need some info/insight about credit cards

[Bacardi151]

i have a few credit cards that i'm going to stop using, however there's one credit card that i stopped using ages ago since it didn't give me any reward points. and i ended up cutting it in half just so i wouldnt lose it and forget about it.

now my question is, what if you have credit accounts that are not used. will that look bad on your credit history? i'm talking about one at the moment, i have 2 others that i just recently stopped using. should i cancel accounts that i do not intend to use? or will it make no difference to just leave them hanging there?

thanks in advance for any advice/info.

 

[DaWhim]

read for your own good

 

[her209]

You should cancel credit cards that you don't use immediately.

 

[Yossarian]

Originally posted by: her209
You should cancel credit cards that you don't use immediately.

wrong. credit history is important and can only help you.

 

[amdskip]

Keep your oldest accounts open, they prove your credit history even if you are not using them.

 

[Bacardi151]

thanks whim & amdskip, i guess i'll keep that one that i cut up open, cuz it was my first credit card, and i've had it since...like 2000, i think (bear in mind i'm only 22 so it's a long time for me ). i should also ask them to send me a new card and probably have my account checked to see i dont actually have any balance ! since i haven't touched it for over 2 years, (that's because i'm pretty sure i paid off my last balance before keeping the card in the dark).

anyways, as i mentioned before, i didnt have any reward points for that card. could i possibly upgrade it so it receives reward points? that way i wouldnt have to close the account down to get a new one.

thanks for any future replies!

 

[DaWhim]

the longer you have your credit history, the better you are. higher score too.

 

[Bacardi151]

yeah i saw that on the article you provided, but im wondering if i could change my account into receiving rewards instead of opening another account so i wouldnt be stuck with two. is that possible? like how you can upgrade/downgrade your cellular plan while keeping your account.

 

[DaWhim]

just get another credit cards. I currently have 8 cc at the age of 20.(just applied for one more) I really don't understand why people are so afraid of credit cards. you will be fine as long as you have some sort of self-control.

 

[Bacardi151]

i have self control, i dont buy much at all, and i always pay off the balance each month (never been in debt, although i heard from my econ teacher that if you're in debt and pay ur debt off it can raise your fico score), but i dont see the point in opening too many accounts, and i know for a fact if you open up credits with macys, target, sears (to get that 10% off your first purchase), and so forth, it can bring your score down, since those credit lines doesnt actually show the information of why or what you opened it. i have at the moment 5 cc along with a few of those retail store credit cards, and they dont fit into my wallet and since i only want reward plans, what's the good of using any other?