Credit Cards

[yuppymoney]

It is better to keep them active and open - Your credit score is positively effected by long term credit, so even if you put a $5 lunch on one credit card every few months and pay it off, it will benefit you.

[LAdude83]

Great video series. I have a question for you: I currently have 4 credit cards. 2 of the cards are maxed out ($14,000 @ prime +3.9, $8,000 @ 2.9% fixed).

The other two cards are paid off (actually , I transferred the balances to the 2.9% fixed card). Their cred. limits and Int. rates are $5,000 @ 15% and $4,500 @ 10%, respectively.

You mention having only 3 cards open at a time. Would it help my FICO score to close one of the two open cards? If so, which one?

Thanks in advance!

[halocrime]

I'm curious: what credit cards do you have?

[yuppymoney]

I have three credit cards and they all have benefits - Airline miles, free tech gear, etc. - ALWAYS make sure your credit card has benefits before signing up.