Should you discontinue your credit card if you are not using it anymore?
3 weeks, 2 days ago

Should you discontinue your credit card if you are not using it anymore?

Live Mint  

Have you just stopped using a credit card? Closing a credit card that you are not currently using is a decision that calls for consideration of several benefits and drawbacks. But before you take a decision, be mindful of these factors: 1 Keeping the card open helps maintain a lower utilisation ratio, which positively impacts your credit score. If the credit card doesn't charge an annual fee, it may be worth keeping as it practically costs you nothing to maintain. Check your utilisation: If the card has a high credit limit and you're carrying balances on other cards, closing it could increase your utilisation ratio.

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Credit Card: How closing an account can impact your credit score
2 weeks ago

Credit Card: How closing an account can impact your credit score

Live Mint  

Although it may seem like the easiest step towards being financially free, closing a credit card can have a major impact on your credit score. Your credit score might decline when you close an older credit card because it could reduce the average age of your credit history. Too many cards to handle: If you have several and can't control …

Is it possible to have too many credit cards?
9 months, 3 weeks ago

Is it possible to have too many credit cards?

LA Times  

If you pay your bills on time and use a small portion of available credit limits, you can have lots of cards and great scores. Dear Liz: I have accumulated too many credit cards, sometimes to get bonus frequent flier miles. Keep in mind that there is no such thing as “too many credit cards” as far as credit scoring …

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