We would like to remind our members that TowneBank will be closed on Monday, May 28th, in observance of Memorial Day. Thank you for choosing TowneBank!

Close Closing Message

What If You Always Pay Cash

A simple way to reduce debt is to stop using credit cards, but that could negatively impact your credit score. To stay “all cash” and maintain solid credit:

  • Don’t close credit card accounts. Closing the account reduces the credit available to you and impacts one of your important credit-scoring ratios. Even if you don’t plan to use the card, keep the account.
  • Occasionally use the account. Make a small purchase every other month, and pay the bill on time. That will keep the account active. If you want, put a recurring purchase (like a cell phone bill) on your card so the charge will be automatic.
  • Pay your bills on time. Whenever you have a balance, pay the bill on time. On time payments is a major contributor to a good credit score.

The information provided is not intended to be legal, tax, or financial advice or recommendations for any specific individual, business, or circumstance. TowneBank cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided for illustrative purposes only. You are encouraged to consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.