Regular use of credit cards is vital to maintaining a high credit score, even for individuals with scores around 800. There are numerous rewards cards available offering attractive incentives like high cash back percentages, statement credits, and no annual fees. Successfully managing a credit card involves building a positive payment history while keeping older accounts active. Closing old credit cards can negatively impact credit scores by reducing the average age of credit and account age. Continuous responsible usage is essential for financial benefit and credit score sustainability.
It's hard to believe, but today there are credit cards offering up to 6% cash back, $200 statement credits, $0 annual fees, travel rewards, and more.
Once you have already achieved a great score, the advantages of looking for a great card and continuing to use it regularly for purchases are significant.
Earning a great credit score is not just something that you do once. You need to keep using your card and other loans responsibly.
Avoid closing down old credit cards as doing so could hurt your score by shortening your average age of credit and affecting your average account age.
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