Is it better to close my credit card I’m not using or just let it sit?
It seems natural to close a credit card if you’re not using it anymore. However, most times, it is actually beneficial to keep your account open. Your credit score is affected by how long you hold each card. Therefore, cancelling one may drop your score. If your credit card is not racking up any fees, try putting a small monthly subscription like Netflix on your card so that it doesn’t close due to inactivity. However, if your card has annual fees that you’d rather save, cancelling your card may be in your best interest.
You should not close a credit card without good reason, as it can affect your credit score. Having many credit cards won’t significantly hurt your credit score significantly if you handle them responsibly, but if you feel you really need to cancel a card, try to reduce all your credit card balances first to minimize damage to your credit score. For more information, make sure to check out this article:
Yeah, as mentioned by the people above, I think it can be beneficial to keep the credit card account open. Lenders value a strong credit and payment history, so it can be helpful to keep an inactive credit card account open. Anyways, there normally won’t be any fees associated with having an inactive card account, however rewards points may be forfeited if you are inactive for too long.