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Kevins209

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If I cancel high apr cards will it affect my credit I have 10 cards dont need too high interst now
How many cards should I have witch are the BEST

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Cancelling any card will hurt your credit score because the credit limit on said card would be removed from the total. The higher your total available credit and the longer you have had the accounts, the better for your credit score.  It is HOW you use the credit, not the APR that counts.  The best thing you can do with credit cards is pay the balance off every month so you won't be charged interest.  I have 3 cards with nearly 20% interest rate and a store card (nearly 25% APR) that are seldom used or my utility bills are charged to them so I can keep them active and I have a lower rate card that has a balance and I'm using a balance transfer program right now to eliminate that.  These are things I was not taught in any business classes but learned here and the benefits are GREAT!!  I recently qualified for a pre-approved voucher at a very low rate so I could buy a NEW car, and I'm on a fixed income.  Please consider re-reading the articles here so you can better understand how credit works.

Top Contributor
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If you decide to close some of the cards, only do one at a time and wait a month or two to see the effect to your FICO scores. Proceed cautiously and slowly with this. Take some time to read as much as you can on all credit topics before you proceed with action. Several hours of reading now are better than several years of regret later for making a wrong move and wrong moves can be easy to make in the credit world and can be very costly.

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