You know that “starter” credit card collecting dust in your wallet? The one with a high interest rate, lackluster benefits, and zero rewards? Now that you’ve upgraded to a better card, you might be tempted to close your old cards and never look back.
Not so fast! Canceling your old credit cards can actually hurt your credit score. Old, unused credit cards can still build credit, but you need to keep them open.
Here’s what to do with your old credit cards.