Q: I improved my credit score using four cards with low credit limits. I’ve since opened cards with higher limits. Should I cancel these “starter” cards?
A: Congratulations on raising your credit score
and qualifying for credit cards with higher limits. If you cancel the four cards that you’ve had the longest, be aware that your credit score may take a temporary dip. Whenever you cancel the card that has the longest history, your credit history appears shorter to creditors. You might consider keeping them while you build up a record with the newer, higher limit cards, or canceling three of them and leaving the one with the longest history open for a while.
Now that you know more about credit scores, sign up for TransUnion Credit Monitoring today and receive your credit report & score.