Tradewinds eNewsletter

When you don’t use a credit card for an extended period, the issuer may close it or reduce the limit. They aren’t required to notify you in advance either. Closed or reduced lines of credit affect your utilization ratio, which is essentially the amount of credit you use versus what you have available. When a credit card closes, it potentially raises your credit utilization, which is evaluated for your credit score.

 

Credit history also plays a role in your credit profile. If a credit card that you’ve had for many years closes (whether by you or by the issuer), it could considerably impact your credit history. In addition, closed accounts can stay on your credit reports for as long as ten years.

 

To avoid your cards being flagged as inactive, use them every few months, even for small amounts. A passive method is to use your credit cards for recurring bills such mobile phone service, gym membership, steaming services, utilities, etc.

 

So, is it ever a good idea to close a credit card? If you find yourself paying more in interest and annual fees versus the rewards you receive, it may justify account closure. Just be mindful how long you’ve had the card and the credit limit attached to it, especially if you plan to apply for other loans in the near future. 

Our Fraud Prevention page is continually updated with the latest safety tips. Bookmark it and check it regularly to stay informed. 

Though PHEVs cost roughly $1,300 to $14,000 more than gas alternatives, they can bring fuel savings if your driving distance falls within their electricity range (20-40 miles) paired with regular charging. When shopping for a PHEV, choose the longest all-electric range. 

 

While new EVs can cost more than gas vehicles, used EVs are now narrowing the price gap, thanks to expiring leases. In addition, EVs offer long-term cost advantages with lower fuel and maintenance costs. If you have access to home charging (versus pricey public fast chargers), your savings improve when you charge during off-peak hours (essentially, charging overnight).

 

State and local incentives may stretch your dollar further, depending on your location. Check out DriveClean’s website to see what rebates may be available to you.

1. Plan ahead. Reduce food waste and impulse shopping by setting up a weekly meal plan to create your shopping list. See what’s already in the fridge and pantry to avoid buying what you don’t need. If you’re a regular at a particular shop, chances are you know the general layout, so organize your shopping list by section to avoid wandering and buying more than you intended.
2. Pay attention to per-unit pricing. While considering if an overall price is worth adding an item to your cart, checking out the unit price (by ounce, pound, etc.) is helpful, too. Buying the bigger package doesn’t always mean you’re getting more bang for your buck.
3. Embrace prep. Instead of pre-cut fruit and salad mixes, wash and cut produce yourself. Instead of pre-made meals, look up some easy-to-follow recipes using ingredients you already have, plan to buy, and will use repeatedly. Making a dish yourself also allows you to adjust to your taste preferences and dietary needs.