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My credit card company closed 2 of my cards due to inactivity. I discovered that another one (from another bank) closed my account in January for the same reason. Should I call them to reopen the accounts or should I just leave it alone at this late stage? One card I've had since 2001. The others since 1993 (my oldest account).
I don't have much credit card debt (practically zero) and I have a lot of available credit. My credit score last I checked was really high, but I don't really understand the formulas for FICO score. Will this hurt me? Will it hurt worse to reopen them?
Thanks for your help.
Hi beanball,
Closing your old accounts will shorten the length of your credit history, and thus adversely affect your FICO score. You should request your creditors to reopen the closed accounts. You can give the card issuer a written assurance that you will use the credit cards, at least twice a month. To know more about the factors affecting your score, you can read the article here on FICO Score.