This past weekend we hit a milestone: we paid off the balance that was transferred to the 0% balance transfer card a few months back. Now I only have one credit card with a balance on it, and that’ll get paid off as soon as we pay off Her cards with higher interest rates (but still all under 5%, mind you).
On the other hand, I have seven credit cards that have no balance on them that aren’t doing anything. They range in age from being opened seven years ago to being opened in the past year. Two of them are store cards. None of them have any cool rewards programs. My total credit line for all of my cards is $11,580. Knowing this information, what would you do with my cards?
Should I close the newer accounts at the risk of lowering my overall limit?
What happens to the cards after long periods of inactivity, like grow mold or whisper suggestive shopping phrases in my ear? Should I be using them periodically, then just pay off the balance?