Credit Card Question & Answer

Advertising Disclosure is an independent, advertising-supported web site. receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. has not reviewed all available credit card offers in the marketplace.

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?

Answered by , at
Add to Favorites:

Tags: , ,

Leo Zhu

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.

Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
No Annual Fee
For Bad Credit
Monthly reporting to the three major credit bureaus
For Fair/Bad Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit

Other Questions in
Build Credit History