The general consensus on these boards is that if a credit card does not have an annual fee then there is no reason to close it. Be aware that some creditors may close a card for non-use after a period of time but some don't seem to care. I had a friend who pulled her report to find out that a store card she hadn't used in almost twenty years was still listed as open. I believe that FICO scoring discounts them out of the equation when they have become dormant but it still adds to your average age of accounts and helps there.
If she has a need for additional credit at some point in the future and the lender insists on closing accounts then so be it. But other than that I don't see it as a concern myself.
Starting Score: 500's
I would say, if she doesn't need it she should close it.
@HoldingOntoHope wrote:The general consensus on these boards is that if a credit card does not have an annual fee then there is no reason to close it. Be aware that some creditors may close a card for non-use after a period of time but some don't seem to care. I had a friend who pulled her report to find out that a store card she hadn't used in almost twenty years was still listed as open. I believe that FICO scoring discounts them out of the equation when they have become dormant but it still adds to your average age of accounts and helps there.
If she has a need for additional credit at some point in the future and the lender insists on closing accounts then so be it. But other than that I don't see it as a concern myself.
+1 You gave her really bad advice...
There's no way that I'd close an account that's been open since 1993. Best advice, ask her if its possible for her to charge a small item every six months to keep those accounts active.
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
@webhopper wrote:
@HoldingOntoHope wrote:The general consensus on these boards is that if a credit card does not have an annual fee then there is no reason to close it. Be aware that some creditors may close a card for non-use after a period of time but some don't seem to care. I had a friend who pulled her report to find out that a store card she hadn't used in almost twenty years was still listed as open. I believe that FICO scoring discounts them out of the equation when they have become dormant but it still adds to your average age of accounts and helps there.
If she has a need for additional credit at some point in the future and the lender insists on closing accounts then so be it. But other than that I don't see it as a concern myself.
+1 You gave her really bad advice...
There's no way that I'd close an account that's been open since 1993. Best advice, ask her if its possible for her to charge a small item every six months to keep those accounts active.
If she wants an Account Age boost, tell her to add some more Amex cards to her profile after her Amex is paid off.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
@Anonymous wrote:shes keeping, amex, macys (amex), chase freedom, BoA and credit union card for now.
I'm sorry to hear that, as I think she should have kept her store cards.... too bad for her.
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!