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| Member |
As noted one component of the FICO algorithm is how long accounts have been open. I’m a mortgage underwriter I see people’s credit all day. I’m much more concerned about their total debt load and mortgage or other recent late pays than if a card was closed due to inactivity in fact it’s never come up. Even a 30 day late on a charge card years ago is no biggie if it was a 1 time occurrence. The first credit card I got whe I was 18 and they give you a Gatorade or something in campus to complete a card ap and then over the years grew to a huge limit. Closed on me because I didn’t use it ever. Oh well. Right now I have a visa with a major bank that I started my banking career 23 years ago and it says member since 95 on it. I use it daily and pay it off before it cycles so my credit doesn't really ever show any debt. I have another airline card that I keep so my wife can figure out how much I need to spend ( that I would spend anyway on the other card) so we can get a next to free plane ticket. I have a 30 fixed at well under market and a HELOC in place in case of a catastrophe. I don’t need any new cars soon and I don’t expect to miss any payments ever I haven’t yet in 25 years. I would let them close it if you have other cards you like better. | |||
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His Royal Hiney |
What's that saying? Better to have it and not need it than need it and not have it. Since I'm not working any more, my credit cards and their limits were based on when I was still working. I'm going to have a hard time to open a line of credit with zero income so I keep the ones I have should I need it. "It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946. | |||
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Member |
This is about as close to my situation as any of the responses thus far, with the one difference. "I have a Once again, after carefully reading and re-reading theses responses, I am impressed with the quality of people and thought on this forum. Thanks. I have decided to let them close it. ________,_____________________________ Guns don't kill people - Alec Baldwin kills people. He's never been a straight shooter. | |||
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W07VH5 |
My wife got pissed at her Sears card when they consistently couldn't get her new, married name correct. They messed it up 3 times and she just had them cancel the card. Our credit score dropped almost 100 points because it was her oldest card. The age of credit history went from something like 20 years to 3 years after canceling that one. If credit score doesn't matter to you then cancel it. Otherwise let it languish in a drawer. I think you have to use it within a certain amount of time or they'll cancel it for you. | |||
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