Credit Cards

[kyobakes]

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.

Thanks!

Message Edited by kyobakes on 04-28-2009 02:40 PM

[haulingthescoreup]

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.