Cancelling credit card
Hi Terry,
Did you say on WGN today that it’s okay to cancel a credit card if you’re not applying for a loan anytime soon? I own my building outright and currently have no outstanding loans. I have a two-flat that I may want to sell next year and may need a small loan then to do a little fixing up on the building.
Also, the card that I gave is a Mileage Plus Mastercard through Chase. I’ve currently hit 68,000 miles with them. I’m assuming that I’ll need to use those miles first before cancelling.
Thanks much.
Terry Says
That’s a card I wouldn’t cancel! You use it to get miles, so of course keep it open. And if it’s a longer-held card it adds to your credit score. I agreed to cancelling expensive, unused cards — unless they are the longest-held card.
