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Message
Will Closing A CC Account I Never Use Lower My 816 Credit Score?
Posted on 12/19/16 at 7:49 am
Posted on 12/19/16 at 7:49 am
I have a Capital One Visa I haven't used in over 5 yrs. It just sits in a drawer. It's just a plain old credit card, no rewards or benefits.
I just checked my credit score with USAA's free service and I have an 816 credit score. I'm considering closing the Capital One account as I don't like just having an open account I never use. I'm scared that if some fraud happens, it would be a while before I even noticed.
I can deal with a credit hit as I'm not anticipating buying a car, house etc anytime soon. I'm assuming the score will eventually go back up? The capital one is my oldest card unfortunately, with the next oldest about 2 yrs younger.
What would y'all do?
I just checked my credit score with USAA's free service and I have an 816 credit score. I'm considering closing the Capital One account as I don't like just having an open account I never use. I'm scared that if some fraud happens, it would be a while before I even noticed.
I can deal with a credit hit as I'm not anticipating buying a car, house etc anytime soon. I'm assuming the score will eventually go back up? The capital one is my oldest card unfortunately, with the next oldest about 2 yrs younger.
What would y'all do?
10
Posted on 12/19/16 at 7:57 am to SirSaintly
quote:
The capital one is my oldest card unfortunately, with the next oldest about 2 yrs younger.
Yes it will go down.
quote:
I'm scared that if some fraud happens
Set up an alert if spending above $X occurs. Any spending will alert you immediately
Posted on 12/19/16 at 8:00 am to GenesChin
quote:
Set up an alert if spending above $X occurs. Any spending will alert you immediately
Do this for all your cards. I have mine set to where it sends me a notification on my phone every time the card is used.
Posted on 12/19/16 at 8:23 am to SirSaintly
Anyone know how long it would take for the score to go back up?
Posted on 12/19/16 at 8:39 am to AndyJ
With an 816 if you are dead set on closing it don't worry about how much it will affect your score. Really anything above high 700's is just bragging rights.
Posted on 12/19/16 at 9:02 am to SirSaintly
Leave it open as it gives you more options if you need them and keeps your total available credit higher and longest standing credit account open.
Posted on 12/19/16 at 9:16 am to oklahogjr
Keep it open and just make sure the card does not have an annual fee.
There are benefits of this:
- Keeps a greater line of credit in case of emergency
- Keeps credit history, extending length of credit lines which increases your score
Set an alert for if it is used otherwise just let it ride.
Closing a checking account is a different ball game than a credit card. No implication to credit score on that side.
There are benefits of this:
- Keeps a greater line of credit in case of emergency
- Keeps credit history, extending length of credit lines which increases your score
Set an alert for if it is used otherwise just let it ride.
Closing a checking account is a different ball game than a credit card. No implication to credit score on that side.
Posted on 12/19/16 at 9:30 am to SirSaintly
I'm surprised it hasn't been closed by the issuer. In my experience my cards have been closed after 2 years with no activity. I wouldn't close it since your average and oldest age of credit will go down and your utilization will go up. Both of which will hurt your credit. Your score is so high that the drop in credit won't matter though. If you have no plans to use your credit anytime soon you can look into freezing your credit to alleviate your concerns of fraud.
Posted on 12/19/16 at 9:31 am to SirSaintly
it will affect both credit history length, available credit, and percent usage of credit limit by cancelling it. Since it is your oldest card and never used it probably doesn't have a very high limit anyway so that wont matter too much.
But like others have said, with an 816 it won't drop it enough for it to matter.
But like others have said, with an 816 it won't drop it enough for it to matter.
Posted on 12/19/16 at 10:18 am to SirSaintly
Your average age of accounts is the biggest factor that plays into your credit score. No way you should close it. But monitor it periodically. Also, I would put a purchase or two on it annually to make sure bank doesn't shut it down themselves. It is highly imperative you keep your oldest account open. Especially when it costs you all of $0.
Posted on 12/19/16 at 11:32 am to SirSaintly
Yes, it'll go down but we aren't talking about anything outrageous here. I'm not familiar with USAA's score range and how your score compares but the drop is unlikely to be all that big.
You should always monitor open accounts regularly. It is not enough to set up the account to report transactions over a certain amount, maybe some unexpected minor fee gets charged that you overlook. I use Quicken to automatically download all transactions every week for all accounts, probably Mint does this too.
quote:
I'm scared that if some fraud happens, it would be a while before I even noticed.
You should always monitor open accounts regularly. It is not enough to set up the account to report transactions over a certain amount, maybe some unexpected minor fee gets charged that you overlook. I use Quicken to automatically download all transactions every week for all accounts, probably Mint does this too.
Posted on 12/19/16 at 11:56 am to SirSaintly
Had a CC company close a card I forgot I even had, because of lack of activity. Credit score 3 months later still 800+
Posted on 12/20/16 at 9:44 am to SirSaintly
A slight tick down won't make a difference with a score that high.
Posted on 12/20/16 at 9:09 pm to SirSaintly
Don't over think it. If you really dont need it or the credit line, close it. Your score is so high it won't matter. Plus that card closure will not hurt the average age of account in the short term.
Even though closed it will show on the bureau for years to come. By the time it "falls off" your regularly used accounts will be years older. You won't even notice.
Source : I have reviewed thousands of credit reports.
Even though closed it will show on the bureau for years to come. By the time it "falls off" your regularly used accounts will be years older. You won't even notice.
Source : I have reviewed thousands of credit reports.
This post was edited on 12/20/16 at 9:11 pm
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