Comments on: Will Closing Credit Card Accounts Help Your Credit Score?

By: Cheryl

Cheryl — Sun, 05 Dec 2010 19:10:54 +0000

I have a Bank of America credit card I do not use ever. They are charging me 1.50 per month to keep it. Over long term, I feel this is wasting money? i am considering my credit score which is near perfect at this time. I am 53 and my husband makes the money here. I work a bit from home. Should I cancel or just pay the monthly fee?

By: Kumar

Kumar — Wed, 21 Jul 2010 03:40:59 +0000

Sir,
Iam 50 years old Ihave three credit cards now Iam unemployed
I am unable to maint the card in my budget.
how to apply for my credit card cancel an dsend me to cancelation draft letter.

By: Aimee

Aimee — Mon, 24 May 2010 05:57:05 +0000

Thank you so much on your explanation of closing an account or keeping it open is good or bad. I have a better understanding of how a credit score is graded.

By: randal

randal — Thu, 07 Jan 2010 21:11:02 +0000

how do you feel about Dave Ramsey’s view of completely being debt free and not using any more credit and cash only?
i have found you cant get around without having use some form of credit.
the key is to learn to be responsible and learn to say no to buying impulses.

By: Ann-Marie Murphy

Ann-Marie Murphy — Thu, 29 Oct 2009 16:33:46 +0000

Hi John – Great question! I’d still recommend keeping the credit card account open, but charging small amounts on that card monthly to avoid the non-usage fees. For example, I have one credit card that I use just for gas. The monthly balance is never that high, which I always pay off in full, and it allows me to maintain my credit history on that card.

By: John Ireland

John Ireland — Thu, 29 Oct 2009 16:27:17 +0000

Recent news articles indicate bank credit cards will soon begin charging an annual fee in the range of $35 to $50 if credit cards are not used often enough. How would this change your advice?