Ask Terry Questions Cancelling Credit Cards

Cancelling Credit Cards

By Terry Savage on October 22, 2015 | Credit/Debt

Greetings Terry,
I would like to cancel a few of my credit cards – I do not use a few of them – the “inactive cards” and I would like to cancel an “active” credit card also. I would only like to keep a maximum of three credit cards. I remember hearing you say one time, that to be careful when cancelling too many credit cards, because it may hurt the ‘credit score’ . I would really appreciate your advice.
Thank you

Terry Says:  Just don’t cancel the card you’ve held longest.  That’s the one that impacts your credit score the most.  But there’s no reason to pay annual fees on a bunch of cards you don’t use.

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