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Credit Cards question---updated with more info
Posted on 4/30/15 at 1:47 pm
Posted on 4/30/15 at 1:47 pm
I currently have 4 credit cards and I'm paying them off tomorrow. My question is: Should I cancel 1 or 2 of them or keep all four? Will it hurt my credit if I cancel 1 or 2 of them? They all have similar annual %. Thanks 
ETA:
So, the four credit cards I found out about the fees..... 2 cards have no monthly or annual fees. One card has a $8.25 fee per month ($99 a year). The fourth card has a $49 annual fee and $14.50 per month fee ($223 a year). I'm thinking about canceling the card that charges the $14.50/month. Good decision or bad? What would the money talk guys do in my situation?
ETA:
So, the four credit cards I found out about the fees..... 2 cards have no monthly or annual fees. One card has a $8.25 fee per month ($99 a year). The fourth card has a $49 annual fee and $14.50 per month fee ($223 a year). I'm thinking about canceling the card that charges the $14.50/month. Good decision or bad? What would the money talk guys do in my situation?
This post was edited on 4/30/15 at 9:21 pm
6
Posted on 4/30/15 at 1:57 pm to TechDawg2007
Only thing I can offer is if you do cancel a card, don't cancel your oldest credit card. It will shorten your average length/age of credit card history which will affect your credit score.
Posted on 4/30/15 at 1:58 pm to TechDawg2007
How old are the cards? My gut reaction is to just keep all four for now. If you use any of them your credit utilization % would be lower if you keep all 4 vs if you just have 2. More cards = more credit across the board.
This post was edited on 4/30/15 at 1:59 pm
Posted on 4/30/15 at 2:26 pm to TechDawg2007
Do any have annual fees? If so and you don't plan on using that one much, obviously cancel that one.
Posted on 4/30/15 at 2:38 pm to TechDawg2007
Would not cancel unless there are annual fees associated with a card
Posted on 4/30/15 at 3:22 pm to TechDawg2007
Do not cancel. It'll lower your credit available, thus increasing the % of credit used. Could very possibly lower your score too.
Posted on 5/1/15 at 1:44 pm to TechDawg2007
just cancel the two fee-based cards, unless you have a compelling reason to want to pay those fees (i.e. benefits you get from the card outweight the fee); keep the two no-fee cards.
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