I learned a lesson this week. I hate learning by experience.
I got a letter in the mail that a credit card I’ve had open for five years, with a substantial limit on it, got closed for inactivity. Now, I know that I should use my cards at least once a year, but this one totally slipped my mind.
I’m not looking forward to seeing what this does to my credit score. I don’t carry a balance on any of my cards, so my debt at any reported time is low, but my credit limit on all my cards was high. This cancellation has very much decreased my debt to credit ratio.
I’ve been considering opening a new card, finding one with some great benefits I would like to use. I guess now is the time to start my research.
I will probably also call Discover and see if they will increase my credit limit. Not that I will ever spend near it, but it would be good to have an increased amount of credit.
So everyone, if you have cards you don’t use and don’t want to see them closed, go buy some gum with them!