Although it may seem second nature to cancel any credit cards that you’re not using, you might want to hold off on grabbing those scissors too soon before evaluating if it might actually hurt your credit score.
One thing that your credit score looks at is the age of your credit history and the variety of accounts that you have. Your score can be negatively affected, however, if your score goes higher than 30 percent of your total balance.
If you really want to cancel your cards, it’s best to cancel a few at a time and spread it out over a year or more. Also be sure to check in with your score to make sure it’s still at a good number, too.
Image via Time Magazine.
