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Credit Card Applications » Questions » User Questions » Build Credit History » I have acquired a lot of credit cards over the years and most of them I do not use anymore....

I have acquired a lot of credit cards over the years and most of them I do not use anymore. Right now i use only my Arvest card. Should I close some of the accounts I know I will never use again?

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No, you should not close old accounts. Old accounts bode well for the length of your credit history which can be a significant portion of your credit score. Also it will decrease your overall credit limit which could cause a shift in your credit utilization. This is basically your debt to credit ratio. You should never use more than 30% of your limit on a particular card or more than 30% of your overall limit. Therefore if you close several accounts that had a total credit limit of $20,000 and you now have 2 cards with a total of a $10,000. Then your boiler for your home needs to be replaced and you now have to carry a balance of $6,000. That would put your credit utilization at 60% which could have a negative impact on your credit score. So, keep those credit lines open. I recommend if you haven’t used a card in a long time make a small purchase with it just to keep it active.

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