Closing accounts & credit scores
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 (www.annualcreditreport.com) it shows when each account was first opened.
