Not using a card and it's impact on credit score

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Not using a card and it's impact on credit score

Postby rd1z » Sat Aug 02, 2014 1:09 pm

First post here. I recently graduated college and got a job, recently I've applied and gotten a Cap One Quicksilver with a $7500 CL and a Chase Sapphire Preferred with a $9k CL. I have had a Citi Forward since I started college and it now is up to a $4k CL. I really don't plan on using the Citi anymore since the cash back on the Cap One and points on the CSP are better. I know closing accounts negatively affects your score, but what, if anything happens if you just don't touch a card for an extended period of time?

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Postby benhollberg » Sat Aug 02, 2014 8:50 pm

In my mind, if it doesn't have an annual keep it. You will have to monitor it every once in a while for fraud but that isn't too hard.
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Postby PlyrStar93 » Sat Aug 02, 2014 9:11 pm

Basically closing a card affect AAoA and total CL (along with total % utilization) and that is how impact on credit score is done. For the history, the closed account will show up for 10 years before falling off.

If you don't use the card then utilization is reported as 0 when you don't have balance, and it's fine when you have 1--2 cards reporting balance while the other one not. There is nothing to worry on this occasion. With no activity, though, banks might notice that and close it; however someone around me with a Citi Forward has not used that card for a long time and his account is still not closed.
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Postby MemberSince99 » Sat Aug 02, 2014 9:44 pm

Eventually it gets closed by the lender.

Absolutely no point to keep the potential liability if you know you'll never use it. It only affects your score in terms of utilization. So if you really will never use it, I can't see the sense of having it just to have it.

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