Ask Stacy: Should I Cancel My Unused Credit Cards?

If you're no longer using a credit card, you might as well cancel it, right? Wrong.

Ask Stacy: Should I Cancel My Unused Credit Cards? Photo by Andy Dean Photography / Shutterstock.com

Welcome to “Ask Stacy,” a new video feature on Money Talks News. Most weekdays, I’ll answer a money question sent in by a reader or viewer. (Learn how to send in a question of your own below.)

Today’s question is one I get asked often: Should you cancel unused credit cards? It seems straightforward, until you realize that the length of your credit history plays a part in your credit score.

Here’s what I think.

We have all kinds of additional credit card advice. For more information on this topic, check out “Ask Stacy: Will Canceling Credit Cards Hurt My Credit Score?” If you’re searching for a better credit card, visit this page of our Solutions Center. For anything else related to credit cards simply go to the top of the page and do a search for “credit card.”

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You can ask a question simply by hitting “reply” to our email newsletter, just as you would any email in your inbox. If you’re not subscribed, fix that right now by clicking here. It’s free, only takes a few seconds, and will get you valuable information every day!

The questions I’m likeliest to answer are those that will interest other readers. In other words, don’t ask for super-specific advice that applies only to you. And if I don’t get to your question, promise not to hate me. I do my best, but I get a lot more questions than I have time to answer.

About me

I founded Money Talks News in 1991. I’m a CPA, and have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Got any words of wisdom you can offer on this week’s question? Share your knowledge and experiences on our Facebook page. And if you find the information useful, please share it!

Got more money questions? Browse lots more Ask Stacy answers here.

Stacy Johnson
Stacy Johnson @moneytalksnews
I'm the founder of Money Talks News and have spent the last 40+ years in the personal finance trenches. I'm a CPA, author of a few books and multiple Emmy recipient. I'm ... More

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