Ask Terry Questions Closing credit cards

Closing credit cards

By Terry Savage on July 24, 2020 | Credit/Debt

I’m a 70 yr old widow(5yrs) and need to know the best way to close some dual (husband’s on ) and individual cards.
My credit score is 825 presently, own home and considering downsizing within the next2 yrs. Have a little stored and decent pension. Thank you. Be safe and happy.

Terry Says

Have you checked your credit report recently — your own? YOu can do so at www.AnnualCreditReport.com — just pick one of the three bureaus that are linked there. What you want to see is if all these cards are in YOUR name. If you close cards where you are only a “signer” on your husband’s credit, you could find yourself without your own credit card! BE careful of that before you close any accounts.
And if you are not paying annual fees, you might keep most of them open. Remember, your good credit score is based on “lenght” of credit history (so keep the oldest ones) and your prompt payment record.
PS while you’re there, if you’re not planning to move or buy insurance or get a new job, then it might be smart to put a freeze on your credit at each of the three bureaus. You’ll get a PIN to easily lift the freeze if you need to get access. And t should be free.

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