I just paid off my Best Buy CC, and am torn on whether I should just close it or not. It leaves me with $2000 available credit if I leave it open, which reduces my debt to credit ratio. However, I am always tempted to use it, but I have 3 other cards that are currently holding balance of about $6000 combined. Anyway, would closing the Best Buy card hurt my credit score? Would it be better to just not have the credit available, therefore removing the temptation to use it? The only thing I can think of that I would want to use it for is if the washer / dryer / microwave died and I could get 0% for 1 year.

How long have you had the BB card versus all the other cards? It's best to have only 2 credit accounts.

The BB card is only 2 years old. The 2 mastercards that have balances are 6 and 4 years old. The other account with a balance is another dept store card that is 4 years old.

I would put it on ice and work on reducing the other 3 cards. Once they are almost paid off or paid off I would cancel the Best Buy card since it's the newest of your credit history.

Yes, canceling the Best Buy card could hurt your credit by increasing your credit to debt ratio. Suze Orman has a lot to say about that. Once the account has been opened and used, the damage has been done.

However, if having that card burns a hole in your pocket, close the account and save yourself some potential debt.

I would keep it open since it has no annual fee, just avoid the temptation and DO NOT USE IT!.


The only thing I can think of that I would want to use it for is if the washer / dryer / microwave died and I could get 0% for 1 year.


Another reason to keep this cc open.

The most *unique* method I've ever seen to avoid the temptation to use an existing, valid CC is to *freeze* it in a big block of ice. The theory is, if the ice is cloudy enough, you can't read the card to use it, you can't take it to the store, but if you *really need* it, you can thaw it out and use it... It forces you to stop and wait, and think about what you're going to use it for.

Never actually known anybody to do it, but it always sounded like a solution that would definitely work...