Close Credit Card?

Pepperoni

When you have finished using a credit card and have absolutely no intention of re-using it (I don't even know where it is!), is it best to close it?

SeduLOUs

Depends. Is it your only card? What is your credit history like?

On the assumption that you have other cards that you use regularly and you already have lots of credit activity on your file you should probably close it.

If not, it might be an idea to report it lost, get a new card and do some minimal spending on it every month whilst paying the balance in full.

Thrugelmir

There's no benefit in having an unused credit account open.

saver861

Well if you have no idea where it is then at least contact them to put a stop on it or close it.

If it is used in a fraud and you have not reported it then you could find yourself in stook ...

Pepperoni

Thanks all.

I believe my credit history is good - and I have another credit card that is in use, so I'll close the one this post is about!

I've just misplaced it in the house Saver861

grumbler

MSE article:

• Old Credit Cards

saver861

Pepperoni wrote: »

Thanks all.

I believe my credit history is good - and I have another credit card that is in use, so I'll close the one this post is about!

I've just misplaced it in the house Saver861

Personally I'd still want to know it was lost 'safely'. It does not mean it can't find its way into the trash can or into the hands of the meter reader etc. (Not implying anything bad about meter readers ... lol )

One other point, if you don't have the card or the details, (presumably not) i.e number and security number, you will never be able to use it!! You therefore either need a replacement so that you can use it if you need to (thus fixing the security worry also) or cancel.