Advice, cancel card?

[Jimmy9224]

Hello everyone! Thanks for reading in advance.
I have a Macy's card that I opened on August 2011 with no actual limit though on my report it states it's a revolver account.. I don't want it affecting my score if I cancel it.. I actually opened the card because my gf pleaded and I gave in :\ I use the card rarely like once every month to keep it active and PIF every month. It has a 0 balance.. Should I just keep the card in my drawer and keep my socks warm or just cancel it? Its definitely not helping my score because it doesn't report a limit.. I believe Macy's assigning credit limits to every account this year, should I wait for that so my utilization can go down? Any advice would help! Thanks

[LS2982]

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@Jimmy9224 wrote:
Hello everyone! Thanks for reading in advance.
I have a Macy's card that I opened on August 2011 with no actual limit though on my report it states it's a revolver account.. I don't want it affecting my score if I cancel it.. I actually opened the card because my gf pleaded and I gave in :\ I use the card rarely like once every month to keep it active and PIF every month. It has a 0 balance.. Should I just keep the card in my drawer and keep my socks warm or just cancel it? Its definitely not helping my score because it doesn't report a limit.. I believe Macy's assigning credit limits to every account this year, should I wait for that so my utilization can go down? Any advice would help! Thanks

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I would wait for the limit to start reporting, It's supposed to happen soon.

[boomhower]

I wouldn't close it.  It's not costing you anything to keep it open and if/when they start reporting limits it will help.

[FrugalRican]

The important question is: Do you shop at Macy's?

[LS2982]

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@boomhower wrote:

I wouldn't close it.  It's not costing you anything to keep it open and if/when they start reporting limits it will help.

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+1

[atarvuzdar]

I don't think it hurts to hold onto the card. There's no annual fee and eventually it'll show a limit which will help your util%. And even if you think it's not helping your score, I'm of the opinion that all good tradelines (no lates, etc.) help cushion your score in case a baddie occurs elsewhere, not to mention as the account ages it'll start helping in that regard as well (while closed accounts continue to age on your report, they drop off at the 10 yr mark--keeping it open longer will keep it on your report longer!).

[Jimmy9224]

Thank you all! ill keep it in my drawer, I do not actually shop at Macy's, maybe buy a ralph lauren t shirt or shorts.. but thats just to show usage. Good thing they do not charge interest on 0 balances or have an annual fee.. forgot about that  

[Wolf3]

You consider "Once a Month" as rarely?  

[Jimmy9224]

Wolf,
I mean myself, I use it once a month for my niece or nephew, rarely on myself.. Plus i get 25%off at jcp so I mostly go there