 or so department store cards, none of them have a balance. As far as closing them, this will temporarily impact your credit. If you intended on taking out credit for a car or home purchase, you might wait to close the cards until after your major purchase. CONGRATULATIONS! And keep up the hard work!  

Answer 12

As someone who has paid off debt and then raised it back up again, I 100% would close them, even if my credit took a hit. Once ours are paid off again they are going away FOR GOOD