I just finished paying off a $6000 debt with 4 different credit cards. I would like to close two credit card account and keep the ones that offer rewards and flight miles.
Would this affect my credit in any way?

Keep the cards. By holding onto the cards you are keeping your available credit line higher. You don't want to give yourself a higher ratio of debt. Your credit will drop if you close it because your credit history will be shortened as well.

hello

No, would be effect of your credit cards.

thanks

I think its fine to close the two. Why tempt yourself, your credit score might drop a few points but it wont really effect you in the long run. Just pay back what you owe on your other two cards and you will be fine. Good Luck.

Question is, do I do what's right for me or for Fico. Personally, I use and manage credit how I want to use it and not in a way that chases a fico score. If you remain fairly debt free and pay your bills on time and earn a good income, you will usually get the credit you apply for.

I have no idea what my score is and don't care. I also choose to be as debt free as possible. I use two CC's for convienence and PIF each month.

Will closing two cards lower your score, probable a little. Will it matter in the end, nope. Do what you want to do.

Don't close the cards. Don't use the cards.

Your credit rating is based on how much you have as limits versus how much your balances are.

If you have $10k in limits on four cards with balances totaling $2000, you are at 20%. That is a great place.

If you have $2000 in limits and you owe $2000, you are at 100%. That is not a great place.

Keep the cards and don't charge anything.

Good Move!!!!

I am in a simialr position and never realised that a % of credit limit score was used. Great post, thanks

Closing an account you are not using will raise your credit score as long as you have at least one other revolving charge account

More detail is required here...

Choose carefully which card you close, if you choose to do so. Always keep your oldest card account open. Part of your score is based on your history's longevity.

Scoring is a funny thing. Sometimes you will be denied credit because you do not carry a balance on your existing accounts. Why would someone want to give you money for free? If you pay your balances monthly in full, that is essentially what they would be doing. No profit in "free."

Closing multiple accounts almost simultaneously hurts your score.

Opening multiple accounts almost simultaneously hurts your score.

Pay your balances down quickly, close slowly, and keep your balances that you carry - if you do that - to about 20% of available credit limits.

You can build your scores with a balanced credit portfolio too. A mortgage, installment debt (car, student loan), and revolving accounts (Visa, Mastercard) will help you if you have these three types of accounts somewhere in your file.

All Things Personal Finance...And Then Some

All of this is really a moot point. Your goal is, or reasonably is, to be debt free.