Unused Credit Card, Close it out or leave it open?

[galaxyhi]

You have a choice, but be careful about it. If your next "newest" card is a long time after the best buy, then KEEP the best buy card. Use it once every 5 months for a small purchase and pay it off immediately. If your still thin on credit history, I'd keep it.

If you aren't going to by anything requiring credit {car, house} in the near future, then your score can 'repair' after closing hit you take, and then you can close it if you have a next newest card right along behind it or have about 5 years of credit history with another card...if NOT, I'd keep it OPEN and use it as noted above so they don't close it on you.

On the last hand, if there is no BB near you and you don't order online for them, and the car is useless totally to you, then close ti,just be aware of the hit you'll take.

Its up to you.

Best of luck in your wise decision.

[pit2atl]

close it.

6months to a year. Your credit score will jump back to where its currently at.

[rjm1cc]

Your credit score includes the utilization of credit. Thus the more cards you have the higher your total credit and the better your utilization so leaving the card open helps your credit score. But you probably would not be hurt by more than a couple of points if you closed it. However the length of time your credit report covers is also important so it the card is a lot older than the other cards I would keep it.

[ThugLyfe]

Originally Posted by MDrenter223

If it's an old card it could be worth keeping just to lengthen the average age of credit.

^^^This. If you are trying to maximize your FICO score every little bit counts.

[NewbieHere]

If you are not buying a house or car soon, then close it. Your FICO will take a temporary hit but it will son recover. I have close 6-8 credit cards recently, I opened them to get airlines reward mileages.