[wade moore]

I know that Consumer Reports had a write-up about this recently. It's hard to find articles vice reviews on their website sometimes, so I couldn't find the exact one.

However, I think this excerpt from an article I did find at least partially pertains to this:

Get rid of excess credit cards

You can survive with just one, or at most two, major credit cards in your wallet. If you pay off your balance each month, for instance, you’re a good candidate for a no-fee rewards card that gives you cash back, air miles, or points good for merchandise based on a percentage of how much you charge each year. If you choose a card issued by American Express or Discover, however, you may also want a MasterCard or Visa, which more merchants accept.

If you carry a balance, select a card with a low, fixed interest rate. In some cases, you might also need a second card. Say you take advantage of a deal to transfer your balance to a card with a zero-percent interest rate for one year. You get that rate only on the balance you transfer, not on new purchases. So you should have a second credit card that you use for new spending.

Dump store cards unless they offer benefits that are meaningful to you. “Interest rates on store cards are usually sky high—around 20 percent,” explains Curtis Arnold, founder of Cardratings.com in North Little Rock, Ark. “But some have perks like free shipping for online purchases, free basic alterations on clothing purchases, and special promotions and savings days for card holders. So if you still shop at a store, it may be worthwhile to keep the card, assuming you can pay off your balance in full every month.”

But before you start cutting up cards, be aware that if you close too many accounts at once, you’ll increase your debt-to-credit ratio and ding your credit score. For example, if you have $10,000 of potential credit and a $2,000 balance, you’re using 20 percent of your available credit. If you cut up a card with a $5,000 limit, you’ll have a $2,000 balance and only $5,000 of available credit, pushing your ratio up to 40 percent. This caution applies even if you pay off your balances in full each month. That’s because you can’t control when card issuers make their reports to credit bureaus. The bank that issued your Visa card, for instance, might make its report on the day before you pay off a four-figure balance.

You might also damage your credit score if you close an account that you’ve held for many years. That’s because the longer your credit history, the higher your credit score.

This doesn’t mean that you’re forever stuck with credit cards that you no longer want or need, however. “It’s fine to cut up cards,” explains Craig Watts, public relations senior manager for myFICO.com, a credit-scoring company in San Rafael, Calif. “Your credit score will recover in a couple of months. But be cautious about doing this right before applying for a major loan. You don’t want to do anything to torpedo your chances of getting the interest rate you want.”