I have alot of credit cards,should I keep 2 for emergency and cancel the rest.isn't it best to keep unuse card
Answers:
I can sense the frustration and worry in your question. Sit down and think about how having all those cards is effecting your life. Your looking for closure for security. The only real security is having no debt and an emergency fund. Cut up every one of those cards. Close all of those accounts. If you don't owe anybody then what does it matter what some ambiguous score says about you.
Think about it. Your making decisions about your financial security based on some computer program somewhere assigning you an arbitrary number based on your ability to stay in debt.
People you know will scream that your crazy for closing all those accounts. What they forget to tell you is that personal finance is 95 percent personal and 5 percent math. Making decisions that bring you security in your life and not more risk will lift a burden off of your back. Without all the debt you can truly live free. Good luck.
In general its best to have less credit cards then to cancel credit cards.
This is a bit tricky. If you have them already open, with credit lines, you will help your credit score more than cvlosing them. The reason is your outstanding debt as a % of your available debt. You want to maintain a high level of "unused available credit". By closing them you are not reducing any of your debt but you are reducing your available %.
Most of the bank will judge by your spending power & you ability to payback.
If you need the credit then it is good to keep but if you does not need the credit I don't see any good reason for you to keep the credit card.
& yet it is very easy to apply for a credit card if you have good record with bank.
I was told is not good to close credit cards, even if you don't use them. If you don't want to use them, just cut them, but keep the cards you plan to use for emergencies.
Marcelo
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