Should i cancel my credit cards or leave the credit active?

Congratulations on paying your credit card off!

Having additional lines of credit open is fine.  If any of these cards are actually store credit cards that can't be used except in store, cancel them.  Having store credit can hurt you.

Otherwise, leave them open for now, until you get your pre-approved mortgage, as sometimes closing them can hurt you.

As well, one of the more interesting aspects of credit cards  is that there are service charges you can actually opt out of.  Research your charges to see if this applies to you.

If you are going through a mortgage broker outside of a bank, and the issue comes up that you have credit cards with zero balance, and they have an issue with that, and you have no concern with cancelling the cards, tell them, and offer to cut up the cards on the spot, since it is a non issue.  That should close any concern anyone has.

 Best of luck and happy home hunting!

Although paying off your credit cards is great, it can actually lower your credit score! For optimal FICO score, your credit card balance should range from 10% to 30% of your credit limit. Find Credit Cards.

If you have zero balances, there is the 'fear' in the industry that as soon as you have your new home, you will run out and max out your credit cards on new furnishings! 

dont close your credit card

it is better if you cancel your other credit cards becasue it will just add to your bills at the end of the year. Even if you are not using the credit card you still need to pay the annual fee.

does it cost money to keep the credit cards active if u aren't spending?if not then i don't see why not,but at the same time,the banks WANT to give you the home loan,they are lookin for excuses to approve you,not turn you down.

i just bought my first home a month ago,i have no loans and never had credit cards,paid cash for my cars instead of loans,so they didn't know if i was good for repayments but they still approved me.

if you earn a wage that will cover you mortgage and still give you spending money then they will probably give you the home loan.

Good luck,1st home buying is SO exciting. 

It’s a widely believed fact that your credit score can be improved if you keep your unused credit cards (rather than cancel them). By keeping these cards, you are increasing the average age of your lines of credit, increasing the total amount of credit and decreasing your credit utilization, all good things when it comes to computing your score. So why do I always advocate canceling unused cards? I advocate that because I believe it is the safest thing for you to do and is better than keeping unused cards for the credit score benefit..

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dont close your cc, it will lower your score. It happened to me.

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I always tell my clients who are starting the home buying process to get with a good direct lender who can give them the correct advice on repaying credit card balances..They are in the business and deal with this on a daily basis..They can give you  guidance and help you get in position to buy your home instead of "wondering" if you're doing the right thing...Good luck..