Which credit card to keep?

We just refinanced our mortgage and consolidated out debt. I have 3 credit cards with no balance. Yay! I don't know if I should keep 1 or 2 open and/or which ones. Higher limit? Lower finance percentage? I'm not planning on having a balance on them at all, unless in an absolute emergency.

Card #1- $15K limit, 7.24%
#2- $30K limit, 9.5%
#3- $25K limit, 9.24%

WWYD?

Re: Which credit card to keep?

I would keep the one you had the longest and close the other accounts. Or keep the one with the lowest interest rate and destroy the others cards so can't use them but you won't take a hit on your credit score by closing them. You can always have them replaced if you really need to.

Re: Which credit card to keep?

I didn't know that closing the accounts would affect my credit score. I have no problem keeping them open and not using them. Thanks for that info.

Re: Which credit card to keep?

I think cllosing them only hurts you if they are your oldest or if you have any kind of balance anywhere (I'm not sure if mortgage or car loans are included). It lowers your total credit limit, so you debt to credit ratio is affected.

Re: Which credit card to keep?

Keep any credit cards open that don't have annual fees.

It's generally bad to close credit cards in general, because it basically offers no benefit to close them.

Re: Which credit card to keep?

Also all three of those cards have high limits which is very nice. Many CC companies don't give out cards with those kinds of limits anymore.

Make a small charge on each of those cards once every six months so they stay open and don't get closed by the bank. Pay the balance right away obviously.