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Question By
1PrincessJAE

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Do I have to accept the new credit card once my current one has expired?
I think my credit card is doing more harm than good to my credit score. I was wondering if the bank sends me a new credit card once my current one has expired, do I have to accept it or can I just refuse it? I don't want a credit card anymore because I have a hard time managing it. If I had not applied for one, my credit score would be great because I have never been late paying my car note.

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Closing out your credit card may actually cause your credit score to decrease even further. When credit cards are used in a responsible manner, it actually builds credit and raises your credit score. You should really try to bring the balance under control. Your credit card utillization should never exceed 30% of your credit limit (don't ever max out your credit card(s) unless it is for a dire emergency).

Reply by
1PrincessJAE

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Thank you!!!!  I read here that having your credit card limit is also a good way to make the score higher so I did that yesterday.  I'll keep it active and just use it for emergencies...I've already taken it out of my wallet.

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If you have trouble managing it, put it away or on ice (actually freeze it in a block of ice) so you won't be tempted.  Do thaw it out and use it once a year for a small purchase, then pay it off right away.  That will help your scores go up.

Reply by
1PrincessJAE

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Thank you so much...that sounds like an excellent idea.  

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