Should I cancel my credit card?

8 credit cards is way too many to need unless you run several businesses. Be wary of cancelling them too fast - this can and does affect your credit rating score. Cancel the card that is most expensive to hold, whether because of its interest rate or annual fee. Cancel no more than one a year. Never allow the credit balance to exceed more than approximately one-third of the available credit line for that card. And of course, always pay at least the minimum promptly before the due date to keep your credit rating as high as possible.