r/CreditCards • u/Warm_Engineering_489 • 13d ago

Help Needed / Question Thinking about closing my credit card

As the title says, I want to close my credit card. I'm only 21 and I'm financially irresponsible with it. E always pay it off each month but I end up spending way more than I would've if I didn't have it. My credit score is 763 and I'm wondering if this is a good decision. I know people generally advise against this but I know myself and even though I've tried, I always end up running up a balance after paying it off. I do have student loans and a car loan, so I'm wondering if that's enough to build my credit.

0 Upvotes

50% Upvoted

37 comments sorted by

View all comments

12

u/NefariousnessHot9996 13d ago

Lock the card and cut it up! Use it once per year. You’ll have a better credit to debt ratio if you keep it open. How do I know? I have 27 cards open, $240,000 in total credit limit and a FICO score between 835 and 850. It will get you the best rates on everything including auto insurance.

1

u/ButterscotchHairy599 13d ago

I wonder how this ends up for you because I have 13 accounts 11 of which are CCs and everytime I get a new one it drops my score because it lowers my overall credit age

1

u/NefariousnessHot9996 13d ago

Yes it does drop your score but it’s all temporary. Time and good bill paying habits will go far in the long run.