I have acquired a lot of credit cards over the years... - Build Credit History Questions

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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. Credit-Land.com 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 on
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.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Perfect credit not required for approval; we may approve you when others won’t
Fair/Bad Credit
Instant $500 Credit Line. No Credit Check.
Bad Credit
Monthly reporting to the three major credit bureaus
Fair/Bad Credit

Other Questions in
Build Credit History

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!