Ask Terry Questions Credit cards

Credit cards

By Terry Savage on December 19, 2023 | Credit/Debt

I have a credit card that I don’t use and one that hasn’t been registered or used. I’ve heard that if I cancel these cards my credit score will go down. I have extra money would be a good idea to put it in CD or money market?

Terry Says

You should keep your LONGEST-HELD card, because that longevity of credit history does contribute to your score. But otherwise feel free to close unused cards, and stop paying annual fees.
Of course, if you’re carrying large balances, this could increase the “percentage of credit used” –so make sure to pay down your balances.

If you have extra money to set aside, consider this:



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