Is It Okay to Close Unused Credit Cards? A Comprehensive Guide to Credit Card Management

International humanitarian organizations claim they still encounter violence and practical challenges when attempting to provide aid throughout the famine-threatened region, following the death of World Central Kitchen aid workers in Gaza due to an Israel airstrike that drew international condemnation.

A week after the World Central Kitchen attack, UNICEF spokesperson Tess Ingram tells TIME over the phone from Rafah on Sunday about a terrifying and fruitless attempt to deliver aid to north Gaza. While waiting at a checkpoint, the convoy she was traveling in—which had been prearranged with the Israel Defense Forces—was caught in the crossfire. Although Ingram is unsure of the shooter, she believes the shots originated from the direction of the checkpoint, which she calculates to be less than a kilometer (about half a mile) away.

“The IDF works in order to prevent harm to humanitarian teams,” the statement from the IDF tells TIME after an investigation indicates that its forces “were not within firing range of the convoy at the time and place indicated and it was found that no fire was carried out at the vehicle by the IDF.” ”.

In response, Ingram states, “We believe it’s critical that an impartial inquiry be carried out in order to clarify the events that transpired and guarantee that going forward, we have the required security to provide aid.” ”.

The need is dire. One million people in Gaza face an impending famine, according to a warning issued last month by the global authority on food insecurity. The Hamas-run health ministry reported 28 children have died of malnutrition and dehydration as of April 12.

Despite the needs, more than half of recent requested aid missions to north Gaza were unsuccessful, the U. N. Office for the Coordination of Humanitarian Affairs reported. Between April 6, 2012, and April 7, 2017, Israel facilitated 2041 percent of the missions; the remaining 2041 percent were denied or impeded, including because of hostilities; in 2017, aid groups canceled most of the missions due to logistical constraints.

World Central Kitchen claims that it coordinated its movements with Israel prior to the military attacking its convoy on April 2, demonstrating that even well-planned missions can be risky. Following what Israel described as a “grave mistake,” seven aid workers died as a result, prompting President Joe Biden to issue an ultimatum to Israel: either increase food aid into Gaza and take action to protect civilians, or risk losing U.S. S. support.

In response, Israel declared it would create new channels for the entry of additional aid, including a crossing into the northern Gaza Strip. According to an email sent to TIME by COGAT, the IDF’s humanitarian branch, more than 300 trucks entered Gaza every day last week as part of an increase in aid.

Biden said Wednesday that the number of trucks was still “not enough. ” Data from UNRWA, the U. N. ‘s Palestinian relief organization only slightly increases (the organization counts trucks in a different way than COGAT, according to the Associated Press). COGAT accused the U. N. of failing to gather supplies, sharing a photo of goods stacked inside Gaza on X, and claiming that “the Israeli side is not the bottleneck.” ”.

The U. N. ‘s head has resisted, saying that workers are being threatened by bombardment and fighting because “the real problem is that the way Israel is conducting this offensive is creating massive obstacles to the distribution of humanitarian aid.” Since the war began on Oct. 7, 217 aid workers have been killed in Gaza, according to the Aid Worker Security Database.

UNRWA Commissioner-General Philippe Lazzarini wrote on X that “the increase in aid is not yet tangible, sustained or uninterrupted.” “Aid also needs to reach safely all those in need. ”.

Here’s what Ingram tells TIME about the challenges to delivering aid and the needs. The interview has been condensed and edited for clarity.

Navigating the world of credit cards can be a complex endeavor, especially when it comes to deciding the fate of unused cards. While the allure of a clean slate and reduced clutter might tempt you to close them, it’s crucial to understand the potential impact on your credit score before taking the plunge.

In this comprehensive guide, we’ll delve deep into the intricacies of credit card management, exploring the pros and cons of closing unused cards and providing valuable insights to help you make informed decisions.

The Impact of Closing Unused Credit Cards on Your Credit Score

Before we delve into the specifics, let’s address the elephant in the room: the impact of closing unused credit cards on your credit score. Contrary to popular belief closing a credit card can have a significant negative impact on your credit score, particularly in the following ways:

Increased Credit Utilization: Your credit utilization rate is the percentage of your available credit that you’re currently using. Closing a credit card reduces your available credit, which can increase your credit utilization rate and potentially harm your credit score.
Decreased Average Age of Accounts: The average age of your credit accounts is another crucial factor influencing your credit score. Closing an older credit card, especially the oldest one, can significantly reduce the average age of your accounts, negatively impacting your score.

However, there are some exceptions to this general rule. Despite the short-term negative effects on your credit score, you may want to close an unused credit card with a high annual fee or one that tempts you to overspend. Furthermore, compared to closing an older account, closing a recently opened card that you don’t use will have less of an adverse effect on your credit score.

When It Makes Sense to Keep an Unused Credit Card

In most cases, keeping unused credit cards open is the wisest course of action especially if you’re planning to apply for new credit soon. Here’s a breakdown of the situations where keeping an unused credit card open is advantageous:

Building a Longer Credit History: Keeping older credit cards open helps you build a longer credit history, which is a significant factor in determining your credit score.
Maintaining a Lower Credit Utilization Rate: Keeping unused cards open increases your available credit, which helps you maintain a lower credit utilization rate, a crucial factor for a healthy credit score.
Avoiding Negative Impact on Credit Score: Closing unused cards can negatively impact your credit score, especially if they are older cards with high credit limits.

If you’re concerned about the temptation to overspend, consider placing the card in a secure location, such as a safe deposit box, and only use one card for emergencies. Additionally, you can make a single recurring charge on your unused card, such as a monthly subscription, and pay it off automatically each month to keep your credit utilization low and your payment history spotless.

When It Makes Sense to Close an Unused Credit Card

Although the best course of action is usually to keep unused credit cards open, there are some situations in which closing one might be preferable. Here are the scenarios where closing an unused credit card could be beneficial:

High Annual Fee: If an unused card has a high annual fee that you can’t afford, closing it might be a wise decision despite the potential credit score impact.
Temptation to Overspend: If you’re struggling with overspending and the unused card is a temptation, closing it can help you manage your finances more effectively.
Newly Opened Account: Closing a newly opened card you don’t use will have a minimal negative impact on your credit score compared to closing an older account.

Consider carefully the possible effects of closing any credit card on your financial situation and credit score before making the decision. To make an informed choice, take into account the account’s age, credit limit, and spending patterns.

Additional Tips for Managing Unused Credit Cards

Here are some more pointers to assist you in efficiently managing your unused credit cards:

Monitor Your Credit Report Regularly: Regularly check your credit report for any errors or discrepancies that could negatively impact your credit score.
Keep Your Credit Utilization Low: Aim to keep your credit utilization rate below 30% to maintain a healthy credit score.
Make Regular Payments on Time: Ensure you make all your credit card payments on time to avoid late fees and negative marks on your credit report.
Consider Using a Credit Monitoring Service: A credit monitoring service can help you track your credit score and alert you to any changes.

Managing unused credit cards requires careful consideration and a balanced approach. While keeping them open generally benefits your credit score, there are exceptions where closing them might be the better option. By understanding the potential impact on your credit score and carefully evaluating your financial situation, you can make informed decisions about your unused credit cards.

Recall that obtaining favorable interest rates on loans, mortgages, and other credit products requires having a strong credit score. You can enhance your financial situation and establish a solid credit history by using credit cards responsibly.

Do you know what instigated it or where it came from?

I don’t know what instigated it. It appeared to be coming from the checkpoint’s direction, heading south, and it appeared to be directed at civilians, or what appeared to be civilians, who subsequently turned and fled in the opposite direction. I would say I saw a dozen (apparent civilians).

What happened on Tuesday at the checkpoint?

After receiving the all clear to depart rather late, we got on the road and headed up toward the Salah Al-Din checkpoint on the Wadi Gaza line. We were instructed to wait in the designated holding areas for convoys, which is not unusual. We were examining a mechanical issue with our car in that holding area when there was gunfire.

Why you should CANCEL your old credit cards

FAQ

Does closing an unused credit card hurt your credit?

Credit experts advise against closing credit cards, even when you’re not using them, for good reason. “Canceling a credit card has the potential to reduce your score, not increase it,” says Beverly Harzog, credit card expert and consumer finance analyst for U.S. News & World Report.

Is it better to close a credit card or leave it?

When possible, avoid closing your credit cards and look for alternative options to reign in your spending. If you are trying to save on interest, consider a balance transfer or 0% APR credit card. “In general, it’s a good idea to keep all of your credit cards open, even if you aren’t using them,” advises Tayne.

How many points will my credit score drop if I close a credit card?

While there’s truth to the idea that closing a credit account can lower your score, the magnitude of the effect depends on various factors, such as how many other credit accounts you have and how old those accounts are. Sometimes the impact is minimal and your score drops just a few points.

How do I close my credit card without hurting my credit?

“Ideally, if you want to protect yourself, pay every balance down to zero before picking the card you want to close,” says McClary. If your CUR is 0%, it’s still going to be 0% when you close a card. No jump in CUR or late payments means no credit score penalty.