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that1redhead

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should i close an inactive credit card
I only have 2 credit cards. One is inactive. Should I close it? I don't even have this card so how can I close it?

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Typically, no

Helpful to 2 out of 2 people

If your intent is build credit "history" and in turn have or maintain a positive impact to your credit score, then, no - you would not want to close that old credit card account. It contributes positively to your current score in at least 4 ways:

-your available credit

-number of open accounts in good standing

-Low credit utilization

-long term history of good credit

If you close it, your average age of accounts may be shorter, your available credit will go down, etc.  So in most cases, it is better to keep accounts open longer and in good standing. Having said that, if your goal is to remove temptation, stop paying annual fees, etc.. then it may be better for your sitation to close that account. It all depends on your goal. Most people on this site are working on their credit score, so keeping the account and letting it build history is better than closing it.

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