I'm in the process of paying off some debts. I have an account with Citi Financial REtail ( Rooms to Go). I have finally paid them off. I have a current balance of -$1.74. I opened the account is 2003. I was wondering if I close this account off, will it decrease my FICO. I was also told that if you have to much available credit, it could lower your FICO. Please advise.
The issue should be what's called "utilization" and from your comments, I would recommend that you just keep the paid-off card [by the way, "Congratulations on doing that!] in your sock drawer. Keep it there. Keep the trade line open. Don't close the account. Move on to the next card and pay that one off. Then put that one in the sock drawer. Put yourself in the position where if you need or want to use credit that you can pay the bill off in *full* every month.
