Credit Cards. The Silent killer

When you have too many credit cards sitting around, you might be tempted to use them. The best way to make sure they don't come back to haunt you is to cancel them. And when you cancel your credit cards, it also makes your personal bookkeeping a lot easier. But there is a strategy to cancel your credit cards without hurting your credit score.

1.Sort your credit cards. Decide which cards you use and which ones you do not. It might also help to know which cards have the highest interest rates.

2.Keep two or three cards you use frequently. That way, you have credit cards to make online reservations, to pay for a rental car and to bail you out in the event of an emergency. But you shouldn't need more credit cards than that.

3.Start with the credit cards that have a zero balance. Wait to cancel credit cards that have any kind of a balance. Some credit card companies may raise your interest rate if you cancel while you still have a balance. But when your account is at zero, there's nothing they can do to you.

4.Contact the credit card company. You may be able to cancel your credit card by phone or even online. Each individual bank has different policies about cancellations.

5.Stay strong. If you've been a good customer, your credit card company might fight to keep you. But unless the offer is too good to pass up, you should continue forward with your wish to cancel the credit card.

6.Ask the credit card company to report your account closure to the main credit bureaus. It should say "closed at customer's request" to look best on your credit report.

7.Request a written confirmation of your account closure. Sometimes, they'll send this out the day that the account is closed. You should keep this on file just in case something ever comes up with the account. Then, you'll have proof that the account is closed.