If a credit card company cancels account because lack of use does it hurt my credit score as well?

My oldest credit card sent me a letter that they%26#039;re canceling my account due to lack of use. It was recommended never to close these accounts because closing hurts my overall credit score. I haven%26#039;t used this card in years. If they close the account, does it have the same effect of hurting my credit score as if I would have closed it?

If a credit card company cancels account because lack of use does it hurt my credit score as well?

It won%26#039;t be a true negative (bad credit). However, it%26#039;s good to have $0.00 balance cards open because they decrease the ratio of used credit to available credit.

Say you have 3 credit cards with $500.00 limits on each ($1500.00 available total). One is at $300.00, the next has $150.00 on it and the last has a $0.00 balance. Your debt to available credit is 30% (you should keep it at 30% or below). Now, if you remove the $0.00 balance card from your available credit your ratio is 45% (not so good...fico drooooopppppping).

If you do have a few credit cards with balances on them I would suggest that you ask them to not close the card and use it for something small and pay that off completely within 20 - 25 days depending on how long you have to pay it off w/out being charged anything extra.

If a credit card company cancels account because lack of use does it hurt my credit score as well?

Closing unused credit cards dowsn%26#039;t necessarily hurt. Lendors will look at the total amount you could possibly borrow in determining whether to loan to you.

If a credit card company cancels account because lack of use does it hurt my credit score as well?

I wouldn%26#039;t worry about it, but if you want to keep a card account open, its a good idea to make a charge on it once a year or so.

If a credit card company cancels account because lack of use does it hurt my credit score as well?

You should not be affected if you had a zero balance; however, you could always call a consumer credit agency to ask a general question and find out for sure.

I would ask the company why they decided to close the account. It shouldn%26#039;t matter how long you haven%26#039;t used it. It%26#039;s still your account.

If a credit card company cancels account because lack of use does it hurt my credit score as well?

yes honey sure do but dont worry you can alway repair it. im in the process of reparing mine now