Sup peeps…I’m curious about how many “deep sleeping” credit cards you all have and what you plan to do about them. My Capital One QuickSilver card (1.5% cash back) has been sitting unused for a long time, and now my Wells Fargo Active Cash card (2% cash back) has just started to lose its shine since we’re seeing cards offering 3%, 4%, and even 5% cash back.
To top it off, I just found out that my Capital One 5% Walmart card is being converted to another 1.5% QuickSilver card!
What are your thoughts on this? Are you keeping your old cards, or are you planning to make a change?
I have six credit cards I don’t use and I’m just waiting for the banks to close them. I don’t think it’s worth my time to call and cancel them, so I’m okay if they close them for inactivity. I’m surprised at how long you can keep a card unused before a bank will close it. One of my cards hasn’t been touched in eight years, and the bank keeps raising my limit every couple of years, trying to get me to use it, even though the rewards aren’t great.
I have six credit cards that I don’t use, and I’m just waiting for the banks to close them. I don’t think it’s worth my time to call and cancel them, so I’m fine if they close them due to inactivity. I’m surprised at how long you can keep a card unused before the bank will close it. One of my cards hasn’t been used in eight years, and the bank keeps raising my limit every couple of years to try to get me to use it, even though the rewards aren’t great.
Right now, banks say I have too much credit and I don’t use enough of it, so I’m thinking about canceling some of my unused cards. Hopefully, that will help me get approved for future cards that I actually want.
That sounds like a smart approach! Keeping it simple makes managing your credit easier. It’s good to know that closing those unused cards didn’t hurt your score. Plus, knowing you can always reopen them if needed gives you peace of mind.
Just a heads up: credit card companies can legally close your account for inactivity after as little as three months, and they don’t have to give you any notice. If you want to make sure your account stays open, you can prevent it from being closed by making a purchase at least every two months.