Should I cancel credit cards with lower credit limit?

I have 4 credit cards with very high credit limits. Moreover, I'm taking out a new Bank of America credit card. They're also offering a high credit limit. I have a few credit cards with lower credit limits. Should I close these credit cards with lower credit limits? I have these credit cards for almost 2 years.

3 Answers

There is no need to close the credit cards that have lower credit limit. This is because if you do so, then this will hurt your credit score.

What about the rewards? I wouldn't advise you to close the credit cards with lower credit limits as your credit score may drop.

Make sure you pay off the bills before you plan to close the accounts with low credit limit. However, I really don’t find any good reason for you to close the account. You can keep the account active by making small purchases. Try to avoid keeping multiple credit cards as you can complicate your financial state anytime. If you use all your cards every time, then you may find it difficult to manage your multiple creditors.

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