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stagebuilder

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Is it a good idea to pay off and cancel credit cards if you have more than a few?
I have 6 credit cards, 2 are Amex, the others are Visa. One Amex is Costco and I understand that next april they are severing ties from one another, so Amex will be closing those accounts so that takes care of one. Two of my visa only have a limit of $2500 and I've had them for about 5 years. The others I have had over 10 years. Should I pay off the low limit ones and cancel them? I only have a balance of about $100 on each. My credit score is currently being hurt mainly by my utilization. Advice?

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Request Amex transfer most of your Costco Amex credit availability to your other Amex card, provided you don't have a high utilaztion on it, and you aren't going to Costco a lot. I had $10,000 credit lines on two of my Amex cards. I left $2000 on my Costco card, and had Amex transfer $8000 to my other Amex card.

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NO! Don't close them!

Never ever close the OLDEST one. You need to elaborate about how your score is hurting by not using them? You need to use them! That is how the companies judge your credit worthiness. They want to see them being used and how. Do not ever close your oldest one, it hurts your score big time. With that being said, my oldest one had a $10 a month fee so AFTER I got new ones with no fees, I closed it! I wasn't going to pay $10 a month just so my score remains high. This site is NOT ACCURATE when it comes to buying big ticket items. If you are trying to get your score to go UP, then use your cards as cash for 6 months, pay them all off each month (find out the date it is reported to the agency!) that way you get the credit for paying off the balance before the due date because it is only reported ONCE a month, THEN carry a SMALL balance each month and let them make some money off of you. It could help your score go way up. You don't need to let make a lot but let them make some.

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stagebuilder

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I'm definitely NOT talking about closing my older accounts, just the younger ones which have very low limits on them. I thought credit utilization is using credit? My score seems to show that I have high credit utilization so I thought not using them and closing a couple of cards would help? Am I wrong here?

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