Ask Terry Questions Closing unused credit cards

Closing unused credit cards

By Terry Savage on June 10, 2023 | Credit/Debt

Greetings,

My wife and I are in our 70’s and have excellent credit (and probably will not have a need to acquire any more credit cards or loans).

We have a couple of store credit cards that we have not used for years. (In fact, like so many stores, they have gone to a 100% online business.)

Is it ok to close these cards? Will it hurt our credit? Or should we just cut them up and throw them away like they don’t exist?

Terry Says

Contact the issuer and tell them you want the cards closed, and they should report the closing to the credit bureau as “closed at the request of the cardholder.” Then check each report (www.AnnualCreditReport.com) to make sure it is done. This won’t ding your score, and will make your credit report “cleaner” as well as saving you from potential fraud or annual fees.

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