For those interested in improving their credit ratings: it can be
detrimental to have several open credit lines (with balances or not)
as potential lenders will consider the possibility of you running up
balances and not being able to pay their debt back. Make sure you
call credit card companies you have unnecessary credit with and
cancel directly with them - cutting up the card isn't good enough.

Actually it's the opposite. You do not want to be closing down a
bunch of cards where the only reson is you don't need it. Do a
google search on credit rating. Saw a guy on TV explain it. The new
system values the amount of time each of your accounts has been open.
A bunch of accounts open a short time and then closed is very bad. In fact
a twentysomething kid is not able to get as high a credit
score as an average 50 something simply because of the time factor.

Yes, a few long term, responsibly used accounts will improve a rating, but a
dozen stagnent accounts with potentially high debt loads can be seen as a
liablility, plus exposes one to identity theft...

http://www.creditcards.com/dos-and-d...177692a3f5 c8