Hey Guys,

I have 5 credit cards. Some cards have higher APR. I wanna cancel those cards having high APR. If I cancel the cards does it effect to my credit score and in my career ? Any help would be appreciated.

thanks,

jire_khursani

Don't cancel your older credit cards as that can negatively affect your credit score.  Listen, cancelling ANY cards you have could do some/little harm if you have a history of good payments with those companies (Its like you lose that entire good history with that card once you cancel the card which can affect your score).  What I'd advise is for you not to apply to any more cards but rather just spend a few dollars regularly on each card and pay off the balance in FULL at the end of each cycle.  This shouldn't be too hard considering that you can schedule online payments for free these days from almost every bank now.  Also, try not to keep your credit cards from rotting on your report.  Cancel those which have never been used and those you used for the last time atleast 2 years ago. 

And finally, monitor your score as in the US, you need to look at yourself as an investment (eg: a Bond).  The greater your rating the more you could end up borrowing (for a house, car, business, etc.).  Start building your credit positively and it could help you a lot tomorrow.

jire,
cancelling or closing your credit cards does affect your credit score but not your career. the best thing to do for you
1. do not close many cards all at once, do it one at a time over a period of several months (one every 3 months or so)
2. use your credit cards as much as you can but PAY OFF your full balance every month (if you can)

and watch your credit score improve.

Any more opinion???

i have paid and stopped using 4 of my cards. APR lageko card kina bekar ma use garnu bhanera. I still have 2 cards that i am using. As soon as i am able to pay them off(not very soon), i will never use these sucking cards. Life nai barbad parcha yo credit card le, history ko barema sochera k huncha!

Ani arko kura, I was using those credit cards regukarly, paying back more than once in 1 month, had home phone in my name, was paying it on time. But what happened, My score is still just above 600. Ane maile soche, why I need score for now? I have no planning home within 3-4 years, 3-4 years car pani kindina. Why do I need score?

If you wanna make your life easy, don't go for credit card unless u need it really. Kamayo kharcha garyo, jhanjat nai sakiyo...

Keep the older cards and high Credit limit ones, you don't need more opinions, just do it....., good luck

Thanks guys, appreciated your help.

 

@jirekhursani: another option would be to freeze your credit card account. I know some credit card company like discover allow you to freeze up the account in that way you won't use it again or even if you wanna use it again; you can unfreeze to bring them back up.
I hav actually cut those cards so that i wont use it again and i would check the balace of those cards once a month if there is any unauthorized use of my credit card. Thats what I do primarily....