Canceling credit cards: what is your strategy?
I have been looking over my credit report from creditkarma.com, in preparation to possibly apply for 2-3 more cards before the end of the year.
The only thing I rate a "C" on (everything else is scored as an "A") is credit history. My average credit history is 5 years.
# of current open cards: 7
Oldest open credit card: 20 years
Newest open credit card: 3 months
Current Creditkarma.com score = 760
Of these cards, I only use two of them to accumulate miles/points. The other ones are:
Card #1: 20 years
Card #2: ~10 years
Card #3: 3 years
Card #4: 2 years
Card #5: 2 years
None of these cards have annual fees. They are free if I want to keep them around. But should I cancel a few of them? (i.e. #4 and #5) to improve my credit score and decrease the # of total cards I have?
What other considerations should I make before I cancel a credit card?
Thanks for your advice!