We Have a Credit Card That We Do Not Use and the Bank Is Going to Cancel It. Should We Care?


Welcome to Ask Clark, a column designed to answer your financial questions by money expert Clark Howard.

Should I Let the Bank Cancel a Credit Card I Never Use? Will It Affect My Credit Score?

Debra in California asks: “We have a credit card that we don’t use. The bank is going to cancel it in 15 days unless we use it. If we let that happen, does it affect our credit score? By the way, we’re in our 70s and aren’t really interested in borrowing money.”

Clark’s Take on Whether You Should Let the Bank Close an Inactive Credit Card and How It Affects Your Credit

Clark says: “Just do a simple transaction. Do a charge somewhere. It can be very small, for lunch or something. Just charge something to it; go buy gasoline. Keep that card active and available in your mix. Because yes, that account being closed can affect your credit score in a major way and a minor way. The major way accounts for roughly 30% of what makes up your credit score.”

Learn more about what to consider before you cancel a credit card in your wallet here.

To hear Clark’s full take on this question and many more, listen to the full episode here:

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