Closing Target account/keeping it open?...need advice!
I'm a 20 year old college student. Last summer, I opened a Target credit account. I work there, and it enabled me to use my store discount. However, I rarely use it seeing as I only have a $200 limit. I have the card paid off, and am considering closing the account. I see no perks to keeping it around. I don't believe it will be a big hit to me, seeing as it is a small limit and has been open less than a year. I have other accounts that have been opened longer and with larger limits. I have nearly $9000 available to me. What do you think?
If I do close it, what is the procedure for doing so? I have never had to close an account like this before.
Re: Closing Target account/keeping it open?...need advice!
Sounds like you already understand the pros and cons. A young account, much younger than your AAoA (average age of accounts), with insignificant effect on your util --sounds like there should be no problems, either now or when the account stops reporting in 10 years.
I'd say that you should print off a statement showing a $0 balance, and I would also request that they send you a letter confirming that the account was closed with a $0 balance. Save both of these, because ya just never knew.
If you haven't already, read fused's "Closing Credit Cards", linked in my siggy below.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007