It seems I'm not the only one on this. But I applied for a Macy's charge card and did check the box that says don't consider me for a visa. Unfortunately, I was being stupid and thought they did away with the normal charge card and so when I received the Visa (haven't received the charge card yet), I went and activated it.
Now I'm wondering what to do. The Visa is essentially useless to me. I won't be using it unless I force myself to. They have given me a nice $5K limit however. So my question is should I cancel it? Would it negatively impact my score if I close it? I have had an account closed by Macy's before due to nonpayments (which I corrected through GW letter). I suppose I could just sock it away. Right now, besides the Macys Visa,I have an Amex and another Visa. I was intending to apply for another card some months down the line. For now, I'm guessing having the Macy's card will help my credit score. But Is it a good idea to have more card accounts and credit available? Or is there a point where too much negatively impacts your credit score? Any advice? I've been pretty selective in terms of applying for credit cards and I don't want to seem like I'm applying for a lot of credit.
My CL on my storecard is $1K. So I can pretty much get by with just the store card. But I guess it's too late now. I guess I'll keep this card since it'll only help me lower my utilization. And then when I start accumulating more CCs I can cancel this one?