{"id":85,"date":"2019-09-27T22:56:39","date_gmt":"2019-09-27T22:56:39","guid":{"rendered":"https:\/\/fouedbenslama.com\/?p=85"},"modified":"2020-12-11T14:04:13","modified_gmt":"2020-12-11T14:04:13","slug":"is-it-better-to-cancel-unused-credit-cards-or-keep-them","status":"publish","type":"post","link":"https:\/\/fouedbenslama.com\/?p=85","title":{"rendered":"Is it better to cancel unused credit cards or keep them?"},"content":{"rendered":"\n

Some\nof us are guilty of having unused credit cards taking up precious real estate\nin our wallets. Perhaps you\u2019ve got an old store card you opened to get a\ndiscount on a purchase but haven\u2019t shopped there in years. Perhaps it\u2019s a\ngeneral credit card that got pushed to the back in favor of your credit cards\nthat earn you rewards.<\/p>\n\n\n\n

Whatever it is, you might be looking at your wallet and wondering if you should close that account. Is it better to cancel your unused credit cards or keep them though? That answer greatly depends. If the card in question has an annual fee, you are better off closing it. Otherwise, it might be best to leave it open.<\/em><\/strong><\/p>\n\n\n\n

But\nfinancial matters are rarely if ever one-size-fits-all. When you do things\nright, if you close off an unused credit card won\u2019t harm your credit score. In\nsome cases, it can even raise it! <\/p>\n\n\n\n

Much\nof it really depends on what\u2019s going on with the types of credit cards you\nhave. I\u2019ll get into all of that plus how it could benefit you to cancel and\nwhen you\u2019ll want to hang onto that card and keep it open, so keep reading!<\/p>\n\n\n\n

How\nCanceling Your Credit Card Will Impact Your Credit Score<\/strong><\/h2>\n\n\n\n

If\nyou\u2019re not using a credit card, you might think it\u2019s silly to keep the account\nopen if you\u2019re not using it. In fact, it might prevent you from overspending if\nyou were to close it. At least you\u2019d think so, right?<\/p>\n\n\n\n

However,\nclosing a credit card could harm your credit score. How is that possible?<\/p>\n\n\n\n

There\u2019s\nsomething called \u2018increased credit utilization\u2019.<\/em> This rate is the amount\nof revolving debt compared to the total credit limit. The lower this rate is,\nthe better your credit. It proves to lenders that you\u2019re capable of spending\nsmartly (and repaying what you spend) and that you can be trusted to be\nresponsible with the credit extended to you. Much like a child that earns an allowance,\nsaves it, and spends it wisely, you\u2019re earning trust from the creditors. <\/p>\n\n\n\n

But\nif you get rid of credit, it affects the credit line total that you have\naccessible<\/strong>.\nSo, if you have one credit card with a $2,000 credit line and a second card\nthat allows for a credit limit of $3,000, you have $5,000 total credit\navailable. Let\u2019s say you have a total of $1,000 in debt wracked up between the\ntwo of these credit cards. In this example, you have a credit utilization rate\nof 20%. <\/p>\n\n\n\n

Now,\nlet\u2019s imagine that you only have that $1,000 on one of those credit cards. It\u2019s\non the one with the $3,000 credit limit. You decide that you\u2019re going to close\nthe one with the $2,000 credit limit. When you do that, you\u2019re chopping your\navailable credit line down to $3,000. So, with this ratio for credit card debt,\nthe utilization rate climbs up to 33%. <\/p>\n\n\n\n

If\nyou\u2019ve read any of my posts before, one thing I always hammer home is to keep\nyour credit less than 30% and at 33%, even just a little bit over that amount\nis going to significantly impact your credit score.<\/p>\n\n\n\n

Credit\nutilization should always be kept under 30% at all times with your ideal goal\nto get as close to zero as possible<\/strong>. Before you close any credit card account, you\nshould assess the situation and see how it would affect your credit utilization\nrate before simply closing it out. <\/p>\n\n\n\n

Now\nyou know why you may have lowered your credit score in the past by canceling\ncredit cards. Indeed, there are times when canceling the card is the best\noption (which I\u2019ll discuss just a little further below), but in many cases,\nyou\u2019ll want to figure out what is in your best interest. It may be more\nbeneficial to keep the card open to keep your credit line large enough to keep\nyour credit utilization under that magical 30%.<\/p>\n\n\n\n

Closing\na Credit Card Won\u2019t Shorten the Average Age of Accounts<\/strong><\/h2>\n\n\n\n

Some\nsay that closing a credit card will make you lose credit for the entire age of\nthe account.<\/strong>\nThis supposedly harms your age of credit which comprises 15% of the FICO score.\nGuess what? That\u2019s not true.<\/strong> <\/p>\n\n\n\n

Take it from one of the leading experts himself. John Ulzheimer<\/a>, who worked for both FICO and Equifax, stated that closing a credit card doesn\u2019t take it off your credit reports. <\/em>As a matter of fact, as long as that card stays on your report, you still get the value of age of that account on the FICO<\/a> and VantageScore credit scoring models. The only way to make it go away is to have it removed from those credit reports.<\/strong><\/p>\n\n\n\n

So,\nwhat Ulzheimer is saying is that you can close accounts all you like but\nit\u2019s going to stay there on your reports. And that\u2019s where it will stay for up\nto 7 years if it\u2019s negative, and if it\u2019s positive, you can expect it to be\nthere for about 10 years<\/em>.<\/strong> For as long as it remains on the reports,\nwhether it\u2019s good or bad, it will factor into your average age of credit. Both\nopen and closed accounts have an impact on your credit score. <\/p>\n\n\n\n

But\nthere are definitely reasons why you\u2019d want to cancel a credit card sometimes.\nYou may benefit more from canceling certain cards or in certain situations than\nkeeping the account open. How does this affect you? Keep reading and I\u2019ll\nexplain. <\/p>\n\n\n\n

Reasons\nwhy you might want to cancel a credit card<\/strong><\/h2>\n\n\n\n

In\nmost situations, it won\u2019t benefit you to cancel a credit card. However,\nsometimes it\u2019s a necessary move you should make that will work out in your\nfavor. When do I recommend canceling a credit card? Read below for the three\nmain reasons I\u2019d cancel.<\/p>\n\n\n\n

–\nSeparation or Divorce<\/strong><\/h3>\n\n\n\n

If\nmarriage troubles are bubbling over, closing any joint credit accounts while\nyou\u2019re separated or when the divorce is proceeding is best. Remember, a joint\ncardholder is fully liable for any charges on the account (past, present, and\nfuture). Even if your ex would never act of spite and run up tons of charges on\nthe card, it\u2019s best to cut all ties, especially credit ones. <\/p>\n\n\n\n

And\neven if your ex is a good person, they could be a shopaholic. What\u2019s to say\nthey won\u2019t comfort themselves with a little extra shopping and lattes during to\nmake themselves feel better? If they get in over their head and suddenly can\u2019t\npay it back, you\u2019re on the hook for that debt too. Even with a divorce decree\nthat says your former spouse bears the responsibility for this debt, the lender\nwill still hold you accountable for the obligation. <\/p>\n\n\n\n

–\nHigh Annual Fees<\/strong><\/h3>\n\n\n\n

When\nthe credit card in question has a high annual fee and you don\u2019t use it, you\nmight want to cancel it. But before you call up to cancel, think about any of\nthe perks that card can give you. Maybe you don\u2019t use it but if it has travel credits\nor cashback rewards, you might find that annual fee is worth paying.<\/p>\n\n\n\n

However, if you have an annual fee on a card you don\u2019t use or aren\u2019t getting benefits from, it might be best to cancel the card. But first, the thing I recommend you do is to call up and ask to speak to a retention specialist. Tell them you\u2019re thinking of closing your account and would like to have the annual fee waived. They might not agree to it, but it never hurts to ask. Many card issuers want your business and will do what it takes to keep you with them so you might find your wishes granted! Read more on what to say and do to get them to waive the annual fee in this post I wrote<\/a>.<\/p>\n\n\n\n

–\nToo Much Temptation<\/strong><\/h3>\n\n\n\n

While\nsome people are able to resist temptation with overusing credit cards, many are\nnot. If you simply can\u2019t resist the urge to buy new shoes that you HAVE TO have\neven though you have bills to pay, you might consider closing your credit card\naccount.<\/p>\n\n\n\n

I\nthink before you go ahead and close it off, you should try stowing your cards\nin a safe place so you can\u2019t easily access them. So if you habitually overspend\nat Target, perhaps locking your cards up in a safe place at home is best. Only\ntake the cash you need with you for what you went there to buy so you don\u2019t\nwheel one of those red carts out to the lot brimming with new shoes, clothes,\nappliances, rugs, pillows, dishes, and whatever else piqued your interest.<\/p>\n\n\n\n

If\nyou can\u2019t resist shopping online, you can try an extreme measure to stop\nyourself. For one, delete all your stored card info on sites you frequent. This\nway, you\u2019re not tempted to fill up your online cart with tons of things you\ncan\u2019t afford. Next, take your cards, wrap them securely in a zippered freezer\nbag and squeeze the air out. Then submerge the bag in water so it freezes into\nthe center of the ice. It\u2019s what the character of Becky Bloomwood in Confessions\nof a Shopaholic<\/em> does in the movie. She had to break that ice open to get to\nher cards. Silly as it is, it\u2019s worth a shot as hiding it from yourself will\nkeep you from overspending and prevent you from lowering your credit score.<\/p>\n\n\n\n

–\nYou may get a good 0% balance transfer offer from the lender<\/strong><\/h3>\n\n\n\n

There\u2019s\nyet another thing you can try out. Call up to cancel the card and tell them you\nwant to close your account unless they can give you a 0% balance transfer. It\ndoesn\u2019t always work, but it never hurts to ask. Plus, if you have other cards,\nit can help you pay off the debt you owe faster without accruing interest on\nthe balance. <\/p>\n\n\n\n

Sometimes,\nthose 0% offers aren\u2019t given to existing account holders though. They will\nreserve those for new customers, so close the account now and see if you can\nget back with this lender in another 6 months to a year as a new customer to\nget that 0%. One word of caution though: these 0% offers are getting rarer by\nthe minute so the more accounts you have, the harder it will be to score one.<\/p>\n\n\n\n

–\nCanceling an unused credit card can simplify your finances<\/strong><\/h3>\n\n\n\n

Do\nyou have trouble remembering when each bill is due? Can\u2019t figure out how much\ninterest you\u2019ll be paying if you don\u2019t pay off the full balance? If you want to\nsimplify things you may be better off canceling one of your credit cards. But\nbefore you do that, try to use the tools available to you to help you manage\nall your credit cards and bills. A financial advisor can help you see the light\nat the end of the tunnel. <\/p>\n\n\n\n

One\nthing you can always use is auto-pay so you never forget a bill payment. But if\nyou have too much debt, you\u2019ll need to look at the other tools you can use to\nhelp you manage. Make sure you look at every option available before going\nthrough with any card cancellation. <\/p>\n\n\n\n

How\nyou should approach closing credit cards according to their type <\/strong><\/h2>\n\n\n\n

Depending\non the type of credit card you want to close, there are different approaches to\ntake. Some are major credit cards while others are merchant or gas cards.\nHere\u2019s what you should know about how to handle closing each type.<\/p>\n\n\n\n

–\nNew or First Credit Card<\/strong><\/h3>\n\n\n\n

For\nthose of you that have just started into the credit world and have your first\ncredit card, you should keep it open for a minimum of 6 months so you can start\nbuilding a credit history. Try to keep good on this card and while I don\u2019t\nrecommend you close it, it really depends on the card. If you do decide to\nclose the account, make sure you keep this one open for now. You can close it\nwhen you get another credit card. <\/p>\n\n\n\n

–\nReward Cards<\/strong><\/h3>\n\n\n\n

I\nreally don\u2019t recommend closing a rewards card simply because you may give up\nrewards you haven\u2019t yet used. When you accumulate rewards or a nice bonus, keep\nthe card long enough so that you can use your rewards. You can also look at the\nterms for the rewards program your credit card offers you. You may find out\nthat you can transfer your rewards to another rewards program. <\/p>\n\n\n\n

–\nUnused Credit Cards<\/strong><\/h3>\n\n\n\n

The\nmore unused credit cards you have, the more likely you could be the victim of\nfraud. And when you\u2019re not using a card, you may not notice fraudulent charges\nfor a while. Many credit card issuers also deactivate or cancel cards that sit\nunused for long durations. If you\u2019re going to keep your cards, use them every\nnow and then and keep an eye on your statements. Even if you think the balance\nis zero, just double check to be sure and report any fraudulent charges\nimmediately.<\/p>\n\n\n\n

If\nfor any reason you\u2019d like to hold onto a credit card, you should know that many\nwill close after 12 months of no activity. To avoid having it closed, use that\ncard to buy something inexpensive at least every 3 months so it stays active\nand open, this could be anything from an iced coffee to a Netflix subscription.<\/p>\n\n\n\n

–\nSecured or Other Cards for Bad Credit<\/strong><\/h3>\n\n\n\n

When\nyou\u2019re rebuilding your credit from a bad history, you may have to bite the\nbullet and take cards that have high interest rates, annual fees, low limits,\nor security deposits. Sometimes, it\u2019s a combination of many of those. These\ncards can definitely help you mend your bad credit past, but they\u2019re not ones\nto hold onto forever. <\/p>\n\n\n\n

As\nsoon as you get your credit standing rolling in the right direction, you can\nclose your secured or other bad credit starter card once you\u2019re approved for a\nbetter card. Your goal will then be to step up to better and better cards while\nrebuilding your credit. <\/p>\n\n\n\n

– Low Limit Credit Cards<\/strong><\/h3>\n\n\n\n

If\nyou have a credit card with a low limit, this is a great one for closing. If\nyou already have other credit cards with higher limits, these are fine to get\nrid of. They\u2019re not hurting you but they\u2019re not doing you any favors either.\nBesides, when you have those store credit cards with high interest rates, it\nmakes no sense to spend on them at all unless you\u2019re paying them right off, so\nyou don\u2019t accumulate the interest. And that\u2019s just a lot of extra work. When\ncredit bureaus tally up your calculations for a credit score, those store\ncredit cards carry much less weight. So, if you were suckered into a store\ncredit card to get a discount on your purchase and you haven\u2019t been there since\nor maybe shop there once per year, it\u2019s not worth it to keep the card. Cancel\nit!<\/p>\n\n\n\n

Alternatives\nto closing a credit card<\/strong><\/h2>\n\n\n\n

Now,\nyou might be the kind of person that likes to hold onto things, and I get that.\nI really do. Closing your credit card account might not be the right move for\nyou at this time. We all have different situations so if you\u2019re hesitant to cut\nties with a particular card, try these tips instead!<\/p>\n\n\n\n

–\nCall the issuer<\/strong><\/h3>\n\n\n\n

Ask\nto talk to a retention specialist about your card needs. They might have\nanother card that can fit your needs better. Most offer downgrades to cards\nwithout fees. It\u2019s definitely worth asking about.<\/p>\n\n\n\n

–\nKeep it open<\/strong><\/h3>\n\n\n\n

If\nyou\u2019re just not ready to decide yet, you don\u2019t have to break up with your\ncredit card. Keep it open and add a small recurring charge to it to keep it\nopen. Maybe your cheap subscription box? Set the payment to auto-pay so you\u2019re\nalways on time with payments and won\u2019t wreck your credit score. <\/p>\n\n\n\n

–\nApply for a card you like better<\/strong><\/h3>\n\n\n\n

You\ncan also choose to get a card that you would do better with but when you do,\nmake sure the credit limit it has will be high enough to replace the card\nyou\u2019re not using. Say you have a secured card and rebuilt your credit. Cancel\nthat card after getting a better card with a higher credit limit, then collect\nyour security deposit back from the secured card. Don\u2019t forget that if you have\na low-limit credit card, store cards, or cards with fees that aren\u2019t worth it,\nyou can and should get rid of those too in favor of a better card. <\/p>\n\n\n\n

–\nAsk your card provider to get the annual fee waived<\/strong><\/h3>\n\n\n\n

Let\u2019s say you have a card that charges you $95 for the annual fee. Give them a call (preferably in the morning when the more experienced reps are around), and tell them you don\u2019t want to pay this annual fee anymore. They will likely want to keep you on as a customer, especially if you have been a good and responsible one. In this case, they will probably transfer your account to the kind that doesn\u2019t charge the annual fee, or they may lower that fee. And you may even find if you\u2019re very lucky, you can have that fee waived completely as I detailed in this post.<\/a><\/p>\n\n\n\n

It\nnever hurts to ask. The worst thing they can do is tell you \u2018no\u2019 and according\nto a survey by CreditCards.com, 70% that asked the credit card company to get\nrid of the annual fee were able to get it completely waived or lowered. <\/p>\n\n\n\n

Always\nask to downgrade to a line of credit that is free of annual fees before\ncanceling your card. This works out great for you because it won\u2019t harm your\ncredit score. If you still find after you get rid of that annual fee that you\nstill don\u2019t really like using the card, then keep it anyway. Use it here and\nthere so it remains active. Just don\u2019t forget to pay the bill on time!<\/p>\n\n\n\n

Now,\nif you still want to go through with canceling your credit cards, keep reading\nto know how to do it right!<\/p>\n\n\n\n

10\neasy steps to effectively cancel your credit cards <\/strong><\/h2>\n\n\n\n

Follow\nme and I\u2019ll walk you through the 10 easy steps you need to take to cancel your\ncredit cards!<\/p>\n\n\n\n

1.\nDiscuss the payoff amount with your card issuer<\/strong><\/h3>\n\n\n\n

One\nof the worst mistakes you can make is to assume that the statement balance you\nhave is everything that you owe. You should ask the issuer for the full payoff\namount. That includes the current balance along with any interest and fees too.\nYou have to pay all of it or else it will still keep a balance with interest\nand fees piling up on it. That is NOT something you want to find out about in a\nyear from now!<\/p>\n\n\n\n

2.\nRedeem your rewards<\/strong><\/h3>\n\n\n\n

When\nyou have cashback, points, or any other rewards on a card you want to close,\nuse them up before you close it out. You\u2019ll likely lose those rewards upon the\nclosing of the account. You should always know what the details of the\nexpiration rules are for any loyalty program. It would be a shame to accumulate\nall those goodies and not get to take advantage of them.<\/p>\n\n\n\n

3.\nUpdate automatic payments<\/strong><\/h3>\n\n\n\n

Automatic\npayments are a great feature, but if you\u2019re closing your card, you need to\nswitch them to another card or link them to your checking account. Otherwise if\nyou try to pay with the card you close, you\u2019ll wind up missing payments,\naccruing late fees, or even having service shut off. <\/p>\n\n\n\n

4.\nLet authorized users know you\u2019re closing the account<\/strong><\/h3>\n\n\n\n

Let\u2019s\nsay you share the account with your spouse or you authorize one or more of your\nchildren to use the card. You need to let them know when you\u2019re closing that\naccount so they don\u2019t try to use the card after it has closed. This could mess\nthem up when they\u2019re trying to do something even as simple as fill up their gas\ntank. You\u2019d feel horrible if your teenage child was left on the side of the\nroad because they couldn\u2019t use their card to get gas or pay for repairs.<\/p>\n\n\n\n

5.\nPay off or transfer your balance<\/strong><\/h3>\n\n\n\n

If\nyou can, I strongly urge you to pay off the card so you\u2019re done with it\ncompletely, including all the interest and fees. But if you are unable to do so\nat this time, transfer that balance to another card with a lower interest rate.\nIf this is your only card, STOP! Don\u2019t cancel a credit card without securing a\nnew and better account first. <\/p>\n\n\n\n

6.\nConfirm that your balance is zero<\/strong><\/h3>\n\n\n\n

You\nshould always double-check after sending that last payment to make sure it was\nprocessed and that there is absolutely no balance left on the card. Also, you\nwon\u2019t actually be permitted to cancel a credit card if you have a balance left.\nYou can tell them you want to cancel it but that account remains open and on\nyour credit report until it\u2019s paid off. <\/p>\n\n\n\n

But\nyou are allowed to move the balance to a balance transfer card with another\nlender. Applying for a new card means you get a credit check which comes up on\nyour credit report so get everything in order first before making any sudden\nmoves.<\/p>\n\n\n\n

7.\nRequest the closure of your account<\/strong><\/h3>\n\n\n\n

Once\nyour balance is zero, you can tell the issuer that you want to completely close\nout your account. They will likely offer you bonuses and other perks to keep it\nopen. If you truly want to be done with this card, keep to your decision and\ncancel it.<\/p>\n\n\n\n

8.\nUse a certified letter to follow up for your records<\/strong><\/h3>\n\n\n\n

It\u2019s\nnot always necessary, but sending a certified letter to your credit card\ncompany is a good way to get it in writing that you canceled your card. This\nway, should something come up on your credit report, you can support your\nclaims in writing. Tell the issuer you\u2019re closing that account. You want your\ncredit record to show that you\u2019ve requested to close the account. Be sure to\nask for a confirmation letter that shows your balance is zero and the account\nhas been closed. <\/p>\n\n\n\n

9.\nDispute any incorrect information on your reports with the three credit bureaus<\/strong><\/h3>\n\n\n\n

Take\nadvantage of the fact that you get free credit reports. If you notice anything\nthat is incorrect on them, take action immediately. This is where confirmation\nletters can help you be successful in removing information from your records. <\/p>\n\n\n\n

10.\nGet rid of the card<\/strong><\/h3>\n\n\n\n

Once\nthe card is confirmed as closed and you\u2019re certain of it, destroy your card.\nYou can cut it up with scissors or use a shredder if you have one. <\/p>\n\n\n\n

Conclusion<\/strong><\/h3>\n\n\n\n

Closing\na credit card account should only be done after you\u2019ve thought things through.\nHopefully, my tips above will be useful to you for deciding what matches your\nsituation best. Sometimes, it makes more sense to cancel a card while other\ntimes, it\u2019s better to have the account type changed to one that serves you\nbetter. Knowing the difference is what will help you build a strong line of\ncredit that you can rely on when you need it. <\/p>\n","protected":false},"excerpt":{"rendered":"

Some of us are guilty of having unused credit cards taking up precious real estate in our wallets. Perhaps you\u2019ve got an old store card you opened to get a discount on a purchase but haven\u2019t shopped there in years. Perhaps it\u2019s a general credit card that got pushed to […]<\/p>\n","protected":false},"author":1,"featured_media":87,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-85","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards"],"yoast_head":"\nIs it better to cancel unused credit cards or keep them? - Foued Ben Slama<\/title>\n<meta name=\"description\" content=\"If the credit card in question has an annual fee and you're not taking advantage of it, you should cancel it. 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