Ask Terry Questions Cancelling Credit Cards

Cancelling Credit Cards

By Terry Savage on December 10, 2018 | Credit/Debt

My husband thinks it is okay to cancel a credit card. I say it can go against your credit score and should not be done. Can you please help in settling this disagreement?

Terry Says

You’re both right!  It makes no sense to keep paying annual fees for a card you no longer use — EXCEPT if it is your oldest card, demonstrating a long credit history.  Of course, if you’re not planning to buy a home, or otherwise USE your credit score soon, this is all academic!



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