Should I cancel my unused credit cards? This is a question many people ask themselves and searching for a right answer. If you are one among them this comprehensive guide will help you how your unused credit cards can affect your credit scoring and some tips to be known before you cancel your unused credit cards.
Though having one or more credit cards with you is an easy way to get some money urgently, remember your unused credit card can affect your credit scoring. Many people are not aware of this fact that their unused credit card will adversely affect their credit score. Closing your unused card will not wipe out your past credit history with the account but it will help you to reduce your open credit. But before you cancel your unused credit cards make sure that you are going to cancel the cards which you think you dont want anymore. There are several peoples who used to cancel their credit cards just to increase there current credit score. But remember that doing so wont increase your credit score. That is it is not a good idea to cancel your unused credit cards just as a short term strategy to increase your credit rating.
Before you take a decision of...
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