Don't Cancel Your Credit Cards: 3 Simple Reasons

In general, it's best to keep unused credit cards open so that you benefit from longer average credit history and a larger amount of available credit. Credit scoring models reward you for having long-standing credit accounts and for using only a small portion of your credit limit.

But there are some cases when closing a credit card account could make sense. If your unused card has a pricey annual fee, you're concerned about controlling your spending, or the account you want to close is relatively new, canceling may be a safer bet.

Here's what you need to know before cutting your credit cards loose.

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Disclaimer: This video is intended for educational purposes only. I am not a financial advisor, and the purpose of this video is not to try and give financial advice. All information provided in this video is subject to change at any given time as the company or companies mentioned in this video change their websites and policies.

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