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I have 2 chase freedom cards (7 and 9 years old). Should I transfer the balance and cancel one?
I realized I had 2 Chase Freedom cards. 1 I have rarely ever used. Both are pretty old (7 and 9 years). I want to cancel one and transfer the balance from that one to the other. Will this negatively affect me in any way? I have other sources of credit line such as a mortgage and other credit cards.

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Never cancel any credit cards unless you want your credit score to drop, which will happen.  Part of the credit score is based on how much credit you have been allowed to have and the more available, the better.  And the cards you have show a long time usage, which is another plus on your credit score.  So, keep the cards.  The one you seldom use you could turn into your bill-pasy card.  Just put regularly recurring bills (cell phone, Satellite TV, Netflix----your choice) on that card to be charged automatically and pay the bill in full when it comes in.  You'll keep that card active and keep the credit score happy.

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Not cancelling either is the best answer in my option.  Say you have 4 credit cards total.  One is 3 years, one is 5 years, and the two Chase cards are 7 and 9, for a total of 24 years, divided by 4 equals an average age of 6 years.  If you cancel the Chase cards, you will have an average of 4 years on your credit with those two newer cards.  So, the older credit combined with 6 years versus 4 years will definitely compute to a much higher score. 

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If you have enough other cards and credit lines the damage of closing on of these cards should not be too bad. Even if your score does get a ding for closing one of these it will rebound and if you are not immediately needing to apply for anything I would say do it, if it is what you want to do. But always expect a decrease in scores when closing a positive line of credit. Now if you only had 2 or 3 cards and you closed one, the damage would be significant, but if you have 6 or 7, then expect minimal damage.

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