01-07-2010 04:20 PM
Back in 2004 I opened a store card at JB Robinson (then known as LeRoy's). I never ended up using this card and I never will. Is it a good idea to dispose of this card? Within the year I'll be applying for a mortgage, would this be a bad move at this time or actually improve my score getting rid of a non-major card?
01-08-2010 10:11 PM
01-09-2010 02:27 AM
IMO, this card is not hurting your score, so closing it won't improve your score.
You do have age on this card, though, so even if you don't plan on ever using it, it may be helping you (just a bit) due to its age.
I'd leave it alone, and allow it to die from "natural causes" (inactivity).
01-09-2010 10:42 AM
The card isn't hurting you. It helps your utilization percentage if you carry balances.
Be aware that any account you leave open needs to be monitored to make sure no annual fee or inactivity fee is generated. I had this happen once...missed an annual fee. Didn't know it until a 30-day late showed up and tanked my FICO. That's what got my attention. I paid the annual fee. I was lucky...the credit card company took the late payment off for me. I closed the account soon after.
Open inactive accounts can help you....but you need to monitor so that they don't hurt you. I'd leave it open and keep an eye on it.
01-21-2010 08:27 AM
Thanks for the responses.
To add some more information onto this subject, the card does not report properly (probably since I have never used it).
Status as of: Jun 2007
Date Opened: Apr 2004
Last Activity: Not Reported
Largest Past Balance: $0
Credit Limit: Not Reported
As of this point... since it's no longer reporting, it's not helping my account history (I don't think). It's also not a major credit card, just a store card. So in total I have 3 store cards which may not be helping my report.
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