3008: Should I Have Closed My Credit Cards by Sam of Financial Samurai on Financial Wellness

Optimal Finance Daily - Financial Independence and Money Advice

Optimal Living Daily LLC

Investing, Business, Education, Self-improvement

4.4 • 1.3K Ratings

🗓️ 17 January 2025

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 3008: Sam from Financial Samurai explores the consequences of closing credit cards, sharing personal insights and practical advice to safeguard your credit score and financial health. By understanding key factors like credit history, credit line usage, and account management, you can make informed decisions about whether to keep or close your credit cards. Read along with the original article(s) here: https://www.financialsamurai.com/should-i-close-out-my-credit-cards/ Quotes to ponder: "To build a good credit score, you need to prove you can handle credit!" "If a credit card doesn’t have an annual fee, I see little reason to close it unless, of course, you think it will tempt you to overspend." "Work on kicking your addictive habits first, before using a credit card." Join 250K readers (20% of which have hit 7 figures) who are already building a brighter financial future - subscribe now. Sign up at readthejoe.com/subscribe-swap Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This episode is brought to you by Sun Express Airlines.
0:04.6	Looking for an affordable escape for the whole family, Sun Express has you covered.
0:09.9	Early birth deals to Turkey start at just 5999, fly non-stop to Sanyantalia or Scenic Ismia.
0:17.5	Perfect for making family memories.
0:19.8	These low fares won't last long. So book now,
0:23.0	tan later at sunexpress.com and secure your seats today. This episode is brought to you by
0:31.3	Curry's Business. Whether you run a bustling cafe, a busy office or an inspiring classroom,
0:36.8	Curry's Business has the tech for your
0:38.4	2025 business plans. Upgrade with their January epic deals with up to 40% of hundreds of products.
0:45.2	From laptops to TVs, connected mobile to coffee machines. Shop at business.curries.com.
0:50.8	UK, visit your local hub or call their UK-based specialist business center. Currie's
0:56.0	business, powering your business in 2025. This is Optimal Finance Daily. Should I have closed my
1:03.7	credit cards by Sam of Financial Samurai.com. Are you wondering, should I have closed my credit cards?
1:13.3	By closing your credit cards, you may negatively affect your credit score. Let's discuss more in this post I wrote after I closed my
1:19.1	credit cards. I did some spring cleaning the other day and found two credit cards in my drawer,
1:24.1	which I totally forgot I had. One was a Home Depot credit card I got three years ago
1:29.3	at the checkout counter because I could save 15% off my $3,000 purchase immediately. The other card
1:36.3	was a Banana Republic credit card that I applied for also three years ago to save 10% off my
1:41.7	$1,300 purchase of a couple new suits, shirts, and shoes. Both cards have
1:46.8	zero balances and neither have been used since the initial purchase. My first reaction was,
1:52.1	I should have closed these credit cards three years ago. It's not worth having credit cards lying
1:56.7	around that aren't being used. I don't want to risk someone getting a hold of them and going crazy
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Optimal Living Daily LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Optimal Living Daily LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.