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Author: crazyfred Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308232  
Subject: Canceling cards Date: 7/11/1997 6:56 AM
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I'd be a bit leary of holding onto credit cards that aren't being used, and have no intention of using for two reasons.

1) It is an avaliable line of credit, and when you apply for another card, the credit report will show that you already may be able to borrow yourself into a hole that is impossible to get out of. I can borrow about 1/3 my after tax income on credit cards if I want to (why?); that will give any new credit card issuer some doubts.

2) The credit card exist, even if it's not being used. If anyone should somehow get ahold of the number, it could be awhile before the new bills arive. While you will not be responsible unless you do something silly, cleaning it up can be a major pain in the rear
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