So, over my lifetime I have accumulated a good number of credit cards.
Really only use one or two now that I'm closer to end than the beginning.

Received a notice from "Chase" that the credit card and account will be closed for inactivity if we don't use within 60 days. I would just a s well not use it.

Does this affect your rating? Not sure I give a shit as we are pretty much debt free, expect the mortgage.

Any input?

My understanding is one of the main components of a credit rating is how old your credit lines are. Given that this is an old credit line it may have some impact on your credit score, although if you have lots of other accounts it may be nothing. Each situation is unique.

Just run down to the gas station and fill up and use the card to pay.

Yes it will. By how much? I don't know. If I were you, I take it out for a spin, go by something small that you need and then pay it off.

I'm no expert, but I had it happen to me and it dinged my score up fairly good. Like a 40 point drop.


ARman

It's only an issue if you will apply for credit related issues. New car, refi a mortgage, things like that.

A drop in FICO will bounce back over a short time if all other things are pretty much static.

If you were applying for a mortgage, then "touching anything credit related" can make the underwriters start questioning and digging more.

Mine went from 849 to 730 and back up to 849 in a 3 month period. Related to using quite a bit of credit for a one time purchase opportunity that would have gone away.
I paid off the accounts with a bonus a month later and before any finance charges applied, but the debt load was showing when the credit score was calculatedT
The next two cycles, it went back up.

The longer your credit history the less it matters. If you have a 20 plus year history of paying your bills it means nothing. Your score could bump down a handful of points in the short term. Unless you are in the middle of a major purchase let it go.

I'm facing a similar thing.
A 10 yr old account that hasn't been used in 7 years just notified me it is going to be closed if not renewed. I did the math and because I have a couple older accounts, letting it expire will actually increase the average age of my credit accounts. I don't need it, so I am going to let it go.

quote:

Originally posted by sigmoid:
So, over my lifetime I have accumulated a good number of credit cards.
Really only use one or two now that I'm closer to end than the beginning.

Received a notice from "Chase" that the credit card and account will be closed for inactivity if we don't use within 60 days. I would just a s well not use it.

Does this affect your rating? Not sure I give a shit as we are pretty much debt free, expect the mortgage.

Any input?

I'd cut it up.

I don't think that after such a long period of disuse that going ahead and canceling it will make any difference. This was done to a Chevron card I had (there aren't any Chevron stations within a thousand miles of here) and it had no impact.

I got a Bass Pro credit card a year or so ago just to get points on my purchases there, but I never used it. Anywhere. Out of the blue I got a letter from Bank of America that was now cancelled for non-use. No warning or anything. That's fine, as I despise Bank of America anyway.

Got the same crap with AT&T - Member since 1991 but not a member anymore. Didn't use the card in 18 months (kept it for an emergency use only) so I was no good to them. Dropped me like a hot potato

quote:

Originally posted by sigmoid:
So, over my lifetime I have accumulated a good number of credit cards.
Really only use one or two now that I'm closer to end than the beginning.

Received a notice from "Chase" that the credit card and account will be closed for inactivity if we don't use within 60 days. I would just a s well not use it.

Does this affect your rating? Not sure I give a shit as we are pretty much debt free, expect the mortgage.

Any input?

Since you asked for “Any input?”, I’ll come at it sideways. Unless it is something you use in dick measuring contests with your buddies, you are or soon will be applying for a mortgage or other large credit purchase, who gives a darn about your FICO score?

Pay your bills, enjoy your life, and don’t worry about meaningless stuff.

If a major credit purchase is on your horizon, then it probably is worth doing what you can to optimize your score, otherwise forget it.

Let it go. My score is 833 after canceling 3 accounts in the last few months.

Depending on the age, the effect on your score will probably be minimal, and it sounds like you're at a point that your credit score won't matter much.

However, my opinion is that it costs you nothing to use it once or twice, pay it off, and put it away. Why not?

I got a SUNOCO gas card in 1973. SUNOCO treated me very good when I was out of work for a few months several years later by extending me credit and asking for $$$ when I was able to pay.

I got caught up on the account and kept their gas card.

Five years ago SUNOCO cancelled the card for inactivity. No SUNOCO gas stations in the Western states.

I noticed no bump on my FICO score.

Didn't stay in a Holiday Inn last night but I do this stuff for a living every day. Charge something on the card to keep it active. The credit limit of that card adds to your overall available balance and lowers your revolving debt usage percentage which both give you a higher score. Even if the impact is minimal now, if you need to charge up that other card for any reason, having this one open and unused will help more at that point. There's many different versions of the FICO score, (Mortgage Specific, Auto Specific, Card Specific, etc.) some may not be impacted at all by it while others will move.

I'm going to come at this from another angle. If you are not using it, why keep it active? It's one more account that might get hacked and get your identity stolen.

Does not affect your credit rating. I have accumulated quite a few cc over time. 95% have $0 balance and sit in my safe. I make sure twice a year I use them so as not to be cancelled. I will rotate the cards to pay the $15 car wash.

Some real good info here, thx
The card has a 20K limit
With no balance I don't check it very often, if it got hacked, it would be a surprise I don't need.

What about asking them to lower the interest rate on the card to negotiate a lower rate or Edward Scissorhands it is?
Then again, We got a HELOC of 50K @ 3,99% with a zero balance.
so I guess I would just like fucking with them to see how low they would go?

quote:

Originally posted by sigmoid:
So, over my lifetime I have accumulated a good number of credit cards.
Really only use one or two now that I'm closer to end than the beginning.

Received a notice from "Chase" that the credit card and account will be closed for inactivity if we don't use within 60 days. I would just a s well not use it.

Does this affect your rating? Not sure I give a shit as we are pretty much debt free, expect the mortgage.

Any input?

While cancelling a card can have a small impact on your credit rating, I'd say get rid of it. Especially if you have a high score already. If you've established an excellent credit history this one thing won't have a huge impact, and even if it does have a little impact, your credit score will bounce back quick.