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Question By
StephSisco

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Should I close this card?
I have a credit card that I have had since 2010, It has no balance on it, and I have not used it since 2012. Is it a good or bad idea to close it?

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Yes, it is a BAD idea to close it.  Use it once a year and your score will improve.  Just charge a meal, tank of gas or something and pay it off.  Keep it alive because that good history is 35% of your FICO score, the largest percentage of all items used to create your score.

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Reply by
Addison170

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Oops, I had a slight mis-statement.  Payment history is 35% of your FICO score.  Credit history (how long you've had the account) is 15% of your FICO score.  

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So since how long I have had the account only contributes to 15%, how bad do you think closing it will be on my credit score?

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Reply by
Addison170

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I can't really assign a number to that, such at 10 points or whatever.  However, not only will you lose the credit history, but you'll also lose the payment history, which is 35%, so it could hurt quite a bit.  Also depends on whether or not you have other credit cards.  If you don't that's going to hurt in another area - mis of credit, which is 10% of your score.  So, it could add up to quite a hit all told.  You can visit www.credit.about.com for more info about credit scores, and best ways to improve your credit.  Best of luck!

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