Ask Terry Questions Credit score

Credit score

By Terry Savage on June 27, 2019 | Credit/Debt

I have a American Express Credit Card which I never use. If I cancel will it change my credit score

Terry Says

That depends on whether it is the oldest card you have.  It’s important to show LENGTH of credit history in calculating your score.   So if you’ve been a “member” for 30 years, then hang on to it — especially if you think you need a high credit score for some reason other than ego.

On the other hand, if the annual fee is just wasted — and if you aren’t planning to take out a mortgage, car loan, or life insurance — then there’s no reason to keep paying that annual fee.



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