Ask the Experts: Will Canceling Cards Affect My Credit?


I have a lot of credit cards. I signed up for them to build credit, cash backs, store discounts and airline miles. But now I have too many. I dont have any credit card debt. I pay all my credit cards in full. Should I cancel all but a few cards. If yes, will it affect my credit? Please advise. Thanks. -Vishal, NY

Vishal, I'm curious. Why do you think you have too many? In the world of credit scoring it's hard to have too many credit cards, and too easy not to have enough.

I would advise against closing all but a few as it reduces your access to capital and could harm your credit scores. I'd even go so far as to suggest not closing any of them.

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If you are worried about identity theft or some other form of fraudulent use of those cards then I'd suggest shredding them or storing them in a safe or safety deposit box at your bank/credit union.

We've seen too many examples of consumers closing their accounts and regretting it soon after.

John Ulzheimer is a nationally recognized credit expert, president of Consumer Education for and contributor to On The Money. Learn more about him at