We have a lot of credit cards, but we don't use most of them and none carry a balance. I know that in calculating credit score they look at the length of time you have had accounts open, so is it in our best interest just to keep them? They aren't a temptation to use or anything...
The longest credit and the available credit affect your score, so they are helping your credit. What are you using your credit score for?
If any have a fee, I would cancel, but if they are not causing you problems, I would just make sure to keep them active.
Mama to J (Jan '09), E (May '11), and C (August, '13)
Professional Cloth Diaper at Diaper Lab in Boston (ask me about laundry)
We aren't trying to buy a house or anything... I was just wondering if having too much available would hurt my credit score :)
You can go to Credit Karma and play with scenarios (what if I cancel "this" card, etc...).
That said, we ended up canceling our older cards because it just seemed like a PITA to keep them up. It did drop our score several points, but wasn't that big of a deal for us.
Thanks guys :) If the older accounts get closed for being inactive no big deal but I won't bother myself with them right now. Especially because our car refi went thru!!! LOL
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