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I have acquired a lot of credit cards over the years and most of them I do not use...

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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 on Apr 1, 2017

Updated on Apr 1, 2021

The content is accurate at the time of publication and is subject to change.

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.

tags : Banks Credit Score

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