What to do with credit card only used once in 3 years.

Goatface

Goatface

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got a reminded today, about 3 years ago was a terrible storm, we flooded and need a sunk pump. everywhere was sold out except tractor supply. anyway, they were running a credit card promotion spend over $100 and get $50 back as coupons, so did that. never got the coupons, never used the card again.
what is best credit score wise to do? just cancel it, keep it unused or use it once a year or so?
have 3 other cards, all with zero balances and not carried a balance in years. 2 i use often and get used about once a year which i only keep as had it for like 30 years.
 
fris

fris

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get on credit karma and see what your score it. it will tell you what is impacting your score. there's 6 things. if you cancel that card, you'll quickly lose your total available credit limit. in ~6 years, you'll lose the card's age as part of your average age of all credit accounts. if you carry a balance on other cards, losing this card will bring up your average credit utilization. these are minor. if you at least have 1 open card, and no balance, your score should be fine. missing a payment and/or having an account closed due to no payment will crush your score more than anything else.
 
BoozeCube

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Goatface said:
got a reminded today, about 3 years ago was a terrible storm, we flooded and need a sunk pump. everywhere was sold out except tractor supply. anyway, they were running a credit card promotion spend over $100 and get $50 back as coupons, so did that. never got the coupons, never used the card again.
what is best credit score wise to do? just cancel it, keep it unused or use it once a year or so?
have 3 other cards, all with zero balances and not carried a balance in years. 2 i use often and get used about once a year which i only keep as had it for like 30 years.
Click to expand...

Best thing to do with it, put some low cost reoccurring bill payment on it, set up autopayment in full each month.

Pretty much never close a credit card unless there is a good reason to do so. It lowers your total available credit, it can lower your average account age both which can lower your score to varying degrees.

No harm is keeping it open.. If you absolutely feel the need to cancel it as long as your other credit is in solid state it really won''t matter long term but short term you will be a drop in score that will probably bounce back after a few months.
 
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Hateyou

Hateyou

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Goatface said:
got a reminded today, about 3 years ago was a terrible storm, we flooded and need a sunk pump. everywhere was sold out except tractor supply. anyway, they were running a credit card promotion spend over $100 and get $50 back as coupons, so did that. never got the coupons, never used the card again.
what is best credit score wise to do? just cancel it, keep it unused or use it once a year or so?
have 3 other cards, all with zero balances and not carried a balance in years. 2 i use often and get used about once a year which i only keep as had it for like 30 years.
Click to expand...
I’m guessing your credit is very good? I’d just cut it up and cancel it myself. Shit like that doesn’t impact you much when you rarely do it. Or just leave it open and never use it. I’ve done both methods over the years and I’ve been 800+ credit every time it gets checked.
 
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Izo

Izo

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Eurocuckistan thinks you're all crazy.
 
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sleevedraw

sleevedraw

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The exhaustingly detailed answer to this question is that it will vary depending on the particulars of your credit report, namely how many other credit cards you have, whether the card you plan on closing is "older" or "younger" than your average age of accounts (AAoA), and what your total available credit is.

If you're one of the edge cases that already has 100k worth of total available credit, 20 credit cards, the card you're closing is less than your AAoA, and the card only has a 1k or 2k credit limit, the effect of closing it on your score will be negligible or maybe even slightly positive.

However, Booze's advice is sound for the vast majority of people who don't actively churn (and you seem to be one of those people with only 3-4 accounts). Keep it open; buy a pack of gum once per year.
 
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