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.