Fashion

[Desertdi]

Even if I seldom use them, I keep credit cards with a high limit in case of emergency......(illness on vacation, car breakdown, etc.)

[Ibby114]

On 1/1/2015 sgraham30 said:

I keep them & just don't use them.After a specific period of time that the card isn't used, the retailer will cancel the card for non-use.

Exactly! I was just about to post this--

[151949]

On 1/1/2015 Disneylandfan said:

I've closed cards. When you call just tell them you want it noted that you closed the account. My credit score has never been affected. I wouldn't do a lot at one time.

I closed all but one CC when we retired and it did not adversely affect my credit #. As a matter of fact the mortgage agent told us that it is true that when you apply for something large like a car loan or mortgage the amount available is counted against how much of a loan you can get , even if the card hasn't been used for years.I advise closing as many as possible.

[151949]

On 1/1/2015 ibb38 said:

On 1/1/2015 sgraham30 said:

I keep them & just don't use them.After a specific period of time that the card isn't used, the retailer will cancel the card for non-use.

Exactly! I was just about to post this--

Visa , mastercard etc do not do that.

[Snowpuppy]

If you don't use a card every 6-12 mos, the issuer may close it anyway for inactivity.

I've stopped caring about my FICO. I have one AMEX with really favorable terms and good CS in the US.

With all the hacking going on I don't want to expose myself more than necessary.

[Carole22]

I agree that you do not cancel...mainly because of the percentage of use business. Strangely enough, when I paid off my mortgage....No other change...my rating went DOWN.

[151949]

The only reason to not cancel an unused CC is if you are carrying balances on cards. Then it would make the % of your total available credit go higher and that is not good. However, the absolute WORST financial mistake anyone can ever do is carry balances on credit cards.Esp at today's interest rates.

[tansy]

At my age I don't give a rip about my FICO score. When I buy another car, it will be for cash, and I won't take on another mortgage. I have two general cards that offer good rewards.

[ECBG]

I only use two!

[Ibby114]

On 1/1/2015 happy housewife said:

On 1/1/2015 ibb38 said:

On 1/1/2015 sgraham30 said:

I keep them & just don't use them.After a specific period of time that the card isn't used, the retailer will cancel the card for non-use.

Exactly! I was just about to post this--

Visa , mastercard etc do not do that.

Yes they do- I was my Dad's POA (now Executrix) and several of his credit cards were cancelled for non use.