[USER]

Need more courage to cancel my credit cards. I’ll keep 1-2 with the longest age. How much have you saved from cancelling?

[Dana]

You can cut up your cards and forget about them without cancelling them. That way you don’t bring your credit score down.

[Astell]

Nothing can put a price on mental peace if you know you need to do that to keep temptation away and maintain healthy finances.

Do it now !! Do it do it do it! I believe in you!

[Carol]

I didn’t cancel mine but put them deep in a closet. I kept them because canceling them will really hurt you credit score, I did that once in my twenties.

I also kept them in case of an emergency.

[Shelia]

I have 1. I charge a few bills on it every month. Pay it off every month in full. Not giving any money I don’t have to. I save for bigger items.

[Megan]

Canceling credit cards would cost us money.

We don’t carry a balance on our credit cards. And because we have a good debt to credit ratio, a long credit history, and several open lines of credit, we have a lower credit score and get better rates on things like insurance.

Canceling your credit cards will very likely raise your I stranded rates since it will lower your credit score.

Explore these too: I’ve been hammering away at one of my credit cards for what seems like forever

[Aleta]

I read somewhere to put them in a freezer safe container filled with water.

Pop it in the freezer and let it freeze.

Then when you are tempted to use it, you will have to take the time for it to thaw and maybe that will give you time to rethink your decision.

[Annette]

How much have people saved from not using them? It would depend on their payments and how large their balance is.

The short answer every dime in interest is what is saved.

If one is responsible with credit then cards are very handy and offer perks.

[Lena]

Canceling them completely will lower your score if you can keep control only use them occasionally and pay off within a few months.

Even having the available credit unused is better for your overall credit score.

[Cindy]

I have some that I only use once a year to keep them active, then they’re put away. I don’t want the ding to my credit score by cancelling them.

I keep only one available for regular use.

[Virginia]

I churn credit cards and actually have more now than when I was in debt. I know some folks have an issue with churning credit cards and bank accounts, but I’ve found it to be pretty lucrative.

If you don’t use your cards and the company cancels you, it can drop your credit score, but if you cancel the card, it will have a bigger impact on your score.

Have you seen: Today my friends I figure I saved about $50-$75

[Donna]

Don’t cancel if you care about your credit score. If it’s paid off don’t carry it with you and make a small purchase every month which you will pay in full every month.

If it’s not paid off cut it up but don’t cancel it.

[Lynne]

Keep them open. Use 1 for gas. Pay off. Use the other one for gas 2 months later. And so on. Closing a credit card or multiple decreases your score. If you want to continue with closing. Pay them down slowly once zero balance closes them.

This will lessen the credit decrease.

[Helen]

Have never cancelled a credit card; I do hide them in an inconvenient place; only carry 2 cards I use frequently; occasionally I will charge a small amount on “hidden” cards to keep active. Nothing is charged that I can’t pay before I leave store or when payment notice arrives.

Everyone knows their strengths/weakness, act accordingly.

[Judith]

I canceled all but 2 and use them to earn points by putting most all household bills on them and for all purchases. I pay them off and never carry a balance. I also called them and reduced the “available credit” on them, mostly to reduce risk if they are hacked or stolen. My credit score dropped temporarily, 6-9 months only slightly, then returned and has stayed excellent.

Good to live debt free, or if and when debt is necessary, being able to make it go away ASAP.

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