It’s important that you still have to keep your unused credit cards even if you’ve paid off all the outstanding balances. Watch the clip above to know more about the impact of your credit score when you’ve cut all unused credit card accounts at once after paying off the outstanding balances.

Based on CNNMoney.com, here’s how you can simplify your financial life – to keep your credit score in good shape; in two ways:

• Keep longest-term credit card account open
• Slowly close out newer accounts

via CNNMoney.com