7 Ways to Wreck Your Credit – Putting Your Credit Cards in the FreezerPosted on October 12, 2009

Consumers shouldn’t close their credit accounts in good standing. And putting them in the freezer in case of an emergency also may backfire.

Creditors hate to lend just anyone vast sums of money. Most recently, lenders have taken a use-it-or-lose-it attitude–preferably lose it.

Consumers encounter two pitfalls if creditors close accounts for non use: The available credit is pared down, and those accounts no longer contribute to their credit histories.

If an open account is unused for a long enough period of time, the company can stop reporting it to the credit bureaus. If the account goes unreported, that account is not contributing to your available credit, which affects your credit utilization ratio.