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The thing is - the thing! They will look at your credit limits on these accounts. Having too large of a one can be 'bothersome'. Having too small of ones can also be a problem.
I don't think it's necessary to close them. If your limits are generally on the low side there shouldn't be too much of a problem! |
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If 4 credit cards is a problem, then I am in big trouble. I have well over 40 open CCs with over $400,000 in open credit. 20+ are basically dead, but kept open since they all have a good payment history.
I would keep all 4 open and not lose any sleep. |
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1) Cancelling an older card will hurt your credit because your length of credit history is now shortened.
2) Cancelling higher limit cards lowers your credit/debt ratio ie) 2 cards, $1000 limit each. $500 balance = 25% Whereas 4 cards, $1000 limit each with the same $500 balance = 12.5% I keep all my unused cards in a sock drawer and accept higher limits whenever they offer it. Just make sure to keep track of them and make sure any exta charges that magically appear do not go unnoticed (I forgot I had left one of my old cards attached to my paypal account.) |
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