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No. of Recommendations: 2
Hi Stabba

Wellllll... get a flame resistent suit?

The short answer is that only you can really decide if closing the cards is the "right" move.

First, for me, would be to NOT be hasty. Personally, I would put them away for 6 months, date it! And after the 6 month period, re-evaluate. Ask FIL to be your advisor!

Go to Wikipedia and search for "FICO score".
You'll find a pie chart that tells you how much percent wise the cc available credit make up.

https://en.m.wikipedia.org/wiki/Credit_score_in_the_United_S...
Capacity used is 33%; on time payments is 33%.

Hint: FICO is not your friend. It's used by the finance industry specifically (and other industries such as renting an apartment, etc) to screw people.

If you close the accounts, there will unintended consequences for other parts of you financial life, due to the unintended ways that FICO is used - probably not to your advantage.

Do you have an agreement with FIL for repaying the loan?
When will you have FIL paid back?

Do you and StabbaSpouse have a budget on which you both agree?
Do you have other debt?
What are the priorities for paying your bills, FIL debt, other debt?

Can you trust yourself and StabbaSpouse to put the cards away and not use them?
Could you put them in a sealed envelope and give them to FIL for keeping unless there is an emergency that HE AGREES is an emergency?

Can you trust yourself and StabbaSpouse to use a card in a controlled way? Say, only for gasoline for the car... And pay it off, in full, each month? Can you and spouse sit down each month and discuss the budget and where y'all are on it?

Good luck.
and look for nuggets of wisdom in the replies?
ralph
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