Credit Tips: Cancel Unused Credit Card Account

Posted On: September 1, 2004

Author: TedGuest
Posted: Tue Jun 17, 2003 2:04 pm

I have a Citibank Mastercard that will soon give me a rebate I have earned. After that, I have no more use for the card (I have three other rebate cards besides this one). I have had it since March of 1991. They just raised my credit limit from $11,500 to $13,300 without me asking. If I know that I am not going to use it, would it be better (for my FICO) to a) Put it in the sock drawer, not use it, do nothing, and let the company eventually cancel it for non-use in a year or two. b) Actually cancel the card. c) Convert it to something like the Shell Mastercard, and only use it nine times a year for gas? (None of their other cards apeal to me). I use all kinds of gas, depending on who is cheapest, so I am not a Shell die-hard.

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