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Closing New Store Card

New Visitor

Closing New Store Card

Approximately one month ago I opened a store credit card (GE Capitol Retail) to purchase a refrigerator with 12 months 0% interest.  
For a variety of reasons, I returned the refrigerator within a few days and recieved a full credit to the card.

The card arrived a few weeks ago, and I also just received my first statement showing the purchase, credit, and final ZERO balance with a $2,500.

 

My preference would be to close this store card but am hoping not to damage my credit score.

My credit score is okay, 705 as of a 4 months ago during my mortgage refinance.

 

Should I leave it open (never use it), or can I close it without fanfare?

 

Message 1 of 7
6 REPLIES
Super Contributor

Re: Closing New Store Card


demsa426 wrote:

Approximately one month ago I opened a store credit card (GE Capitol Retail) to purchase a refrigerator with 12 months 0% interest.  
For a variety of reasons, I returned the refrigerator within a few days and recieved a full credit to the card.

The card arrived a few weeks ago, and I also just received my first statement showing the purchase, credit, and final ZERO balance with a $2,500.

 

My preference would be to close this store card but am hoping not to damage my credit score.

My credit score is okay, 705 as of a 4 months ago during my mortgage refinance.

 

Should I leave it open (never use it), or can I close it without fanfare?

 


You have already taken the hit for it and it has no AF and I assume your CL is $2500?

I would keep it open and let it age. Which card was it?




Message 2 of 7
Valued Contributor

Re: Closing New Store Card

Leave it open, damage is done, GE is friendly with CLI's use the card, pay on time, and it will grow in a few months the card could double helping your average CL's and UTL. Then you wont have to open another card when the next major appliance goes out. 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 3 of 7
New Visitor

Re: Closing New Store Card

My apologies, no balance on the card but it has CL of $2,500. Does that change anything?

 

It's a Brandsmart card from CE Capitol Retail.

 

Message 4 of 7
Super Contributor

Re: Closing New Store Card


demsa426 wrote:

My apologies, no balance on the card but it has CL of $2,500. Does that change anything?

 

It's a Brandsmart card from CE Capitol Retail.

 


Nope, it probably could lower your overall util and possibly get you some points.

 

Take the card and put it away in a secure place and let it age.




Message 5 of 7
New Visitor

Re: Closing New Store Card

That is exactly what I will do.  Out of sight out of mind... and please don't jinx me...  all other appliances are working just fine!

 

I am paying my final payment on my car and will hopefully pay off a few other cards in the next few months so maybe that will offset any damage.

 

Thank you!

Message 6 of 7
Highlighted
Super Contributor

Re: Closing New Store Card

Demsa, welcome to the forums Smiley Happy




Message 7 of 7