How much credit to keep open?

[markie]

Hi, I am in the process of paying off credit card debt piled up when I was younger and stupider, probably like a lot of other people... Anyhow, I have actually paid off a bunch and can see the light at the end of the tunnel.

I know my credit stinks right now, but for the future, how much credit should I keep open and unused as far as trying to help my credit score? For example, I paid off an account but did not close it. I don't carry a balance on any accounts I've paid off because I've been in the hole and don't intend to ever go back -- I actually do not use them at all and have zero temptation to do so. I ask because I heard it is good to have low debt to credit ratio. Also, what is a good revolving credit to annual income ratio? Thank you in advance for your advice!

[Jeanie]

Thanks for the post markie!

Maybe this article of Rebuilding Your Credit History will be of help to you! I have also seen that closing credit card accounts hurt your credit so, I would just pay them off and cut them up (the one you don't want to keep using that is).

Good luck and keep us updated!

~Jeanie