Open/no balance charge cards and accounts
I keep reading about holding no balance open credit cards. I have read that closing them may impact your credit score. I currently have open/no balance Wells Fargo, Citicorp, Saks (Comenity), Menards, Mastercard, Ashley Stewart (Comenity) cards. What is the financial rule regarding closing unused accounts/cards permanently?
Terry Says
A key component of your credit score is the LENGTH of your credit history. So you should always try to keep your oldest cards open, even if you don’t use them much — or pay off your balances in full every month.
Check your Credit Report at AnnualCreditReport.com to see the cards on your file. It will also reveal the date of inception. That is critical — especially if you’re planning to buy a home or car, or even life insurance.
