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New Visitor
Posts: 3
Registered: ‎09-11-2012
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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?

 

Super Contributor
Posts: 6,621
Registered: ‎04-07-2008
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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?




Valued Contributor
Posts: 2,218
Registered: ‎09-16-2011
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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. 

 

 

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New Visitor
Posts: 3
Registered: ‎09-11-2012
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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.

 

Super Contributor
Posts: 6,621
Registered: ‎04-07-2008
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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.




New Visitor
Posts: 3
Registered: ‎09-11-2012
0

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!

Super Contributor
Posts: 6,621
Registered: ‎04-07-2008
0

Re: Closing New Store Card

Demsa, welcome to the forums :smileyhappy:




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