I am trying to understand what purpose there is to cancel a credit card and get new ones. Is this an unusual form of identity theft protection? I am kicking myself for cancelling two of the three credit cards that I got 25+ years ago "because I didn't use them". Three cards that age would help the average age of credit. There are many reasons that most people would want to have good FICO scores even if you feel little need for credit. They are important to me and I paid off the one 4.7% interest loan that I had on a car because it was too high. I do have a 4.64% interest loan on a company truck but that is before tax income so that means I can make interest on the money, pay tax on the interest income, write off the interest on the truck as a business expense and the 4.64% works out free.