Should I cancel my credit card or not?

[Polar Bear]

Hi,

I'm wondering if I should cancel my Visa card or not. I have a couple of credit cards and I'm not gonna be using this one. I had it for a few years and have couple thousands limit. Since i already have a history why scrap it? If someone needs to look at my credit history like the bank, is it better to have unused credit or none at all?

Thanks

[Kelisis]

If you're not going to use it, you might as well cancel it - especially if they charge an annual fee. Your credit rating won't be negatively affected at all.

Make sure you stick with the one with lowest interest rate in case you can't pay your balance in full.

[Kath_Kw]

You are better to keep all your cards especially if you have good credit. If you apply for a loan and all they see is that you have say 2000 worth of credit they might just only let you have a small loan but if you have say 5000 they would let you have a bigger loan because you would have already earned the right for the extra limits. If you are having credit problems then get rid of some though.