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In fact, it’s quite common for Americans to carry multiple credit cards in their wallets.Take Jane, for example. After learning about the rewards and perks that many credit cards offer, Jane decided to take advantage by filling her wallet with more than 20 different cards. And while that’s a lot of plastic, Jane is not the only American to carry more than one credit card. According to Experian, Americans carry an average of 3.7 credit cards that they use regularly. (2)Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's howI'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast)Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and 3 simple steps to fix it ASAPJane carries many more credit cards than the national average, and despite the fact that she pays them off every month and has good credit, she no longer sees the benefit in carrying so many cards.With this in mind, Jane would love to significantly cut down on her number of cards, but she’s worried about the impact this could have on her credit score. A friend of hers told Jane that canceling credit cards can cause her credit score to drop, and her friend is correct.When canceling a credit card, it’s important to think carefully about the impact it may have on your credit score, which significantly affects your financial well-being.Canceling a credit card can impact your credit score in a few different ways, though the impact is usualy temporary:You lose your positive payment history, and payment history is the most important factor in calculating your credit score, accounting for 35% of your overall score (3)You increase your credit utilization ratio because you lose that card's credit line. Utilization ratio is the ratio of credit used versus credit available. Canceling a card removes that portion of credit from your available credit, but since the credit that you’re using doesn’t drop, you end up using more of your available credit. This ratio is the second-most important factor in the credit scoring formula, and a lower utilization ratio is better than a higher one (4)You shorten the length of your credit history and change your credit mix, both of which are also factored into your scoreTerms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,715.79 +0.44 (+0.01%)Dow 3046,758.28 +238.56 (+0.51%)Nasdaq22,780.51 -63.54 (-0.28%)Russell 20002,476.18 +17.69 (+0.72%)VIX16.65 +0.02 (+0.12%)Gold3,908.90 +40.80 (+1.05%)PortfolioSign in to access your portfolioSign inTop gainersMFH Mercurity Fintech Holding Inc. 29.41 +7.80 (+36.09%)LAC Lithium Americas Corp. 9.04 +2.18 (+31.78%)QUBT Quantum Computing Inc. 24.62 +4.64 (+23.22%)RUM Rumble Inc. 8.56 +1.17 (+15.83%)USAR USA Rare Earth, Inc. 25.96 +3.25 (+14.31%)Top losersHIMS Hims & Hers Health, Inc. 52.54 -5.33 (-9.21%)RBLX Roblox Corporation 122.69 -10.81 (-8.10%)MENS Jyong Biotech Ltd. 48.00 -4.00 (-7.69%)PLTR Palantir Technologies Inc. 173.07 -13.98 (-7.47%)LVS Las Vegas Sands Corp. 50.97 -4.08 (-7.41%)Most activePLUG Plug Power Inc. 3.8100 +0.9800 (+34.63%)OPEN Opendoor Technologies Inc. 8.11 +0.10 (+1.25%)LAC Lithium Americas Corp. 9.04 +2.18 (+31.78%)SNAP Snap Inc. 8.54 +0.32 (+3.89%)RGTI Rigetti Computing, Inc. 40.06 +4.66 (+13.16%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 123,357.56 +1,311.62 (+1.07%)ETH-USD Ethereum USD 4,548.49 +64.45 (+1.44%)SOL-USD Solana USD 232.63 +3.37 (+1.47%)DOGE-USD Dogecoin USD 0.26 +0.01 (+3.70%)XRP-USD XRP USD 3.02 +0.03 (+1.03%)Top economic events