Quote:
Originally Posted by InDebtInDC
Number of open ended credit accounts higher = lower credit score.
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Based on my experience and from talking to different people this is not true. I have 8-10 credit cards (too lazy to count) and my credit score is in the top 700's. I know people who have 20+ credit cards and their credit score is excellent. What affects your score is when you open a new account, but if you have a bunch of existing accounts, closing them won't improve your score.
As far as identity theft goes, even if you close your account, your record still exists at the bank, so if someone hacks into their database, they will steal your information anyway.