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I opened my first credit card over 16 years ago at Sears. After getting myself in severe credit card debt, I made it a priority to pay off all my cards including the Sears card about 6 years ago. I have not used the card since but kept it open because the credit history length helps my FICO score.
Suze Orman has been warning that in 2009 credit card companies may start closing accounts and reducing credit limits, should I be worried that Sears will close this account because I have not been actively using it? Should I charge something to keep it active or will that backfire as well and send a message to the other CCCs that I am charging new debt and could be in financial trouble? Any advice would be appreciated.
One more thing I forgot to mention. One of the reasons I didn't use the card again was because they wanted me to change from a Sears store credit card to a Sears VISA credit card and I didn't want the hassle. At the time I was really working on increasing my FICO score and I thought this meant I would have to close the store card in order to open the new VISA card which I figured would affect my score.
I will try to use the store card and see what happens. I really dont want to lose 16 years of credit history.
@Anonymous wrote:I really dont want to lose 16 years of credit history.
Keep in mind, if you close the account; your history will remain for 10 more years. But, I wouldn't close it. Heck, you might need a screwdriver some day and they sell good ones.
@Anonymous wrote:
Keep in mind, if you close the account; your history will remain for 10 more years. But, I wouldn't close it. Heck, you might need a screwdriver some day and they sell good ones.
I wasn't aware that the history remained for 10 more years. That is definitelty good to know. Also, good point about the screwdriver