Money Matters
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Closing paid credit cards
So we have been working on our debt snowball for awhile and I am happy to report that I have all my credit cards paid off! DH is down to his last one. 
That said, I now have 2 store cards, one Visa and a Line of Credit on an old checking that I would like to close.
What's the best way to close these without hurting my credit score? Overall, I'm reducing my available credit from $6600 to $1500 (leaving one paid off credit card open for emergencies).
is there any strategy to close these gradually or does it matter? TIA.
Re: Closing paid credit cards
From what I've read it would be better to leave those accounts open but just pretend that they aren't. I have witnessed a friend close accounts that he wasn't using and his credit score actually dropped. If the accounts aren't charging fees leaving them open can show long term accounts which reflects positiviely on your credit score.
Congrats on the bills that you have paid off!!
I personally have never kept a card open that I don't use. Having been a victim of identity theft - i will never keep them open.
Your credit will be hit a little and briefly. You will build your score back up. I wouldn't close them all at once, and I wouldn't close any right before you're ready to make some purchase that requires a credit check.
When we bought our car last year, I saw my score - it was in the low 800's. So.... closing cards over the years, in the big picture, has not hurt my credit.
~Benjamin Franklin
DS dx with celiac disease 5/28/10
Thanks for the responses. I definitely want to close the cards and leave open one store card for the coupons and my first credit card for online purchases.
I don't anticipate needing anything else and I definitely don't want the temptation. I also don't want to pay annual fees for cards I don't ever use.
I will close them out gradually. We just bought a house so I think I can wait for my credit to bounce back before I'll need to borrow again.
We do have an efund! We're actually on the Dave Ramsey plan which starts with securing a $1000.00 efund and then working on paying off debt smallest to lowest.
I would only use the card for online purchases and a back up emergency card if the efund ran out.
That's awesome! Knowing a little bit of the credit side, I wouldn't close any of those cards if they have been open less than 3 months as that can hurt your credit a bit. However, it can hurt you also if you close a card that's been open the longest because that will help show credit history. On the flip side, if you apply for a loan and the lender looks at your debt to income, they are going to look at all of the available balances out there that you have on your credit cards and your previous ability to repay them. Personally, I would close the cards you haven't had very long (over 3 months) that you aren't going to use and don't need. You want to make sure you still have a few credit cards open to help build your credit as well, unless you aren't able to keep up with that debt and are making late payments. I would actually probably keep one of your store cards open, keep your Visa and the LOC.
Hope this helps!