Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday.

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If you've decided to reduce the number of credit cards in your wallet, good for you! But it's not as simple as taking a pair of scissors to plastic. Canceling credit cards can have a major impact on your credit score – and there's plenty of conflicting advice out there over whether it's good or bad.

Time to clear up the confusion! Watch our video below to learn the right way to close out a credit card account and how to keep it from negatively impacting one of your most crucial personal finance assets – your credit score.

Dear Ken and Daria,

Once my credit cards are paid off, will closing those accounts positively or negatively impact my credit score?

-Tanisha



How is your credit these days? Ken and Daria share seven simple steps to improving your credit score, only at Dolans.com.