Should I cancel the credit card or keep it open?

I have a credit card that is pretty much maxed out at about $12,500. I was slowly paying it off (31.9% interest mind you), when a family member offered to help me out of this jam. Now that its paid off i don't know if it best for me to cancel it or keep it open. Its my only card but hated that the bank wouldn't negotiate a more reasonable interest rate while i was in debit. I know my credit is a little screwed up ( though I always made payments on time), but I'd like to build a healthy credit history. Should I cancel the credit card or keep it open?

I am a lender, dont ever close out good credit. It will lower your credit scores. YOu are essentially taken good credit that is part of your current credit score, and cancelling that good credit with all 3 bureaus.

If yiou want yiou can read up on articles and many others concerning this type of info.

www.creditscorequick.com/blogger.htm this site was created by lenders.

Keep the account open.

Use it for purchases every month, then pay it in full.

It's your only card, and probably the longest credit loan you have open, you don't want to both have no credit cards and shorten your credit file.

Keep it open at this point if it is paid. The longer you have it open, even without a charge the better your credit can become.

Just remember not to put yourself back into the situation you had before with the account. If it is easier for you not to be tempted to use the card, simply cut it up, but still keep it opn to rebuild your credit history.

Keep the card open, just don't use it. Closing the acct will only shorten your credit history, hurting your credit.

Keep it open but cut up the card

Close it now, only as long as it is paid to zero.

Zirkamer