too many credit cards...

[rh71]

I have about 4 unused credit cards in my drawer... and already carry 3 that I use... I am really a clean freak so I like to close things out or trash them when they're done / unused... is this really bad for my credit history / score ?

Already keep Citi (new) and Discover (old) cards in my wallet... looking to leave the Amex in my drawer for whatever... and cancel the rest...

 

[MercenaryForHire]

No, it's good for your credit history to have available but unused credit. Freeze 'em in a glass of water.

- M4H

 

[lancestorm]

Originally posted by: MercenaryForHire
No, it's good for your credit history to have available but unused credit. Freeze 'em in a glass of water.

- M4H

Not for his debt-to-earnings ratio if he wants to lower that as well!!!!

 

[FoBoT]

it is ok, close them. you can always get a new one later if you need it/still have good credit

 

[GoatHerderEd]

I say cancel the ones you dont use. It is more risky in terms of identity theft.

 

[frankie38]

You need to pay attention to your credit score. Its affected by many things, credit cards is just one of them. I would not do anything yet until I know exactly what affect it will have. For example, its actually good to have and use a credit card that you have opened for a long time. so if you close a card that is 10 yrs old that actually might hurt your score.

 

[ISAslot]

how about keep them open, but distroy the cards? Then you don't have em, but you don't hurt your credit score.

 

[CRXican]

Depends how long you've had them. Part of your score is based on how long you've had credit so closing older cards will not be the best idea. If you're looking to get rid of some, ditch the newest ones.

 

[FrustratedUser]

If you really need to cancel a card make sure you keep the oldest one even if the conditions are crappy.

 

[rh71]

Originally posted by: ISAslot
how about keep them open, but distroy the cards? Then you don't have em, but you don't hurt your credit score.

not any better for identity theft though... right ? It's not just about theives physically coming and taking my cards...

 

[rh71]

if I applied for, received, but never called to activate cards, what happens with those ? (did it for promotions)

 

[PhaZe]

I read an article on msn that cancelling cards can hurt your credit score a little. Having several open shows that you are responsible and can maintain credit card usage. As long as you're not in major debt I wouldn't cancel them, just store them in a safe place.

 

[PhaZe]

I read an article on msn that cancelling cards can hurt your credit score a little. Having several open shows that you are responsible and can maintain credit card usage. As long as you're not in major debt I wouldn't cancel them, just store them in a safe place.