Before You Cancel Credit Cards

This article at Motley fool offers advice about what to do if you have credit accounts that you no longer use.
As with so much else related to personal credit, the best choice is counter-intuitive: it’s probably best for your credit record if you leave them open, but unused. Read the article for the specifics.
Most credit cards tend to outlive the purchases they facilitate. There’s a good chance that those six credit cards you opened during your freshman year will still be on your official record long after you dropped off the culottes and KISS T-shirts at the Salvation Army.

So should you kiss those cards goodbye? Are unused lines of credit helping or hurting your credit score? Will removing old information about already closed accounts make you look more attractive to bankers? Here are some answers.

Read the rest at Motley Fool

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