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Closing some of my store cards?

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Anonymous
Not applicable

Re: Closing some of my store cards?


@wasCB14 wrote:

I'd keep them, so long as you can monitor them. With FICO scores barely over 500, you still have a long way to go in rebuilding and I see no point in throwing away the chance to get more good history, especially when it doesn't involve any more inquiries or new accounts. "If you don't use it, then close it" seems advice more suited to someone with FICOs 200 points higher.


While showing responsibility and regular payments is important with rebuilding, you don't need a lot of cards to do that. The original poster has at least 3 other cards they use which will show that responsible payment history. Closing the unused cards frees up space and prevents possible fraud. And since the accounts all stay on credit reports for 10 years, they'll continue to increase the average age of accounts for a long time.

Message 11 of 15
GalaxyStars
Regular Contributor

Re: Closing some of my store cards?

Aslong as a barely used card does NOT charge a annual fee, i'm all for keeping it. Especially if its easier to keep tabs on the balance and statements.

Now if it's a store in which you really never shop at, or a store card that you really has go out your way to get use of then its not worth it and you should cancel it.
Message 12 of 15
Anonymous
Not applicable

Re: Closing some of my store cards?


@Meanmchine wrote:

What the hell, go hit the luv button on em.  Those that dont show you some lubbin close em.


 

Bingo!

Message 13 of 15
CreditUp26
New Contributor

Re: Closing some of my store cards?

I did the same as you when I started rebuilding, utilizing store cards to get going. It is a double-edged sword. They become your oldest, so the longer they are open the harder they are to close becaue they are old tradelines. Also, when too many random accounts are open it becomes hard to manager.

 

I would close the newest ones with the lowest limits. Leave your two (maybe three) oldest ones open for good. When I finally went through and closed down some of my accounts I actually got higher credit lines on my new approvals. Of course don't close them if it will shoot up your utilization but at $250 a card I don't think it'll matter much. 

Message 14 of 15
jeffery581
Established Contributor

Re: Closing some of my store cards?

re: I'd keep them, so long as you can monitor them. With FICO scores barely over 500, you still have a long way to go in rebuilding and I see no point in throwing away the chance to get more good history, especially when it doesn't involve any more inquiries or new accounts. "If you don't use it, then close it" seems advice more suited to someone with FICOs 200 points higher.

 

 

+1 Agreed.

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