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New Visitor
Posts: 1
Registered: ‎08-19-2007
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Hi: I'm wondering if it is best to keep all existing cred...

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?
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Posts: 5,436
Registered: ‎03-10-2007
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Re: Hi: I'm wondering if it is best to keep all existing cred...



Girtap wrote:
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.

Super Contributor
Posts: 8,188
Registered: ‎03-25-2007
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Re: Hi: I'm wondering if it is best to keep all existing cred...

Don't close cards that cost you nothing.
 
As an addendum, I have talked to a couple of companies whose cards I have and which I can't use very often (long story).  Both said the cards would be marked inactive if there is no use in 12 months.
 
I had another card that was open but inactive after 3 years, and in order to reactivate it they said they would need to run another credit check.
 
Just a couple of thoughts
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
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