Reply to Credit card I never use: close account?

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[quote=Anonymous][quote=Anonymous]And even if its not the longest, your credit history takes into account both the oldest account and the average. I just cut mine up and leave them alone. I seriously have 10 plus credit cards I never use and my credit score is over 800 so I doesnt hurt anything to keep them open. [/quote]

This is not a good idea.  It is a good idea to keep about 3-4 cards for that reason.  After that, you are at high risk for identity theft.  Yes, closing an account can lower your credit rating, but that is only a short-to-mid term effect.  Long term, it will not hurt your credit rating.  The advice to keep credit cards open is only if you expect to need to qualify for additional credit (CC's, refinance, new car loan, HELOC, etc) in the near term.  If you don't expect to need those in the next 4-5 years, you should start to close accounts will good payment histories and no/low utilization rate.

Here's an article that gives a better idea of the risks:
[url]http://www.bankrate.com/finance/credit/closing-credit-card-good-or-bad.aspx[/url][/quote]

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