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beingsafe

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I want to cancel all but one credit cards.
How can I cancel all but one credit card without affecting my credit score. I am trying to lessen the chances of credit card thief. I was told that, canceling credit cards will affect my credit in a negative way. Is tis true?

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YES!! Don't cancel!!!

Helpful to 3 out of 3 people

Any time you close or cancel a credit card, you reduce the amount of available credit, which will reduce the credit score.  The MORE available credit you have, the higher your score.

Generally, you are not lisable for more than $50 of unauthorized charges on a credit card if it is stolen and you don't report it right away.  Keep your credit cards as safe as possible and keep a record of the numbers and who to contact in case a card is lost or stolen. Keep this record locked up and renew/revise as needed.

If you are worried about identity theft, do not keep your Social Security card with you!! Keep it locked up because you only need it a few times in your lifetime.

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