If you payoff a credit card what is the best way of closing the account without hurting your credit score?

I have one credit card with a nice size credit limit and a debit card that I want to keep. I have a few with small credit limits that I can payoff and would like to close out without hurting my credit score. what would you suggest?

Public Comments

1. Go to the website below and read all of it, but especially the part called "how credit scoring works" section before you decide to close any accounts! Open accounts with a zero balance can helop your score and unless there is a maintenace fee for keeping them open I would hang onto them! This is a great site that talks plain english and helped me gey my score from 486 to 729 in a little over a year with their information and a couple of links!
2. Never ever close out an account in good standing, closing will end the history of the account. Credit scores are based on the "history" so if the account has always been in good standing then don't close it out. Only close those that charge fees to keep. Remember this, life can throw you a curve ball, and you never know when you may need to use that line of credit you have established.
3. Keep your credit card that is the oldest because part of your score is based on length of credit history. Your debit card doesn't count towards your credit score. Also, part of your score is based on the amount you have borrowed as a ratio to your available credit. Make a list of your accounts and include the credit limit, how much is owed and when it was opened originally. Decide which ones would be the most likely candidates to cancel. The interest rate is another factor to consider. I like to keep the card the lowest rate even though I don't carry a balance. I got rid of any that charged me over 10% years ago. If you don't carry a balance, it's not going to matter too much if you close any accounts and just keep one or two. If the one with the 'nice size credit limit' is the newer one, go ahead and close it. You'll find your limit on the others will gradually be increased automatically. Sounds like you're doing a good job managing your credit.
4. The best way is to stop obsessing with your fico ( I Love Debt ) score and just close all of your cards. Pay as you go and you will come out ahead. Banks spend millions brainwashing people into thinking they need a credit card and a good I Love Debt score to make it in todays world. Thats a load of crap.