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Originally Posted by genchan
I have an overall good credit rating and haven't missed any payments that I can remember. I do have one card that has about $500 on it. I have another card with a $5,000 limit that I haven't used in about a year with no outstanding balance on it. Should I cancel this card? Will canceling help my credit rating or will it hurt it?
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Keeping your credit card will not hurt your credit and closing the account might actually hurt your credit a bit. I guess the main thing you need to ask yourself is why you would be closing the account. If there is a fee involved with the card and you're not using it, then it makes sense to close it out. If there is no annual fee, then there really isn't a reason to close it.