What to do with unneeded credit cards

By Neil Farman on September 10th, 2007

You can have as many credit cards as you need. If your card has low or no balance and you want to apply for a loan, it will result in non repayment of the loan and your card could suffer. The federal Deposit Insurance Corp. recommends canceling the new account first if you want to cancel all the unneeded credit cards. If you cancel older account first, the credit card score may be affected badly. If you want to lower your card limit you should contact credit card companies, before applying for another loan, card account should be cancelled.

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