Will closing my Victoria's Secret credit card hurt my credit score?

B

BetweenSipy

New Member
I want to close my Victoria's Secret credit card. I have not used it in years. Will this hurt my credit score? The account is in good standing.
 
Ugh, tell me about it. Companies are notorious for quietly shutting those things down after you haven't touched them in, like, two years. You're totally right to ask are we even sure it's still active?
 
It might be advisable not to close the credit card, as it could potentially harm your credit history more than it helps. If you haven’t used it in a long while, the issuer may have already closed the account. Generally speaking, keeping the card open seems beneficial, as it contributes to your available credit and demonstrates the length of your credit relationships.
 
Closing it will lower your credit age.
That will hurt your scores.
You don’t have to close a card just because you don’t use it.
Swipe it once a year.
Just to keep the account active.
It is benefiting your profile positively.
 
I would not close the card. It’s valuable for credit history length and overall credit limit. Never close a card. Make one purchase every six months or annually and pay it off to keep the account active. If you need to use a card and can’t pay it immediately, a lower total credit limit will hurt your score more. Always aim for low or no utilization. For example, if your total credit limit is $10,000 and you charge $1,000, the impact is smaller. If you close a card with a $2,000 limit, your total limit drops to $8,000. That same $1,0 00 balance now represents a higher utilization percentage. More available credit means less impact when you use it. Still, never exceed 10% utilization if possible. Higher limits are useful in emergencies to minimize credit score damage. Maintain an emergency fund to avoid relying on credit, but if you must use a card, pay it off quickly. Never spend beyond your ability to repay. Interest will destroy you.
 
I advise against closing older credit cards, as this may negatively impact your credit rating, which is partially calculated based on the duration of maintained credit history.
 
I'd start by joining a credit union and getting one of their credit cards first, then after six months, I'd close it. There are plenty of credit unions in the USA that anyone can join for free. I was able to rebuild my credit because of secure credit cards from credit unions. Right now, I only have two credit cards from Capital One all my other cards are from credit unions.
 
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