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The conventional wisdom on credit cards is that it's good to keep them open for a long time. If you've picked out one of the top credit cards for yourself, then you'll probably want to use it for as long as possible. You may have also heard that this has a positive impact on your credit score.
While keeping a credit card account open is beneficial overall, there are potential drawbacks. If you've kept the same credit card for over 15 years, or you're curious about what could happen if you do, here's everything you should know.
It might not be the best fit anymore
One of my biggest money mistakes was using the same credit card for years after I'd built a high credit score. That card only earned 1 point per $1. I eventually realized that with my credit score, I could qualify for cards that earned twice as much back.
The credit card that was right for you 15 years ago may not be right for you anymore. You don't need to cancel it, but if any of the following is true, it's time to start looking for a new card to add to your wallet:
- Your credit score has gone up quite a bit.
- Your lifestyle has changed.
- Your spending habits have changed.
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It looks good on your credit history
It's true that having a credit card open for a long time helps your credit score. The length of your credit history makes up 15% of your FICO® Score. FICO® Scores are the most widely used type of credit score by lenders.
Your payment history makes up another 35% of your FICO® Score. So the longer you've been paying your credit card bill on time, the better your payment history will be.
If you've had a credit card open over 15 years with a spotless payment history, I'd bet that your credit score is in pretty good shape. After all, those two factors make up half your FICO® Score.
Your card's features could change
Credit card issuers sometimes refresh their cards or phase them out entirely. When you've had a credit card for a long time, it's possible that the card issuer could:
- Change the rewards rate
- Add new benefits or get rid of old ones
- Increase the annual fee
- Stop offering the card and transition cardholders to a new one
When your card goes through changes, that's a good time to consider if it's still worth keeping. Ideally, it will gain new features so you can get even more value from it. But if you're not as keen on the card as you were before, there's no reason to stick with it.
What to do with an old credit card you're not using
If you're not using an old credit card anymore, you have three options:
- Keep it open. If it doesn't have an annual fee, there's no harm in keeping your card.
- Ask the card issuer to downgrade it. Some card issuers will let you downgrade to a card with no annual fee.
- Close it. This is the best option if you're not using a card anymore, it has an annual fee, and you can't downgrade it.
There's a misconception that closing old credit cards will hurt your credit score. Luckily, that's not the case.
Credit accounts that are closed in good standing, meaning without any late payments, stay on your credit history for 10 years. Even if you close an old card, it can still help your credit score for those 10 years.
By the time the account comes off your credit file, you'll presumably have built up a long history with another card. Your credit score will be fine, so don't let that fear stop you from closing a card you don't need anymore.
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