Who has the thickest wallet is no contest to win
So you have amassed a collection of credit cards over the years that is so thick it actually stretches to the moon and back. Okay well that distance is a little exaggerated, but you have way to many credit cards. Which one should you keep, and should you get rid of any?
Start with picking a primary card. We need a credit card to pay for things today, so pick one that best fits your habits. Find a card with good rewards that you will find meaningful, or a low interest rate if you don’t pay it off each month, or what ever. This card should have a good workable credit limit to it.
Next find the card(s) you have had for the longest time. Your credit score comes from a variety of factors and how long you have had your credit accounts is one of them. Closing the card you got in college is likely not a good move even though it has a horrible interest rate (just don’t use it to carry any kind of balance). Balance jumping (following those 0% offers) can actually hurt your score as those accounts are new, hence the reason keeping those old accounts open.
Get rid of any store specific cards. They are not worth keeping. You got your 10% off when you opened the account, but do you really need an Old Navy charge card? No they take Visa and Master Card so stick with using your primary card. Closing the store cards is one less bill to manage each month.
Keep a couple of emergency cards. Maybe 2 that you do not carry with you, but keep at home in your safe, or if you lack control frozen in a block of ice in the freezer. You might need a transmission, or your kid broke their arm and you don’t have the $2500 to pay right now. Put that on your emergency card, but don’t carry it with you.
In the end you will have fewer cards in your wallet, fewer cards for someone to steal if they pick pocket you, and a healthier credit report.
