Should You Cancel Your Unused Credit Cards or Not?

On a fairly regular basis, I suggest to my readers that they cancel unused credit cards except for their oldest one. In fact, I often suggest that you reduce your credit cards to one or two that you use for regular purchases and your oldest one – cancel the rest. This advice is often criticized, so I thought it’d be fair to dig into the issue in some detail.

The “Facts”?

Many people who disagree with this advice point out that one of the elements of a person’s credit score is the debt-to-credit ratio. In other words, the more cards you have, the higher your total credit limit is, and thus your debt-to-credit ratio is better.

From that perspective alone, then it is a bad idea to cancel your cards. But that pulls just one fact out of a big handful of facts. Let’s look at some more.

No one knows for sure how FICO (or other credit scores) work. As I stated in an earlier writeup about credit reports, FICO’s exact formula is a trade secret. They reveal “tips” on how to improve your score and have offered this as general guidance on what makes up your score:

35%,- punctuality of payment in the past (only includes payments later than 30 days past due)
30% – the amount of debt, expressed as the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)
15% – length of credit history
10% – types of credit used (installment, revolving, consumer finance)
10% – recent search for credit and/or amount of credit obtained recently

What do each of those mean? It’s not clear – the best we can do is try to interpret them.

The types of credit used is a factor. If you have a lot of credit cards, you have a lot of sources of revolving credit, the worst kind. That hurts the portion of your score that evaluates the types of credit you’re holding.

Anecdotally, manual underwriters for home loans do not like to see lots of credit cards. When I applied for my home loan, I had two open credit cards – my oldest one and a general use one. The manual underwriter flat-out told me that such a status was a good thing because it showed consumer willpower and less risk that I’d be opening a lot of lines of credit. We ended up getting a very good rate on our home loan.

The more open credit cards you have, the greater the chance of identity theft. Identity theft is a serious concern, and the more open credit card numbers you have floating around at banks, the more likely you are to get bitten by an accident at a bank or unethical use of business records. While this is a small risk, if it does happen, it can be devastating.

A lot of available credit is a psychological temptation. It becomes much easier to just push the plastic and buy something if you have $15,000 in available credit on your cards. If you find it very easy to put purchases on your credit card and worry about the bills later, this is a real concern.

What Does This All Mean?

In a nutshell, it means that there is no definitive and clear answer about what to do. Since the exact formula for credit scores isn’t known, we have to make some guesses about what to do to maximize our credit scores while, at the same time, balancing our other risks.

If your primary goal is to raise your credit score by a few points, you’re probably better off leaving your cards alone for the time being. It keeps your debt-to-credit ratio in a good place, for starters.

However, if you’re a compulsive spender or you’re looking at getting a manually underwritten home loan soon, you should get rid of the extra cards, as other aspects present a greater risk to you.

By default, the best thing you can do is to only have a few cards to begin with and, most importantly, don’t put a lot of money on the cards. That way, your credit-to-debt ratio is good and you don’t have a lot of sources of revolving credit and you don’t have a lot of credit numbers sitting out there, either. Because of that, when people begin paying off their cards and getting into good financial shape, I believe it makes sense to gradually cancel your unused cards.

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49 thoughts on “Should You Cancel Your Unused Credit Cards or Not?

  1. Heidi says:

    You acknowledge that length of credit history makes up 15% of your FICO score – if you’re going to cancel cards, don’t cancel the ones you’ve held the longest (unless there is negative payment history associated with them). You will see your credit score drop significantly if you cancel long-open, paid-as-agreed lines.

    Last year, I had a client who’s score went from 720 to 640 and the only thing he did was cancel his two oldest cards. He is paying 1.25% more on his HELOC now because he cancelled credit cards. I have seen this time and again (especially when someone wants to refinance a fixed-end loan and are counting on their credit score to be the same as it was when they did the orignal loan).

    If you are on the fence between “excellent” and “good” credit, having long standing accounts open will make the difference.

    If you’re going to be making any large credit purchases (home, new car, etc) in the near future, I strongly advise against closing credit accounts. Pay them down, but don’t close them out.

    Just my two cents.

  2. not al gore says:

    Yes you should cancel an unused credit card if there’s so much on it that makes you exposed. This is usually ~35% of your income. But when you do, don’t cancel them all at once spread them out no faster then 1 card every two months.

  3. Frugal Dad says:

    Great advice, Trent. I recently wrote a similar article and pointed out that canceling your oldest credit cards would shorten your length of credit history. Working in reverse order, canceling your newest card would extend it, and that makes sense assuming your oldest card has one of your better rates, and charges no annual fee. If that’s the case, hang on to it until you are debt free with a healthy emergency fund.

  4. Mrs. Micah says:

    I agree with Heidi. If you’re not going to cancel them all, cancel the newest not the oldest!

    And FICO be damned, if you can’t stop using them don’t have them. But if you need a little help, consider freezing them in a blog of ice like Lynnae @ Being Frugal did. :)

  5. Andy says:

    I agree with everyone here, don’t close your oldest credit cards, I recently closed a credit card but it was my target credit card which was my newest one so it did not effect my fico score.

  6. Kim says:

    I think the rationale of avoiding identity theft makes the most sense. It’s a cost-benefit scenario. Too much emphasis is placed on the almighty FICO score.

  7. Laura says:

    I’m going to cancel one of my cards because it’s a store card with no benefits. I used it to get my husband’s wedding bad. I paid it off before the 0% deal ended. It’s less than 2 years old.

  8. Lurker Carl says:

    My advice is to leave the credit lines open. Just about everybody is tapping your FICO score to form an opinion about your trustworthiness. Credit history and debt to credit ratio will take a hit if you cancel zero balance cards since these two criteria equal 45% of your FICO score.

    Number of open credit lines will not greatly increase your risk of identity theft. Most cases of ID theft are internal, family or friends latching onto your personal info and opening lines of credit without your knowledge. These thefts are difficult to challenge and will ruin your FICO score because you are unaware of the damage until bill collectors start calling.

    External threats typically purchase items on a credit card you’ve recently used. Beware of restaurants, gas stations and other establishments where your card will be out of your immediate control for the purchase transaction. Such transactions will appear on your monthly statement and can be easily challenged.

    If you’re spending more than you make, I’m thinking your cards are maxed out and this isn’t very high on your radar.

  9. Lurker Carl says:

    I forgot, cancel the cards that charge an annual fee!

  10. debtdieter says:

    In Australia it’s total available credit that impacts you, so here it’s best to cancel all cards you no longer use, regardless of when you opened them.

    I believe debt to available credit is a factor too?

  11. Laura G says:

    I really like the idea of keeping the oldest credit card, but somehow that wasn’t an option for me…

    As a grad student, I opened a credit card through my bank and my father agreed to co-sign for it (a generous leap of faith, but not a problematic one since I paid it off every month). A few years later, I got a full time job and asked my bank if my father could be removed as a co-signer. I was told I would have to apply for a new card and then I could cancel the old one. No problem, I figured.

    About a week later, not having heard any word on the new card, I used the old one — and it was denied. I called the company, who told me that I had cancelled it. No, I didn’t, I argued. Well, apparently when I applied for the new card, I automatically closed the old one, despite the new one not having arrived yet. That seemed *incredibly* problematic to me; what if I paid my rent or medical bills using that card? I was assured that no one had ever had a problem.

    Fortunately, my new card came a few days later, but as you can see, keeping my oldest card is not an option!

  12. !wanda says:

    What percentage of loans are manually underwritten? Does this only happen at small local banks?

  13. Lauren says:

    In the past I have done some work with Equifax and TransUnion (I’m a software developer–I wrote software for DELL, Volvo and several large banks dealing with their interactions to grab credit scores).

    The thing is that the credit unions don’t fully know *exactly* how your number is calculated. They kind of know, but so many things have been optimized and added to the code because there are just soooo many variables that go into it that there is really no way for them to know 100% how everything affects it. When they say “formula” they really mean the equivalent of easily 100,000 lines of code, which is the main reason it’s a trade secret. 100,000+ lines of code is real expensive to have written so you aren’t going to share it.

    So that’s why they can only give estimations on how to improve. I know that having very old cards with low (or zero) balances are a good thing. As Heidi said, the second you close the account, all the history associated with it disappears.

    However, all credit cards are not created equally. Too many independent store cards can hurt you and unless you are trying to build credit yo should definitely cancel those. But, having several major credit cards (Visa, MasterCard, etc) is suppose to boost your credit history, assuming that you have been dutiful in paying them on time–otherwise canceling them would be a good idea (back to 100,000+ lines of code…no straight answers because of lots of variables).

  14. Heidi says:

    @!wanda – very few loans are underwritten manually anymore (even my little bank uses an automated system for consumer loans). And getting an exception is getting increasingly difficult as credit is tightening.

    If you aren’t planning on borrowing anytime in the next couple of years, maybe your don’t have to worry about your FICO – but remember your credit score also impacts insurance rates and more employers are using it to screen job applicants.

  15. Bill says:

    It seems those worried about ID theft, but who don’t want to close long-held (but inactive) accounts should use one of the aggregators like Mint, or Yodlee to report _any_ activity on those inactive accounts.

  16. Wonko Beeblebrox says:

    Isn’t it striking that your actual income makes up no part whatsoever of your FICO score?

    Seems like a huge oversight to me…

  17. brent says:

    I can’t believe that people think that their credit SCORE is more important than their credit HEALTH.

  18. Lurker Carl says:

    @brent – Your credit score and credit health mirror each other. But since just about everyone now looks at your FICO score, that number is extremely important. Security clearances, employment, housing, utilities, insurance – all check your FICO score to determine how risky doing business with you may be. High risk prospects usually have lousy credit health and will pay for it dearly.

    This is nothing new, I used credit histories 25 years ago for qualifing renters. It’s a very effective tool to weed out deadbeats.

    @Wonko Beeblebrox – FICO measures your trustworthiness, little else. The lender is responsible to insure you have enough money repay.

  19. kitty says:

    @Lurker Carl – your post on the risk of identity theft mirrored the question I was about to ask. I think the risk of identity theft with an old credit card lying somewhere in your safe deposit box is a very minimal risk. Having said that, there are a couple of store cards I got to get a discount, then never even bothered to activate. Should probably cancel them just in case.

    Agree that good credit health mirrors credit score. For the most part – if one carries a lot of balance, he is likely to miss a payment at some point. Additionally, if one carries balance his utilization is high. But there are exceptions. The types of credit one has may make sense to FICO, but it doesn’t make sense to me. What if I paid off my mortgage, bought car for cash and always pay my CC balances in full? Why should my FICO be lower simply because I paid off my mortgage? OK, it is still high, but still it doesn’t make sense.

  20. Simple Tam says:

    I personally live by the advice given in the last few lines, have few credit cards to begin with. If you treat it as a debit card and keep paying it off as soon as you spend it, you will not have to worry about anything (of course, other than spending the money in the first place).

  21. I personally see no reason to cancel outstanding credit cards (hurts your FICO) unless you are seriously compulsive and totally unable to control your credit spending habits.

  22. MARK says:

    I have no debt and don’t need any credit so I don’t care what my FICO score is. I have a credit card for gas purchase and my wife has a Kohl’s card because she gets 15% off when she uses it. I pay myself car payments and then I have the money to pay cash for my next car.But I can see people worried about their FICO score if they have not purchased their house yet but other than that you should NEVER buy anything on credit that you can’t pay off at the end of the month.

  23. Lurker Carl says:

    @kitty – Even though you pay off your credit cards each month, FICO will catch the current purchases between payment cycles as your debit to credit ratio. It’s a snapshot of your outstanding balances at the particular moment your score is requested. As long as your FICO score is above 750, don’t sweat the details of car loans and mortgages as being penalties. No debt is better than having the perfect 850 FICO score! Everyone should strive for at least 750 so minor pings (excessive requests for your credit history, one late payment, a big credit card balance before the monthly payment hits, etc) won’t drop your score below the magic 720 level. The FICO algorithm isn’t perfect but it’s top dog right now.

  24. I’m just glad I don’t have too many cards and accounts open that I would have to worry about them. So far, I haven’t canceled any cards I’ve owned for that very reason.

  25. Chipper says:

    Only poor people worry about their FICO score. Want to stay poor, then keep your credit cards open forever so that your FICO is a few points higher.

  26. J. says:

    should point out that Fair Isaac says they’re modifying the FICO algorithm… interesting to see how much they’ll reveal. one bit i’ve dug up is that they will now ignore any accounts for which you are an ‘authorized user’ rather than an account holder. WSJ story gives more info:

    http://online.wsj.com/article/SB119802346920538029-email.html

  27. Greg C. says:

    The way I look at it, if a card doesn’t have any fees I don’t mind keeping it open for as long as they will keep it open ( some will cancel after 6-12 months of inactivity; others I’ve had 10 years with no purchases and are still open).

  28. riley says:

    What is amazing to me is that if you pay off your mortgage, then your FICO score drops when you no longer show an outstanding mortage on your current credit record.

  29. Credit says:

    As stated in a previous post, I feel this is poor advice. This is one of the best personal finance blogs around with a wealth of great information, but I do not believe this approach is best. The best approach is first to not to abuse credit. If you lack the self control to use credit cards responsibly, you will be better off with a ding on the credit score than an army of collectors following you. Since the FICO score is the result of a risk model with real data, logical inferences do not apply. The percent contribution breakdown you provide oversimplifies the model because there are interactions between variables and the use of scorecards means your score could change unpredictably if you switch. For instance, if you have good credit for someone with a bankruptcy, your score may drop when accounts included in the bankruptcy drop off of your report because your risk is then compared to a population without a record of bankruptcy. Other events including closing old accounts could change your scorecard. For secured loans, the standard is rising to 750 or even 760 to qualify for the best rates. Closing a card before applying for a mortgage is likely to induce a score drop below this threshold for many people — in essence costing people thousands of dollars. Manual underwriting usually only occurs for those who have borderline poor credit or the internal computer models raise a red flag. Perhaps there was evidence of your past spending behavior in the data set used to evaluate your creditworthiness. These manual underwriters frequently provide advice that will cost you money on a future home, insurance, and may influence employment because they do not understand the risk model. Also, I think it is important to distinguish between credit card fraud and identity theft. Identity theft is typically when someone assumes your identity using your social security number or other personal information, whereas credit card fraud would occur if someone obtained your credit card number or one of those stupid balance transfer checks they send once a week for many cards. Your social security number may still be stored in a credit card company’s database even after you terminate a business relationship with them.

  30. Trent says:

    Credit wrote “The best approach is first to not to abuse credit.”

    That’s, uh, exactly my conclusion. I guess you didn’t read the post. My last bolded sentence was “the best thing you can do is to only have a few cards to begin with and, most importantly, don’t put a lot of money on the cards.”

  31. It would be interesting to see an article with tips on how to cancel your credit cards.

    It seems as that it is as difficult to cancel them as it was easy to get them.

    Best Wishes,
    D4L

  32. @Lurker Carl – “This is nothing new, I used credit histories 25 years ago for qualifing renters. It’s a very effective tool to weed out deadbeats.”

    I don’t disagree, but how does canceling a credit card make me a “deadbeat”? I have perfect credit with 10+ year credit history, not a single late payment (nor judgment, payoff, bankruptcy, etc.), almost no debt (less than 1% of available credit), and many open accounts of different types. If canceling a credit card caused a prospective landlord to even raise an eyebrow because it dropped my score by a few points, I will look elsewhere (my city has very high vacancy rate so I can be very picky) because I would take that as a major warning sign: unwillingness to dig into a credit report and just blindly look at the score, probably indicates a landlord who will just put some paint over the ceiling to make a leak go away.

  33. KC says:

    I’ve had a card that was never activted be a victim of fraud. My husband was sent a card to replace one he used years ago and that we no longer use. We put it in a safe place and never activated it. Then we got a call about 3 months later that someone had made several large internet purchases. It had to be internal fraud cause we had not used that card in 5 years and we hadn’t even activated the current card.

    Instances like that make me want to cancel all my unused credit cards. Fortunately my oldest is one I still use frequently – so it won’t be cancelled. But the others I am going to cancel one by one every 2 months or so. It shouldn’t reduce my score too terribly. Besides, I just refinanced and I have no other loans outstanding (and won’t be taking on any). So at this point my FICO score is irrelevant to me and should be for a few years.

  34. Ryan S. says:

    Solely because of the concern of taking a FICO hit, I have two credit cards that I haven’t used in years (and I really do mean years) that I haven’t canceled. No fees on them, no balances on them, no nothing. Kind of silly. Maybe after I finally get the house and mortgage I really want, they’ll go away.
    -
    Ryan
    http://uncommon-cents.net/

  35. one of nine says:

    Hi Trey, how bad is it if you have a couple credit cards with larger balances that are taking a while to pay off? I have two cards with a total of $12,000 that we just haven’t been able to pay down (my husband and I have both started businesses, his family is in Brazil, we’ve made a couple of “emergency trips” there when his grandma was in poor health). I have three other cards which I put small expenses on and pay them off in full every month. But these large sums we are struggling with. I am sure it is bad to have so much debt on two cards (stagnating for almost two years– we’re paying little more than the interest on each one every month.

    I’m sure this is affecting my credit score– but I don’t know how to resolve it (other than being ad frugal as possible and praying for business to pick up). Any comments would be welcome!!!

  36. Credit says:

    Indeed, I read the post. If someone is so irresponsible that they can not handle having a credit card, then they have a deeper issue to be addressed. Canceling the credit card does not solve the underlying problem. That was my point and it’s distinct from your post. I would never recommend that someone pare down their credit cards to 1 or 2 right before they apply for a mortgage. The risk model rewards having a strong data set that demonstrates responsibility (more than 1-2 cards, long history, etc). I believe this is extremely poor, misguided, and potentially expensive advice. The rest of your advice is great and I think you do a great job of explaining complex issues clearly.

  37. !wanda says:

    Obviously, if you want to borrow money, the lender ought to look at the FICO score- it’s designed to measure creditworthiness. I’m not so convinced that the raw score is a good measure for the other sorts of people who want to know it nowadays, like landlords, employers, and insurance companies. A very poor score ought to raise red flags, but if I were a landlord, I’d prefer someone with no debt to someone with debt and a slightly higher FICO score.

    Indeed, my boyfriend and I been applying for apartments lately in a very competitive market (San Francisco), and landlords always ask for our credit reports. Our FICO scores are not as high as they could be, since we always pay off credit cards and we’ve never had any other type of debt, but it turns out that’s OK because nearly all of them are happy with the free credit reports that you can get over the internet, which don’t have scores. I guess landlords are happy with that, since we’ve been offered two apartments so far, which is pretty good when you consider that maybe 10 people apply for each one.

  38. !wanda says:

    Also, does anyone know how credit card companies set their limits? Across the two cards that are mine exclusively, my combined limit is very close to my annual income, which is ridiculous. The vast majority of that limit comes from the cards giving me a high limit initially and then, without input from me, upping it every year. I understand that a high limit is good for my credit score, but I’d like to know what these companies are thinking.

    Credit card companies used to be much more conservative. My father said that he was so proud when he was 30-something and Amex finally decided he was credit-worthy enough to sent him an application for a card. I’ve been getting them in droves since I was 16. Has the market changed, or have credit card companies just figured out how to make more money off of people in debt?

  39. Scott says:

    Credit said, “The risk model rewards having a strong data set that demonstrates responsibility (more than 1-2 cards, long history, etc)… …I believe this is extremely poor, misguided, and potentially expensive advice.”

    I think you’re both saying about the same thing. I don’t think Trent said 1 or 2 cards; in fact, he emphasized “only have a few cards to begin with”.

    I don’t claim to be a pro at this game but I have done my best to maintain good credit and have followed a methodology pretty close to the one recommended here (beginning before I began lurking here). I’m currently sporting a 770+ score; a recent home purchase bumped me up 20+ points. I wouldn’t say Trent is giving extremely poor and misguided advice. You sell Trent short with such an offhand statement. Many folks would do well to heed what they read here.

  40. Margaret says:

    Cancelling a credit card with a poor payment history DOES NOT erase it from your credit report. It will still show up as a closed account on your credit report. You still have to wait the 7 years before it drops off. I don’t know if having it closed versus open helps your score, but the negative information will still be there.

  41. Lurker Carl says:

    @Frugal Bachelor – Deadbeats are folks that don’t pay their bills. Canceling some unused credit cards does not make anyone a deadbeat unless they were written off by the bank as uncollectable. So I don’t understand how you connected the dots. Anyway, I’ll attempt an explanation to clarify my situation.

    My rentals were in Baltimore, a city with very low rental vacancy rates and very high drug/alcohol dependancy rates. It is estimated about half the adult population are alcoholics and drug addicts. In a social climate where most potential renters have chemical dependancies, not verifying information on applications is financial suicide.

    Checking credit histories has nothing to do nitpicking over several canceled credit cards. It has everything to do with deciding which applicants are most likely to pay the rent in a timely manner. Financially responsible tenants are more likely to keep the property in good condition and not convert it into a meth lab or crack den. Unfortunately for most landlords, the best renters soon become home owners – thus the search for good tenants begins anew.

  42. It was only said once above so I just wanted to stress… DO NOT CANCEL all your cards at once. I did that…along with canceling my oldest card…. many, many years ago. As for the debate going on between Credit and Trent…. I was very stupid with my money when I was younger and I did open just about every card I could get my hands on. I was also very stupid when I canceled them all at once. I think this post was written for people who were like me but have gotten a hold on things. They may still have those cards sitting around from their “stupid” days too. So, we are not talking about irresponsible people,just people who made mistakes in the past. I think most people realize, I hope, that canceling credit cards is not going to fix their finances. I do believe you need to cancel unused cards for many reasons. I also agree with Dave Ramsey though that you should get to a point where you don’t care what your FICO is because you aren’t using any credit. Funny thing is, when you get to that point it seems like your score is just fine anyway.

  43. Credit says:

    The FICO score is a function of the probability you will default based on real data that were used to train the model. Much of the confusion arises because people assume that it’s a formula with points given and taken for each category or question like on the SAT. If you cancel credit cards, the model predicts that you are a higher risk because future data cannot be gathered for those tradelines. If you cancel credit cards, it is very likely that your score will go down, and it may be a long-term effect that you cannot recover from. My advice is distinct from Trent’s because I would recommend that people who have fixed their spending problems and become responsible with money to apply for more credit — specifically unsecured credit card tradelines with high credit limits. If used responsibly, this credit history will provide more data and reduce the model-predicted risk, hence increasing your FICO score. A robust, high FICO score is an extremely valuable asset that is often ignored. With the tight credit market we are entering this could be worth hundreds of thousands of dollars in decreased cost of home ownership, insurance, and even stable employment. I have learned a great deal reading about personal finance and I enjoy The Simple Dollar tremendously, but I had to speak up because I have a great deal of specific knowledge in this area.

  44. partgypsy says:

    Sometimes the choice is not purely financial but out of principle. I used to have 2 credit cards, but my oldest one (Capital One)which I never had a late fee, etc on almost doubled their rate in July 2007. They did not even give me an option to speak a real representative about this change, only giving an automated number if I wanted to decline the change (and thus cancel my card). So, I cancelled it. It did take them 4-5 months to finally close my account and actually spoke to me on the phone to talk me out of it, saying how this would hurt my credit, but no deal. I’m down to 1 card (which I don’t carry a balance on) and that’s fine with me.

  45. Natural Woman says:

    I agree, credit cards are good for nothing. Just a plastic crutch. Save your cash and you’ll have no need to borrow.

  46. Anna says:

    Wow, cool site. My husband sent a link to me and I’ve been browsing. I have two points to add to this discussion.

    Identity theft. Put a ‘hold’ on your credit. Each credit reporting agency has a different process to do this. But what this means is that no one (not even YOU) can get any credit in your name until the hold is removed. So if you have open lines of credit, if hold is put on getting any credit in your name, no company will allow credit to be issued to someone with a hold on their account.

    My husband and I have been paying off our cards. We are leaving our credit lines open to better our debt to credit ratio as well. Are we worried about using them again?

    Nope – we shredded the cards :) Can’t use what you don’t have. We didn’t shred all of them – still have our oldest card. And that one, while kept in a save place at home for emergencies, isn’t carried in our wallet.

  47. Brendan says:

    Hello,
    I have a credit card with a major back for more than ten years. They charge me $25.00 annual fee with 9.99 interest. I didn’t use that card for last five or six years, though I paid its annual fee every year. Now I thought to use that card and asked for new card. The bank say I have apply as for a new card all the info and the credit history. I don’t mind giving this info but I was pissed off and I demanded to pay me back all the annual fees you have collected for last five six years when it was not used. They are not ready to pay all five years but only the past payment. I demanded to send me written reason for the is not ready to do that either. Whom I could complain about this. Its like a theft from me. I paid that $25.00 annual fee thinking that I could use that card when I needed.

    To whom I could make a complain about this. Is there any other remedies I have for this. Any ombudsman to make a complaint? Please who ever have this info let me know.

    Thanks

  48. Ram says:

    Interestingly I have received a letter from the Citibank saying they are going to close my account around the end of this month if I don’t use that card. I hae not used it since April 2006 and the one prior that was sometime in early 2005 and prior to that was in 2004 (and it was around $5 or $10 once a year). I received this card about 8 years ago – a 2nd card I received afer I moved to the States.

    I still have the oldest card and I use it on groceries (approx $300 a month). I have another primary card and 2 other cards not used for a long time now.

    However, I haven’t heard that the credit card companies could close the account (with prior notice) if it was not used for long enough.

    :)

  49. Aw, this was an extremely nice post. Taking the time and actual effort to generate a
    very good article… but what can I say… I put things off a whole lot and never seem to get nearly anything done.

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