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T.T | If you have a credit card, and haven't used it in a year should you close the account, or keep it open? |
I was wondering about this question because alot of people said that you should close an account if you are not using it, or at least close the credit accounts that have annual fees. Also other people said not to close the accounts because it might affect you fica sore. What do you think? |
 |
 
$m¤¤v¥ £¤¢¤
|
Keep it open. Especically if you've had it open for a while. Everybody that has told you to keep it open hasn't told you WHY you should keep it open. Let me break down what makes up your score first before I continue:
1. Payment history- 35%
2. Total debt owed vs. Available credit 30%
3. Length of time establishing credit (average age of accounts)- 15%
4. Types of credit established- 10%
5. Inquiries and new accounts- 10%
When you cancel a card, especially one that you haven't used in a while, you affect #1,2 &3. You shorten the positive payment history on an active account. You reduce the amount available that you have giving the appearance that you're borrowing more than you're able to. Quick example: You have 3 cards with a combined limit of $2500. You have a $700 balance between the 3 cards. Right now, you would be using 28% of your available credit which would be allowable by the scoring system. Now, if you cancel one of those cards and it happened to have a $500, now your combined available credit is $2000. If you had the same balance, then you would be using 35% of your available credit. Now that I mentioned that, it also can affect the average age of your accounts. Quick example again. Let's take the 3 cards again. One has been opened for 5 years, another for 3 years, and another for 2. The average age of the accounts would be 3⅓ years. Let's say that you cancel the one that's 5 years. then it drops the average age of the accounts to 2½ years.
My suggestion like one of the other posters said would be to make one small purchase that can be paid on time every month to show activity. That way, the account can start reporting again which will raise your score. The only times that open accounts hurt your credit is when they're paid late or their not being used.
Hopefully my explanation will shed some light for you
Good luck! |
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rm333
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havning more available credit helps your score. but, you have to use the card. like others said, use it everyone once in a while and pay it off. however, if it has a fee and you never use it, you would prly be better off just closing it if you also have other cards. |
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kit
|
Close the account. You might be tempted to use it again. |
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dymond
|
If the card is charging you fees annually I would close the card-some allow no fees when not in use.You could make a small purchase to keep it active but some company's close the card and don't tell you if a purchase has not been made in 18 months. |
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cleo_woman
 |
KEEP IT KEEP IT KEEP IT!!
Your credit history makes up 15% of your fico score.
If you cancell the card .. it makes that history disapear with it. If you dont want to use it cut it up. the account stays open to contribute to your history .
Also cancelling that card reduces the ammount of " available credit" and 30% of your FICO score is based on your debt vs. available credit... less debt more credit= higher score for that percentage.
So Damaging your HISTORY & Credit Availabilty would definately HURT your score!
If your card has annual fees, shop around for a No-Fee Card. |
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JQ
|
The Weasel is right! |
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ronnlynn
 |
If it has an annual fee, you'll probably be better off closing it even though it will hurt your FICO score. If it doesn't have any annual fees, then keep it open, putting a small purchase on it every now and then and pay it off immediately. The only other reason to close it would be if it's too much of a temptation for you. |
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cara
 |
If it is a credit card other than a store card ex: gap, kohl's etc. you SHOULD keep it open. If it's a store card close it....
I had ton's of credit cards open, and they weren't used in years, and I had my score pulled for a mortgage, the score was slightly lower b/c so many open credit lines....
Good Luck! |
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The Weasel
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You should make a small purchase on it once a month or once every other month and pay it off right away. It will only help your credit score. But if you close it you lose that line of credit. |
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squigasquiga
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closing an account won't effect your fica score. if you are not using your account and there is an annual fee i suggest that you close your account because you are just wasting money. however, my suggestion is to use your credit card for one thing specifically such as gas or groceries. this will allow your credit score to rise rather than fall or remain stagnant. |
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Dianna P
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Leave it open because having credit lines open for a long time raises your FICO score. |
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S
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you might as well keep it as an emergency card, depending how many others you have or if there are fees associated with the card, though using the card, and paying off balances on time does help your credit score. I have friends who use their cards and then pay off the balance of whatever they bought the next day to have the purchases reflected in their score and get whatever benefits the card company provides (points, etc). |
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SCH
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Keep it open, the longer you have the account open and in good standing the better it is for your credit. Use it every once and a while to keep it open (use it for $20 and pay it off). |
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Krishnamurthy v
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What is the relevance between credit card and your current or O.D. account.? Credit card is one of the facility to operate an account . Better , discard credit card and do not renew the same. |
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