Dear Liz: I kept a credit card that I no longer use because I’m afraid that canceling it will lower my credit score. I’ve had the card since 1983 and it appears on my credit report as my longest credit relationship.
I have other credit cards that I use regularly. I no longer have a mortgage. Should I keep the unused card?
Answer: Definitely closing the card will not help your scores, but it is impossible to know in advance how much they might be injured. This doesn’t mean you should never close a card, but you can consider alternatives, especially since it’s your oldest card.
Does the issuer offer another type of card with cash back or other rewards that you could use? If so, consider requesting a “product change” for the new card. This should preserve your long history with the account while providing you with a credit card that better suits your needs.
Liz Weston, Certified Financial Planner, is a personal finance columnist for Nerd Wallet. Questions can be sent to him at 3940 Laurel Canyon, No. 238, Studio City, CA 91604, or by using the “Contact” form at asklizweston.com.