Should you cancel unused credit cards?

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asked Mar 29, 2019 in Credit by VaveTany (330 points)
Should you cancel unused credit cards?

1 Answer

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answered Mar 29, 2019 by Jamie (44,840 points)
Closing and canceling unused credit cards is not a very good idea as far as credit utilization and credit history goes and could hurt your credit at least in the short term.

Although if you plan to never use the unused credit cards then canceling them out would be a good idea especially if they have annual usage fees and you have those fees to pay.

However you should keep the oldest credit card account open if possible because it shows a long credit history on your credit report.

I've canceled a few unused credit cards before and it did hurt my credit for around a year but after that time they no longer affected my credit history and it didn't hurt it too bad anyway.

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