closing charge cards
Is it better to just stop using a charge card or to cancel it completely? Does having too many store credit cards affect your credit score? How many is too many?
Thank you.
Terry Says
Keep only the cards you need to use, the ones that give you benefits (miles, cash-back etc) that you want to focus on. The only exception is that you should also keep your “oldest” card — because length of credit history plays a part in your credit score. But cancel the others instead of paying annual fees. Three cards should be more than enough. At some point if you have too many cards, even without using them, it means you have too much credit available –and could ding your score.
