Can I cancel cards and still save my credit score?

Dear Liz: I'm 75 and getting forgetful and disorganized. My prior excellent credit rating has suffered due to late payments because of this. I'd like to simplify my finances by getting rid of extra credit cards, but this will negatively affect my rating even more. Why isn’t there some means for elders to simplify their finances without negative consequences? Some may ask why I care about my credit rating at my age. Well, if there was a major quake and I needed to borrow money to rebuild my condo, it would be important.

- BY LIZ WESTON

ELISE AMENDOLA Associated Press A READER asks about the pros and cons of canceling their extra credit cards.

Answer: It’s not always possible or even desirable to maintain the highest possible credit scores. Sometimes, other factors must take precedence.

In your case, the most important consideration is making your finances more manageable. You're correct that cancelling cards could further damage your credit scores, but the impact should be temporary as long as you responsibly handle the cards you keep.

Consider hanging on to one or two cards with the highest credit limits. Credit utilization, or the amount of your available credit that you're using, is a big factor in credit scores so you'll want to keep high credit limits if you can. If you're closing other cards with the same issuer, ask that your credit limit from the closed cards be transferred to the card you're keeping.