How long have you worked with Citi? Why do you say they are frauds?

Congratulations on paying off your debt!

I am curious what you decided to do with your credit card accounts? Closing a credit card account may hurt your credit score. It is good that you inquired before you did it. There are many variables. Depending on the specifics of each account (such as the age and limit), closing it may shorten your credit history and may also make your current balances "look" larger (since they look at the amount owed in comparison with the amount available).

I would probably only consider closing an account if I already had a killer credit score (have you checked it lately?) and was not planning to apply for a loan in the near future.

i would keep those accounts open with a 0 balence it will effect your credit if you close them.

Ralph,

Close your cards. You will be fine without those debts hanging around you all time. I would keep one credit card for emergencies only, and I only advise that if you are disciplined enough not to use it and run it back up again. My family owns one credit card and have paid off all the rest and carry no balance on the one we have. This, in no way has affected my credit and as a matter of fact, I just recently purchased a very expensive property and had no issues arranging awesome financing.

Listen, being debt free (with the exception of your home, which is a great investment) is the only way to truly be financially satisfied. Keeping credit cards will never do the trick!

Check out my blog for more great tips on losing those cards, paying off debt and building your huge future!

Its best to close the credit card, now that the debt has been paid off.

If you keep it, the credit card debt will soon rack up again, and you'll be back to square 1.

If you've got the credit card, theres always a chance to use it. If you havent got the credit card, you cant use it. Therefore, no more debt on it.

Closing accounts will hurt your FICO to some extent, if you are carrying debt on other revolving accounts. This is because your debt ratio increases. It sounds like you've paid off all your credit card debt, but keep in mind that even cards that you pay in full every month may show a balance when reported to the credit agencies. Your existing balance is reported on the particular day the company reports, which is not tied in any way to your specific billing cycle or when you pay your bill.

I would only be concerned if you are planning a major purchase (house or car) within the next half year or so. In that case, I wouldn't take any chances, and I would keep all the accounts active until after the purchase.

Why to close them? You can always keep them for emergency...

I drastically improved my credit by keeping my balance 0 on all of my cards and only using one. I at one point was buried under debt and in a very very bad situation financially. It all worked out though and now I have much better credit and have a lot more time to enjoy my life.

Your credit score is based upon 5 factors.

1. 35% - Your payment history (have you been 30/60/90 days late, filed bk, had any judgements, liens, etc. It's also weighted heavier for recent lates.)

2. 30% - Amount owed or your credit utilization rate (CUR) your total debt:available credit ratio - this is where you could get dinged if you shut off those accounts. If your CUR rate is under 30%, your credit score will go up, if it's b/w 30-50% credit's not affected either up or down, if it's above 50%, your credit will go down and you won't be likely to get more cards.

3. New credit 10% - recent inquiries

4. Length of credit history - 15% how long accounts have been opened

5. Types of credit or mix - 10% - do you have mortgage, car loan, credit cards... a "healthy mix" of different types of credit.

So, you can see here that it could affect your credit depending on where you stand with your other cards. Happy to help.