Ask Terry Questions Closing Credit Card Accounts

Closing Credit Card Accounts

By Terry Savage on April 01, 2024 | Credit/Debt

Hi Terry,

I really enjoy you on the radio & your columns. You are the finance guru!
I was deep in credit card debt (2 @ 25K) since the mid 2000’s.
Even with the high balances my credit score has been good (around 750 for 20 years)
I can breath again thanks to a recent inheritance and have paid them off.
You said on your radio show to close the accounts out.
Won’t closing them out affect my credit score?
I will NEVER charge these up again.

Terry Says

Keep your oldest card — it demonstrates length of credit. And if you’re paying annual fees you can close the others. It might ding your credit score, but only for acouple of months. And it removes temptation!! Congratulations!



a personal
finance question