Hi: I'm wondering if it is best to keep all existing credit cards open, of if smaller, store cards should be closed. What is the advantage?
The school of thought is to never close a card. however, that should be never close your oldest card IMHO. You can keep all open just making small purchases ocassionally to be sure they continue to report. But unless utilization will be a problem closing cards open midway through your history should not hurt much. My mother never closes a card. She has them all rubber banded together in a safe deposit box.