Is it better to have more credit cards with a good credit amount?
I have about seven credit cards, i have good credit but i never use half of them and i want to cancel them, is it bad to cancel them , does it make my credit look bad? Or should i just keep them all and not use them?
Tags: Amount, Better, Cards, Credit, Good, More
The general rule of thumb is that if you close a credit card account, choose one of the newer accounts. Keeping the cards you’ve had the longest time will keep your credit score from going down more than a bit.
They will affect your credit score, the credit score looks at the difference between your available credit and what you’re using.
If you close those accounts your total available credit lowers, making your balances appear larger, which will hurts your score.
The score also tracks the length of your credit history. Shutting older accounts can also remove the length of time, making your credit history look newer than it actually is, which can hurt your score.
You should keep the cards and charge small amounts every month, and pay the balances off in full.
Yes it will affect your credit. Credit bureaus like to see that you have this available credit & opt not to use it or keep the balance under 40% of the limit. Keep them open.
It’s never good to have any credit cards. Ever. Period.