Should I keep a credit card open if I don't need it any more?

  • Are you planning to get any (other) credit in the near to intermediate future? Do you have any other credit cards or lines of credit available? Does it charge you a fee? – user296 Jun 22 '10 at 0:26

Generally, you should keep it open. There are, however, several situations where you wouldn't want to. Here are some things to consider:

  • Does the card have an annual fee? If so, and if you aren't getting at least the amount of the fee worth of benefits out of the card (airline miles, points, etc.) then you should probably cancel it.

  • Do you have enough self-control not to spend money you don't have? If not, then you should get rid of the card.

  • As previous answers have stated, canceling this card could impact your credit score negatively. An additional open credit card can effect your credit in two major ways:

    • change the average age of your accounts (older is better)
    • change your utilized credit percent (used credit / total available credit, less used is better)

    Canceling a card could negatively impact either of these areas of your credit profile.

  • +1 for the fee part especially. Don't keep a card with a fee if you don't need to. – MrChrister May 7 '11 at 19:11

If you've held the card for a while, and the card doesn't carry an annual balance, then hold on to it. The age affects your credit score.


If canceling the card will affect your debt ratio, don't cancel it. The debt you carry should be less than 30% of the total credit your have.

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