Comment from David C
Time February 13, 2010 at 4:06 pm

pay them all off, keep only the high credit limit cards. close any store / merchant cards.

Comment from Jen M
Time February 13, 2010 at 4:44 pm

I agree with David C, but want to add it would be an advantage to use the cards you keep open every month and pay them off as soon as you get your statement every month. For instance, use your cards at the gas pump, and as soon as you get home set aside the cash you would’ve used for the gas and use it to pay your bill. This keeps the cards active, but also shows responsible financial management. Furthermore, do not apply for any more cards, including incentive cards from department stores.

Comment from badtubby
Time February 13, 2010 at 5:14 pm

pay them off but do not close them as that will lower your credit score.

Just so you know, installment loans ( auto/home/personal loan) carry more weight with your score than revolving credit ( credit card). So taking out an installment and paying it on time every month will raise your score more than taking out a new credit card and paying it off in full every month. hope that helps

Comment from antor
Time February 13, 2010 at 5:33 pm

Once you pay off the debt the credit score will go up automatically as you are paying back used credit. Also keep some good credit card.

http://www.creditinformationhere.blogspot.com

Comment from Cris T
Time February 13, 2010 at 6:21 pm

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