What is the best thing to do to bring up my credit score? Please read more...?

I recently paid off a credit card and have not closed it yet because I have heard mixed reviews on what to do with it....some say to keep it open because it shows you can have credit, but that by not using it, it shows you budget well. The other I have heard is to close it because it shows that you have less liability out there in the credit world. What would be the best thing to do to help my credit score with this? PS- it's about a $5000.00 limit

Public Comments

1. My friend is an underwriting for a mortage group and he says it looks better to keep the account open.
2. Definately do not close it. Keep it open and use it every 6 months so it will report.
3. I am a Realtor and can tell you what I have been told from lenders. Keep the card open and don't use it. This will show that you have alot of available credit that you aren't using, thus making you wise with $. Also, installment accounts(personal loans, auto loans, mortgages) bring scores higher than open ended/revolving accounts(credit card, open lines of credit)
4. It depends. If the credit card is the only credit line you have, then keep the card open and charge something small no more than 2 months apart. Have you pulled your credit report? If not see this link: https://www.annualcreditreport.com/cra/index.jsp
5. if you do not want to cancel ur cards ... simply put it in a locker and forget all about it
6. Closing accounts that are old and you have a lot of credit history on them can hurt your score for some months, because longevity of accounts counts a lot on the score. If it’s and account that you have no more than a year with it no problem you can close it. When you have to many credit cards open on your credit report its also consider a risk factor so you need to cut down on the ones you don’t use at all and you have less credit history on them. The best way to know whats affecting you is by getting a current copy of your credit report with scores and look at the negative factors the bureaus give you and work on that. :)
7. It might be helpful for you to get educated on how the credit score is calculated. Then you can see the whole picture. See Below: