Comments on: What To Do With Old Unused Credit Cards http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html personal finance blog with anecdotes, advice and commentary. Sun, 12 Feb 2012 22:21:00 +0000 hourly 1 By: Maddi http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html/comment-page-1#comment-274925 Maddi Mon, 11 Aug 2008 19:24:24 +0000 http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html#comment-274925 I have a diners club card which changed to Diners/Mastercard and no longer provides 1st protection for rental car damages. I feel that I am being ripped off bu the annual fee because I specifically got this card for car rental use. If I cancel it my credit score will probably be hurt since I have the card for approx 20 years. However, I no longer want to pay the $80.00 annual fee and never use the card anymore. Why should I be forced into paying the card just to keep my credit score good. In ten years, I will have paid almost $1,000.00 to keep a card I never use. I also have other charge cards for a long period and have a very good credit rating. What should I do? I have a diners club card which changed to Diners/Mastercard and no longer provides 1st protection for rental car damages. I feel that I am being ripped off bu the annual fee because I specifically got this card for car rental use. If I cancel it my credit score will probably be hurt since I have the card for approx 20 years. However, I no longer want to pay the $80.00 annual fee and never use the card anymore. Why should I be forced into paying the card just to keep my credit score good. In ten years, I will have paid almost $1,000.00 to keep a card I never use. I also have other charge cards for a long period and have a very good credit rating. What should I do?

]]> By: Free Money Finance http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html/comment-page-1#comment-35986 Free Money Finance Fri, 27 Oct 2006 10:21:16 +0000 http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html#comment-35986 <strong>Star Money Articles for the Week of Oct. 23</strong> Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: AllFinancialMatters wants to know who pays $300 for a purse. MightyBargainHunter is working on setting financial goals. Five Cent Nickel offers thoughts on chec... Star Money Articles for the Week of Oct. 23

Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: AllFinancialMatters wants to know who pays $300 for a purse. MightyBargainHunter is working on setting financial goals. Five Cent Nickel offers thoughts on chec…

]]> By: Rob Carlson http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html/comment-page-1#comment-35798 Rob Carlson Thu, 26 Oct 2006 16:31:39 +0000 http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html#comment-35798 A safe deposit box is a great place for unused plastic. I know my bank offers boxes for $55/yr. A steal at twice the price. A safe deposit box is a great place for unused plastic. I know my bank offers boxes for $55/yr. A steal at twice the price.

]]> By: Mike http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html/comment-page-1#comment-35500 Mike Wed, 25 Oct 2006 12:34:32 +0000 http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html#comment-35500 Another factor in your credit score is your used credit vs. available credit. From what I've heard it's a pretty big factor too--if you're maxing out your credit your score is going to be a lot lower than if you're hardly using any. So if you keep your old credit cards active (but cut them up so you won't use them), you'd be improving your score. Getting your existing cards to raise your credit limits can give a similar benefit, and generally you can ask for an increase every 6 months or so. Also, until you've established a good credit rating, having additional credit lines will also help your score. If you have lots of cards that's not a benefit, but for someone relatively "new" in terms of their credit rating, adding lines may help. Another factor in your credit score is your used credit vs. available credit. From what I’ve heard it’s a pretty big factor too–if you’re maxing out your credit your score is going to be a lot lower than if you’re hardly using any. So if you keep your old credit cards active (but cut them up so you won’t use them), you’d be improving your score. Getting your existing cards to raise your credit limits can give a similar benefit, and generally you can ask for an increase every 6 months or so.

Also, until you’ve established a good credit rating, having additional credit lines will also help your score. If you have lots of cards that’s not a benefit, but for someone relatively “new” in terms of their credit rating, adding lines may help.

]]> By: jim http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html/comment-page-1#comment-35296 jim Tue, 24 Oct 2006 21:29:35 +0000 http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html#comment-35296 Randy, I've heard that same number (730) used as the top rung of the ladder as well from other sources (though I doubt there is any better source than someone who runs the loan department at a reputable bank). Randy, I’ve heard that same number (730) used as the top rung of the ladder as well from other sources (though I doubt there is any better source than someone who runs the loan department at a reputable bank).

]]> By: Randy http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html/comment-page-1#comment-35292 Randy Tue, 24 Oct 2006 21:08:06 +0000 http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html#comment-35292 This is off topic, but it brings up a question I've often thought about. How "good" does a credit score need to be? My sister-in-law runs the loan department of a branch at National City. She claims a score of over 730 offers all of the benefits that a perfect score offers (840?) Anyone know this for sure? That would certainly influence my attempts to arbitrage credit cards or open and close accounts regularly. This is off topic, but it brings up a question I’ve often thought about. How “good” does a credit score need to be? My sister-in-law runs the loan department of a branch at National City. She claims a score of over 730 offers all of the benefits that a perfect score offers (840?)
Anyone know this for sure? That would certainly influence my attempts to arbitrage credit cards or open and close accounts regularly.

]]> By: jim http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html/comment-page-1#comment-35278 jim Tue, 24 Oct 2006 20:27:22 +0000 http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html#comment-35278 Yes, it will hurt (if your average age decreases), but it will hurt less than canceling the cards outright because your overall credit limit will remain the same (thus your percent utilization won't change). It's all on a sliding scale of goodness to badness. :) Yes, it will hurt (if your average age decreases), but it will hurt less than canceling the cards outright because your overall credit limit will remain the same (thus your percent utilization won’t change). It’s all on a sliding scale of goodness to badness. :)

]]> By: rich http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html/comment-page-1#comment-35250 rich Tue, 24 Oct 2006 18:40:19 +0000 http://www.bargaineering.com/articles/what-to-do-with-old-unused-credit-cards.html#comment-35250 "If you have multiple cards from the same company, ask to roll your younger credit limits into your older card." I have 3 Citibank credit cards. If I ask them to combine the credit limits on my 2 newest cards to my oldest card, is that the same as cancelling the 2 newest cards? And if so, won't that hurt my credit score? “If you have multiple cards from the same company, ask to roll your younger credit limits into your older card.”

I have 3 Citibank credit cards. If I ask them to combine the credit limits on my 2 newest cards to my oldest card, is that the same as cancelling the 2 newest cards? And if so, won’t that hurt my credit score?

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