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credit cards

By Terry Savage on November 21, 2022 | Credit/Debt

i have a few credit cards with no balances. My question is should i Cancel the ones with the highest APR % or dosn’t it matter. not sure in Berwyn!

Terry Says

You’ll always want to keep your “oldest” card, because it is a key component (length of credit history) in your credit score. But it makes no sense to pay ongoing annual fees if you are not using the cards. So request a cancellation of the highest annual fee card. (The interest rates don’t matter if you are not leaving balances on the cards!)

Then after a month, check your credit report at www.AnnualCreditReport.com to make sure it is closed. I would not advise doing this if you are about to apply for a mortgage or car loan or life insurance. But if none of those apply, go right ahead and whittle down your cards.



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