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#4482679 - 08/08/17 12:20 PM CREDIT CARDS
Eddie Offline


Registered: 12/07/03
Posts: 9570
Loc: Florida, Cape Coral
I have several active credit cards that I don't use. Is it better to cancel them or just not renew when when the card come due? Ed
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#4482688 - 08/08/17 12:32 PM Re: CREDIT CARDS [Re: Eddie]
volk06 Offline


Registered: 10/04/10
Posts: 4910
Loc: Midwest
Its better for you to cancel them for not using them, then to never use them again and have the credit card company close them. A small credit score hit for closing but should rebound very quickly.
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#4482706 - 08/08/17 12:48 PM Re: CREDIT CARDS [Re: Eddie]
E150GT Offline


Registered: 03/11/12
Posts: 1106
Loc: San Antonio, TX
I would agree to close them. If something were to get charged without you knowing, it might come due and you dont know it and not pay. It would suck to ding your credit for a dumb reason. And they can get charged somehow. I have had my card used in Spain while I was in texas. A card I dont even carry.
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1984 Mercedes-Benz 300SD - 100k
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#4482711 - 08/08/17 12:54 PM Re: CREDIT CARDS [Re: Eddie]
Leo99 Offline


Registered: 03/30/14
Posts: 3052
Loc: NJ
Do you use any credit cards?

If you want to keep your credit score high, keep them open and use them every now and then.

A big part of your credit score is credit utilization ratio. This is how much money you owe on credit cards divided by your total credit limits. If you close cards, you are lowering the denominator which can lower your credit score.
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Without data you're just another person with an opinion. W. E. Deming

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#4482719 - 08/08/17 01:03 PM Re: CREDIT CARDS [Re: Eddie]
oilpsi2high Offline


Registered: 12/18/14
Posts: 1327
Loc: NY, USA, etc.
Don't close your oldest card.

If you don't plan on borrowing money in the future then close all of them.

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#4482727 - 08/08/17 01:08 PM Re: CREDIT CARDS [Re: Eddie]
Eddie Offline


Registered: 12/07/03
Posts: 9570
Loc: Florida, Cape Coral
I will be using different new issue credit cards instead of my older one. Not concerned about my 812 credit score rating. Just seemed unusual to keep all the CC information out there without planning on using them. Ed
_________________________
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#4482731 - 08/08/17 01:10 PM Re: CREDIT CARDS [Re: Eddie]
Donald Offline


Registered: 03/21/04
Posts: 20463
Loc: Upstate NY
Having a variety of open credit accounts (credit cards, installment loan (car) and mortgage) all go into the mix for your credit score. Also the average age of the credit cards. And the credit-in-use percentage.

If you have no credit card debt, then the credit in use does not come into play.

As for average age, cancelling a credit card you opened 20 years ago and keeping newer ones may hurt your credit score. Cancelling one you opened up in 2016 probably will not.

If there is no yearly fee I would keep it open, just keep the credit card in the place you keep important papers.
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#4482746 - 08/08/17 01:29 PM Re: CREDIT CARDS [Re: Eddie]
ARCOgraphite Offline


Registered: 05/17/09
Posts: 11970
Loc: N.H, U.S.A.
Credit scores rile me up - I have a good one, but I'm not going to adjust my lifestyle into a compromise to please FICO. Maybe that's because I bougt my first house 28 years ago and IDk about FICO that much now.
AMEX treated my Dad's Estate terribly so I cut their card into pieces and mailed it to them with a nasty though "professional" letter. That was a card I had since I was a youngster in the 70's. I now have but one CC and My bank Debit card. Come to think of it, I have 5 years and about 1500 dollars (cash value) of Capital One points to cash in ... smile
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#4482776 - 08/08/17 02:06 PM Re: CREDIT CARDS [Re: Eddie]
RedOakRanch Offline


Registered: 11/10/13
Posts: 846
Loc: Central Coast California
My FICO has been a perfect 850 twice this year. I close cards I don't use and pay the others in full every month. I have a mortgage and 2 cards in my name and that's it. My wife has a car loan and about 6 cards in her name and her score is about 845. I'd close anything you don't use. All my cards are new accounts only a few years old. My wife has the 20yr card, I don't think it makes a difference. My parents have every kind of debt you can imagine, it turns my stomach, there FICO's are both about 840. I think the only thing that matters is paying the bill on time.
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#4482794 - 08/08/17 02:22 PM Re: CREDIT CARDS [Re: Eddie]
Kuato Offline


Registered: 10/23/05
Posts: 7094
Loc: Colorado
Originally Posted By: Eddie
I will be using different new issue credit cards instead of my older one. Not concerned about my 812 credit score rating. Just seemed unusual to keep all the CC information out there without planning on using them. Ed


Well done... "simplify" is my credo when it comes to cards; I have two and that's more than enough...Discover has no international transaction fees and when Discover isn't accepted it's the Visa.
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#4482802 - 08/08/17 02:26 PM Re: CREDIT CARDS [Re: Eddie]
SrDriver Offline


Registered: 12/09/06
Posts: 2790
Loc: Southeast Alabama
I really don't care much what my rating is. Seldom use my credit card and pay the bill in full when I get it.

I use a free prepaid Bluebird Card and add money to it at no cost at Wal-Mart. Use it linked to my PayPal account and don't keep a lot of money on it.

Seldom use my debit bank card too.

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#4482805 - 08/08/17 02:27 PM Re: CREDIT CARDS [Re: ARCOgraphite]
Kestas Offline



Registered: 06/04/02
Posts: 12340
Loc: The Motor City
Originally Posted By: ARCOgraphite
Credit scores rile me up - I have a good one, but I'm not going to adjust my lifestyle into a compromise to please FICO.

My sentiments exactly. What once started out as a judgement of a person's fiscal responsibility has turned into score of how desirable a customer is to creditors. Though I have a good score, I'm not very desirable because I'm debt free and never carry a balance.

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#4482810 - 08/08/17 02:30 PM Re: CREDIT CARDS [Re: Eddie]
SuzukiGoat Offline


Registered: 02/04/13
Posts: 534
Loc: Louisiana
It's better to keep them open to boost your available revolving if you are under 10K available.
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#4482826 - 08/08/17 02:52 PM Re: CREDIT CARDS [Re: Eddie]
Sayjac Offline


Registered: 10/13/08
Posts: 12272
Loc: The Old North State
I have some credit cards I rarely use. I don't cancel them because I choose not to take the credit score hit ie., ratio of credit used to credit available. Otoh, I'd say if having them is going to be temptation to use them in an undisciplined way, then by all means cancel.

I normally just wait for the CC company to contact me to say it will not be renewed because of inactivity.

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#4482830 - 08/08/17 02:56 PM Re: CREDIT CARDS [Re: Eddie]
Eddie Offline


Registered: 12/07/03
Posts: 9570
Loc: Florida, Cape Coral
Thanks for all your input. I checked the renew dates on the 3 cards I don't use and renewal dates are in a 1-5 years. As Donald suggested and others, I will keep them with my important papers and NOT renew them when they run out the term. Ed
_________________________
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