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CREDIT CARDS #4482679
08/08/17 11:20 AM
08/08/17 11:20 AM
Joined: Dec 2003
Posts: 9,927
Florida, Cape Coral
Eddie Offline OP
Eddie  Offline OP
Joined: Dec 2003
Posts: 9,927
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


CX5 Touring 2.5L :-)
Re: CREDIT CARDS [Re: Eddie] #4482688
08/08/17 11:32 AM
08/08/17 11:32 AM
Joined: Oct 2010
Posts: 4,928
Midwest
volk06 Offline
volk06  Offline
Joined: Oct 2010
Posts: 4,928
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.


2011 F-150 Ecoboost
2012 Focus S
2001 Taurus
Re: CREDIT CARDS [Re: Eddie] #4482706
08/08/17 11:48 AM
08/08/17 11:48 AM
Joined: Mar 2012
Posts: 1,367
San Antonio, TX
E150GT Offline
E150GT  Offline
Joined: Mar 2012
Posts: 1,367
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.


1984 Mercedes-Benz 300SD - 100k
1995 F150 XL 4.9 reg cab 5MT - 251k 5w30
2016 Mazda6 Touring 6MT - 57k 10w30
2006 Buick Lucerne CXL 3.8 31k 5w30
Re: CREDIT CARDS [Re: Eddie] #4482711
08/08/17 11:54 AM
08/08/17 11:54 AM
Joined: Mar 2014
Posts: 3,477
NJ
Leo99 Offline
Leo99  Offline
Joined: Mar 2014
Posts: 3,477
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.


Without data you're just another person with an opinion. W. E. Deming

2003 Corolla 250,000 miles (RIP)
2004 Corolla 125,000 miles
2004 Rav4 370,000 miles
2015 Camry 70,000 miles
Re: CREDIT CARDS [Re: Eddie] #4482719
08/08/17 12:03 PM
08/08/17 12:03 PM
Joined: Dec 2014
Posts: 1,532
NY, USA, etc.
oilpsi2high Offline
oilpsi2high  Offline
Joined: Dec 2014
Posts: 1,532
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.

Re: CREDIT CARDS [Re: Eddie] #4482727
08/08/17 12:08 PM
08/08/17 12:08 PM
Joined: Dec 2003
Posts: 9,927
Florida, Cape Coral
Eddie Offline OP
Eddie  Offline OP
Joined: Dec 2003
Posts: 9,927
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


CX5 Touring 2.5L :-)
Re: CREDIT CARDS [Re: Eddie] #4482731
08/08/17 12:10 PM
08/08/17 12:10 PM
Joined: Mar 2004
Posts: 21,121
Upstate NY
Donald Offline
Donald  Offline
Joined: Mar 2004
Posts: 21,121
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.


2015 Subaru Forester 2.5 engine/CVT
2015 Ford F250 w/Powerstroke
2016 Subaru Crosstrek CVT (wife's)
Re: CREDIT CARDS [Re: Eddie] #4482746
08/08/17 12:29 PM
08/08/17 12:29 PM
Joined: May 2009
Posts: 12,283
N.H, U.S.A.
ARCOgraphite Offline
ARCOgraphite  Offline
Joined: May 2009
Posts: 12,283
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


2014 Nissan Rogue S CVT, OC#10 47272mi-QSUD10W30+5w20 Toughguard Filter; '17 Subaru Crosstrek CVT OC#2 ?? mi-SOA/Idemitsu 0w20 + SOA Filter
Re: CREDIT CARDS [Re: Eddie] #4482776
08/08/17 01:06 PM
08/08/17 01:06 PM
Joined: Nov 2013
Posts: 873
Central Coast California
RedOakRanch Offline
RedOakRanch  Offline
Joined: Nov 2013
Posts: 873
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.


1994 Ford Crown Vic 207k-Frankenbrew 0w20,30,40!
2005 Chevy 1500 Crewcab 4X4 180k-BC 0w30 $2/qt
2016 Outback 2.5 Limited 60k-shop brand?
Re: CREDIT CARDS [Re: Eddie] #4482794
08/08/17 01:22 PM
08/08/17 01:22 PM
Joined: Oct 2005
Posts: 7,094
Colorado
Kuato Offline
Kuato  Offline
Joined: Oct 2005
Posts: 7,094
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.


Thick vs Thin test: 15k / 43k miles complete
Re: CREDIT CARDS [Re: Eddie] #4482802
08/08/17 01:26 PM
08/08/17 01:26 PM
Joined: Dec 2006
Posts: 2,791
Southeast Alabama
SrDriver Offline
SrDriver  Offline
Joined: Dec 2006
Posts: 2,791
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.

Re: CREDIT CARDS [Re: ARCOgraphite] #4482805
08/08/17 01:27 PM
08/08/17 01:27 PM
Joined: Jun 2002
Posts: 12,646
The Motor City
Kestas Offline
Kestas  Offline
Joined: Jun 2002
Posts: 12,646
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.

Re: CREDIT CARDS [Re: Eddie] #4482810
08/08/17 01:30 PM
08/08/17 01:30 PM
Joined: Feb 2013
Posts: 534
Louisiana
SuzukiGoat Offline
SuzukiGoat  Offline
Joined: Feb 2013
Posts: 534
Louisiana
It's better to keep them open to boost your available revolving if you are under 10K available.


2003 Nissan Xterra 4x4 M1 HM 10w40
2001 Toyota 4runner 4x4 M1 0w40
2016 Yamaha YXZ1000R VR1 20w50

Re: CREDIT CARDS [Re: Eddie] #4482826
08/08/17 01:52 PM
08/08/17 01:52 PM
Joined: Oct 2008
Posts: 12,649
The Old North State
Sayjac Offline
Sayjac  Offline
Joined: Oct 2008
Posts: 12,649
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.

Re: CREDIT CARDS [Re: Eddie] #4482830
08/08/17 01:56 PM
08/08/17 01:56 PM
Joined: Dec 2003
Posts: 9,927
Florida, Cape Coral
Eddie Offline OP
Eddie  Offline OP
Joined: Dec 2003
Posts: 9,927
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


CX5 Touring 2.5L :-)
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