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achyled wants to know:

I’ve heard both… my teacher said having a lot of credit cards will lower my score. But I also read that part of your credit score is based on the formula

how much you owe/ total credit , so in that case having more cards would be better. I have 7 cards and I only use 2 of them. Should I cancel my other cards?

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Edward G wants to know:

I have several credit cards that have annual membership fees required. But I do not use them and have no plans on using them in the future. I’ve been told that if I cancel these cards that my credit scores will suffer because of the cancellations. Is there a way to cancel these cards without causing anymore danage to my credit scores?

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Eddie Cacciatore, Private Eye wants to know:

This term change is after several years, and it was a reputable credit card company.

If I don’t agree to the new (worse) terms, they will cancel my card, and I’ll have to pay the remaining balance. Would this hurt my credit rating if I don’t accept the new terms, let them cancel my card and just pay off what I owe over the year?