The close CC account or not?

Alterastro

Hi all. So I've just cleared a credit card by doing a balance transfer. The question is, as far as my credit score goes, am I better off closing the account or keeping it and either not using it or using it for small purchases but paying off in full each month? Thanks!

Ebe_Scrooge

As far as your credit score goes, do whatever you want - your credit score is not a factor used in lending decisions, and is not even seen by prospective lenders.

In terms of your credit history, which is what really matters - in general it's good to have long-standing, well-managed lines of credit on your file.  Unless you've got dozens of cards with a combined limit that equates to many multiples of your income, keep the card open.  Use it every so often and always clear in full when the statement arrives.

[Deleted User]

It depends. If you have several others and plenty of available credit, then you could afford to close it if it's of no use to you. Your score will drop but that doesn't matter.

If you only have a couple of cards, keep it and use it, clearing in full each month. Your score will also drop as you're no longer carrying a debt, but again, it's not important. 

The most important thing is to get your overall debt down.