should I close old unused credit cards?

[basco]

Quick primer: I'm 22, have been working at a real post-college job for the last year, and only use one credit card. In my innocent (read: foolish) youth, I was swindled into signing up for various credit cards for free shirts, towels, or whatever. I just got my free credit report and sure enough, in addition to the one credit card I actually use (a Target card with a $2500 limit) I have three other lines of credit that I have never touched, and several charge accounts that I signed up for in store once and then never used again.

Credit cards
Target NB: $2500, opened 2005, primary card
American Express: $600, openend 2001, never used
University of Wisconsin: $500, opened 2001, never used
MBNA America: $1000, opened 2002, never used

charge accounts
Kohls/Chase: $1000, used once
Marshall Fields: $1500, account, used once

closed:
Bank of America
RNB-Fields3

The thing is, I think these accounts are actually helping my credit score - they're accounts in good standing with no late payments, and they've been around since 2001 or so. I only use the target card with the $2500 limit, however lately I'm spending about $2000 over a 2 month period, (and that's too close to my limit, right?) Should I apply for an extension for my Target card and just leave these old accounts? Should I get apply for a card from a real bank? Do I close these old accounts? Do the charge accounts have any bearing on any of this? Don't feel like you have to answer these questions, I'm just giving you an idea of how confused I am about this. [img]/images/graemlins/confused.gif[/img]

Any advice is greatly appreciated.

[kyleb]

Keep them open - one of the reasons you improve your credit is due to age of credit lines on your account.

[leto333]

http://www.truecredit.com/help/learn...ngAccounts.jsp

[Girchuck]

It is convenient to have an extra credit card in case something happens to your main one.
I'd say, pick two other credit cards from the ones you have, apply for credit extension on one of them, close the rest.

[basco]

Do the charge cards count as credit cards? Should I cancel them?

[Nicholasp27]

always keep your oldest one open

for the rest of ur life

that way your credit history will be longest

even if u stop using that first one, keep it open

[Akolades]

if u close an old account, and what it reopened, does it count as a new account on your credit report? or will they continue counting the years?

is there a way of claiming the closing was a mistake n having it reopened, and getting the closing ofthe credit card removed from your credit history?

[Misfire]

Keeping too many cards open with no charges hurts your score. Having old accounts helps your score, but I wouldn't worry about this anyway unless you enjoy making bankers rich.

[SossMan]

[ QUOTE ]
Keeping too many cards open with no charges hurts your score. Having old accounts helps your score, but I wouldn't worry about this anyway unless you enjoy making bankers rich.

[/ QUOTE ]

so long as the accounts are inactive, they are neither hurting nor helping his score. They have probably stopped reporting new activity years ago. If you want to maximize your score, maintain a small balance on a few of your cards (whatever the minimum w/out paying it off). This way, you will have active accounts in good standing w/ a long history.
Also, on your main accounts, keep your balance/limit ratio to 35% or lower. Of course, timely payments are the single best way to keep your credit rating up, but a good mix, age, and responsible use of credit will help maximize your score.

DO NOT CLOSE OLD ACCOUNTS AS THEY ARE LIKELY ONE OF THE BIGGEST HELPING FACTORS TO YOUR SCORE RIGHT NOW.

[Ray Zee]

the best thing you can do for your credit(borrowing ability) is to build up your net worth. that should be everyones goal. not to build up credit so you can borrow more.
but you sound like you are doing the right thing. but close accounts you dont use. nowadays with identity theft. it is easier to get you the more stuff you have open. and if it happens hard it takes a long time to get it straightened out.