Ask Terry Questions Closing accounts & credit scores

Closing accounts & credit scores

By Terry Savage on June 25, 2024 | Credit/Debt

Hi Terry,
I am considering closing all but 1 or 2 credit cards . I currently have about 12. My current credit score is 620 ; utilization is at 44%. I am 73, retired and not planning on opening any new accounts or applying for any new credit. I realize this will have an impact on my credit score . Should I still care about that? I love listening to you on WGN – I learn so much! Thank you!

Terry Says

One day you will need a credit history — either for a car insurance policy or maybe a new credit card that offers a great deal on points or something.  SO, be sure to keep you longest-held card.  It demonstrates length of credit history — a key factor in your score.  Even if you have to pay an annual fee for that card, keep it!

You can find your longest-held card because on your credit report ( it shows when each account was first opened.



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