Ask Terry Questions Closing unneeded credit card accounts

Closing unneeded credit card accounts

By Terry Savage on July 12, 2019 | Credit/Debt

I was watching WGN today (Wed)morning and they said you would be talking about credit cards and should you cancel them or leave them open with a zero balance? I did not see you talk about this issue. Can you please give me an answer? Thanks so much. P.S. I am retired if that makes a difference..

Terry Says

Here’s a link to my recent article on your credit score.  At your stage in life, and if you aren’t planning to apply for new credit (to purchase a home, a car, or apply for auto insurance or life insurance) then you don’t need to keep paying annual fees on cards you don’t use.  Just make sure to “keep”  you oldest card, which demonstrates the longevity of your credit history.  Write to the other issuers or call the toll-free number and ask them to close the account “at the request of the cardholder” —  Then check your credit report at — the ONLY totally free site — in a few weeks to make sure it is done.



a personal
finance question