topic Re: UNUSED CREDIT CARDS in General Credit Topics

UNUSED CREDIT CARDS

TryingVeryHard — Fri, 16 Nov 2007 01:10:23 GMT

Will it hurt my score if I open an account with high credit limit, then not use it?

Re: UNUSED CREDIT CARDS

Anonymous — Fri, 16 Nov 2007 02:03:16 GMT

Your have to use it a bit- even if it's a cup of coffee every 3-6 months.

otherwise - only the INQ will hurt you or you are reducing your avg age.

@TryingVeryHard wrote:
Will it hurt my score if I open an account with high credit limit, then not use it?

Re: UNUSED CREDIT CARDS

Anonymous — Fri, 16 Nov 2007 14:17:18 GMT

TVH - yes, use it once in awhile. Although, umpteen years ago I received an offer from National Westminster Bank (don't ask, I never heard of them either) for a VISA card, which I accepted. They gave an initial CL of $2,500. Think I used it once or twice and then started receiving additional offers. Bottom line is I kinda forgot about the NWB card and I still have it all these years later and haven't used it in over a decade. But, it still shows every month, with a $0 balance and in good standing. But now, the CL is 50k.

Scoring may have changed since - the word now is to use a card at least quarterly to keep it active.

Re: UNUSED CREDIT CARDS

MidnightVoice — Fri, 16 Nov 2007 14:21:59 GMT

cobra19 wrote:

Scoring may have changed since - the word now is to use a card at least quarterly to keep it active.

Not just the scoring - some companies will make a card inactive after a year then it is still reporting, but if you try and use it they will do a hard pull on your credit

My gas card (no local gas stations any more) needs to be used once a year to stop problems. As it is so old and useful to my score, I make sure I do that.

Re: UNUSED CREDIT CARDS

Anonymous — Fri, 16 Nov 2007 16:11:02 GMT

MidnightVoice wrote:

cobra19 wrote:

Scoring may have changed since - the word now is to use a card at least quarterly to keep it active.

Not just the scoring -

MidnightVoice wrote:

cobra19 wrote:

Scoring may have changed since - the word now is to use a card at least quarterly to keep it active.

Not just the scoring - some companies will make a card inactive after a year then it is still reporting, but if you try and use it they will do a hard pull on your credit

My gas card (no local gas stations any more) needs to be used once a year to stop problems. As it is so old and useful to my score, I make sure I do that.

Yep, this happened to me last Sunday at Macy's. I haven't used card in years and when I used it to buy a crappy $20 shirt they pulled a hard inq without my knowledge! I am really mad about that!

Message Edited by scramblingin2007 on 11-16-2007 08:11 AM