 TITLE: Does Adding a Credit Card Improve Your Credit Score? CONTENT: Should You Close Old Credit Cards?\n----------------------------------\nIf you have an old credit card that you rarely use, you might think the best option is to get rid of it. After all, why keep an account you never touch?\nReality is a little more complicated, though. When you close a credit card, you lose access to that credit line and your credit utilization can increase (since your total available credit will be lower). The overall age of your credit also drops, since that account no longer factors into your score. The result is that your score could actually decline in the months following your account closure. Because of that, you may want to keep your old accounts open if you plan to apply for new financing soon—a mortgage or car loan, for example.\nHowever, there are circumstances in which it may be best to close the account, particularly if you aren't applying for a new loan or card anytime soon. If your card has a high annual fee or high interest rate, you may want to close it in favor of getting a more competitive card down the road. You might also want to close the account if you find that you're overspending on it and racking up more debt than you can afford. END