Ask Terry Questions Credit Score

Credit Score

By Terry Savage on July 12, 2020 | Credit/Debt

We are in our 70’s and I have worked hard to get our credit score high. It is 800 right now. We have only been using 2 of our about 8 credit cards. I know that if you cancel a card, your score goes down. If you don’t use the credit card, sometimes the company cancels the card. Does this also drop your credit rating? Should we be charging something small on each of our credit cards to keep them active? We use just the two cards so we can build up rewards.

It was nice hearing you on WGN today. Thank you.

Terry Says

Companies typically don’t cancel cards because they like to collect the annual fee. Since you only have two cards, I would suggest that you charge a small amount regularly — and pay it off in full and on time each month. That will keep your credit score alive and well. And that’s important — even if you’re not about to need that score to borrow for a home or car loan, or apply for a job!!



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