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Originally Posted by The Ghost
BTW, there is absolutely nothing wrong with cancelling an old, unused credit card. Have many cards open HURTS your FICO score, not help it. Even with zero dollars on the account, a potential creditor factors in the mimimum payment if the account was fully charged. So closing old, unused credit cards, like first ones you ever received (Mervins, Best Buy, Texaco, etc) is a good idea 
Anyone have a better alternative for a rewards card to AMEX? |
Many cards and too high of a credit limit IS harmful. However, every credit reporting agency will advise you to ALWAYS keep open your oldest credit card, whether there is a balance or not. Pull up your credit report on Equifax, and one of their tips to keep credit scores high is to keep the oldest account open. It represents stability when dealing with credit.