Do you feel that you have too many credit cards? Are some of them lying idle with you? The correct step is to close these credit cards, but closing credit cards impact your credit score.
It impacts the “credit utilization” ratio i.e. credit used against the available limit. Credit utilization ratio is one of the factors based on which credit scores are calculated. Before closing that credit card understand if it is the correct move for you. Consider the following-
Spendthrift…
