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Home > Ask The Get Out of Debt Experts > Should I close cc acounts that I haven’t used in a long time (or will use)? – Sarah

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  • http://www.consumerrecoverynetwork.com/ Michael

    Hi Sarah,

    Closing accounts does have an effect on your credit score for a brief period of time. Also, part of the factoring that goes into your score assesses types of credit and diversity. You have a great diverse profile currently with a mortgage and car payment (both secured debts) and a few unsecured accounts. Having some unsecured accounts open and active is seen as a positive to your credit profile.

    Before closing any of the accounts you should first determine if you are going to apply for any new credit products in the next 12 months. If you wont be, perhaps closing one CC you have no intention of using is not a bad idea. Closing the overdraft protection line is a no brainer. Why is there a balance on the other overdraft protection line?

    If you do determine you will keep one or two credit cards open, consider buying lunch once every 60 to 90 days using the card and paying that bill off in full when it comes.

    When selecting the account(s) to close out and which to keep open, it is generally best to keep the account(s) that you have had the longest open.

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