i have 2 credit cards and want to cancel 1, the oldest one was a secured cc,which one should i keep?

Question

the newer one is unsecured and has a higher credit limit

Answer 1

Credit cards are nothing but trouble (I know this from unfortunate experience) but I think the secured credit card is probably the safer bet to keep. However, having the additional credit line but not being used is actually beneficial to your credit score. It goes toward your debt to credit ratio. A high credit and low debt ratio scores favorably on your credit report. The reverse of course does the opposite.

It's important to do what you can to establish good credit but not to fall into the temptation of spending too much- more than you can pay off. If you need to establish a good history carrying a very low balance on the unsecured card and making on time payments will help with this. But this takes will power which many people lack, so be careful.

If you're like most people who lack the will to resist the spending power of available credit then I'd ax the one with the higher limit and stay with the safe, secured credit card. If you want to establish a good credit history keep it open, use it occasionally (small purchases) and make on time payments ALWAYS. You can also just keep it open, and discard the card and forget you have it just so it's there to boost your score with that good credit to debt ratio.

I hope this helps. Good luck and pick wisely!

Answer 2

It looks better to have 2 major credit cards on your credit report than one. Also closing a credit card can drastically lower your credit score-for it lowers your total available credit. The longer you keep an acct open the more it helps your credit score. So I say keep them both just put one away, or even cut it up so you dont use it. I would personally use the one that has a lower interest rate on it.

Answer 3

Keep the one with the best interest rate, and less or no yearly fees.
Watch out for those higher credit limits. I got myself into a lot of financial trouble because of a high limit credit card :)

Answer 4

The extra credit you have gotten that's not getting used the less annoying. in my view you will would desire to have stored the cardboard open, and not cost some thing else on it (till you will have the money to pay it off on the time which you cost it) i understand that this technique seems backwards, besides the shown fact that in case you will desire to not have the money for it, then you may not take care of to pay for it. credit enjoying cards is additionally an friendly device if used appropriate. case in point you in all risk have 10,000 in credit over 4 enjoying cards, besides the shown fact which you best have one million,000 charged, you will have a marginally low quantity of money borrowed. once you have have been given all 10,000 borrowed, then you definately actual would not have adequate to pay off 10,000 in debt so why could they want to own loan you any extra funds. i desire that the previous assertion did not confuse you any. the quantity of unused credit which you have, and your debt to earnings ratio is extra advantageous enormously in case you want extra advantageous want whilst utilising for an area of residing own loan.

Answer 5

Go with what jaja said, she is correct however, if you do not keep it active they will close it for you. My suggestion, is to every once in a while put a tank of gas on it. If you were to want to buy a home in the future the banks look for three to four open accounts and want them open from anywhere to a year to two years.

Answer 6

Suzy Orman said to keep them all even though you don't use them as long as they don't cost you anything. This will bring your credit score up. If you cancel then it will hurt your credit.

Answer 7

Keep the one you want to.....hell keep em both just cause you have it dont mean you have to use it........i have 4 cards and i only use my Discover card but i keep others for emergencies