If you are worried that a closed account will negatively affect your credit score, you shouldn't. There are a few general guidelines to keep in mind regarding how your score is calculated. First of all, 60 percent of your credit score is based on on-time payment history and the amount of credit you carry. The length of your credit history affects another 15 percent. My point is that paying on-time is by far a more important factor in determining your credit score than having an account closed. Additionally, an account that gets closed through inactivity can be re-opened by simply calling the creditor.
- My ex-wife took her maiden name back. She has opened new credit cards with my last name and address on them but hasn't lived at my address for three years. What can I do?
- If I buy jewelry online with a credit card, is the purchase insured if the jewelry does not arrive?
- I would like to replace a few high APR cards with better rate cards, but I know that we are supposed to limit how many cards that we have and closing them is a bad idea. What should I do?
- Are Discover Card credit cards any good?
- Is a credit score of 725 considered good?
- Which bank offers the best debit card?
- Supposing you have a perfect credit score of 800 or better; which credit card offers the highest credit limits?
- On a credit card application, can you include your spouse's income under household income? What about other people that live with you?