Here's the deal. You are doing fine. You are doing a heck of a lot better than I was when I was 19. You bought a car a year ago and have already paid down $6000? That's $500/month plus $250/month on your Best Buy and $100/month on your Walmart. You are comfortably paying $850/month.The knock against closing credit cards is that you increase your debt to credit ratio as well as losing the good credit histories tied to those cards. At your age, however, it is really immaterial. With two major bank two and a car loan, you are already establishing a strong credit record. I would go ahead and close the Circuit City and J Crew cards and continue paying off your other debts. When the other cards are paid off, you can close them as well, although if your Walmart card gives you a recurring discount on purchases, you may want to hang onto it. You may want to spend $6.95 and obtain a credit score from one of the credit reporting agencies (stat with Equifax). Then when you turn 20, get another and see how your score has changed. And again when you turn 21. You should be able to develop a good picture of how building a solid credit rating will benefit you in your adult life.FuskieWho notes that generally bank cards are considered in a better light than store cards...
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