Cancelling Credit Cards and the Impact it has on your Credit?
I have several credit cards that I don't use at all, but because I've been told that cancelling cards has a negative impact on your credit score/report, I've been wary of cancelling them in the past. I'm interested in getting a new credit card, but about a year ago when I applied for a similar new credit card I was denied, and I was told the denial stemmed from me having too many cards open for my income bracket. As far as the 1 credit card that I do use, I've never made late payments and always pay my balances in full, so I was surprised to be denied. Basically, my point is that I want to cancel the credit cards I haven't used at all in years so that I can get a credit card that I can actually utilize, but I want to know if it will hurt my credit score significantly to cancel the credit cards I don't need or want?
Re: Cancelling Credit Cards and the Impact it has on your Credit?
I want to apply for a card with 0% APR for a year so I can pay off my student loans with high interest that are costing me a TON of money. The cards that I have offer no benefits, no rewards points, no cashback, absolutely no incentive to want to use them. I was young and ignorant about credit issues when I opened them and if I knew better I wouldn't have opened them in the first place. Isn't is nearly as bad to have a credit card that I haven't used except once the first time I got it about 4 years ago? This credit stuff just doesn't make sense to me.