Is it good to close 1 year old Retail Card?

[budugu]

Single biggest reason for me to close would be the pain to track that card ... just incase u make a small purchase /  they tack some fee of some sort ... keep track of the address changes if any etx. i would close it just for that. It happened to me with the sears card  

[sdadi9604]

Hello there,

I cannot say I am sure that I will not buy but the reason why I said that because I have a warranty which covers my furniture for next 7 years and and the warranty says that if they can't repair or solve the issue I have with my furniture they will replace the whole furniture with new one. And suppose if they don't have the same model after 5 - 7 years later I can choose any new model without any price difference.

[sdadi9604]

Hello there,

I don't have many cards to track. I just have 3 cards which is very easy to manage. But with this GE card I cannot make any outside purchases except furniture from Ashley. But I know that I am not gonna use this card for another 5- 7 years. So is it good to have the card without any transactions for 5-7 years. And If I leave the card without any transactions for that long..they will automatically close my account. So not sure which is better, should I close the account or Let the lenders close my account?

[parakleet]

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@sdadi9604 wrote:

Hello there,

I don't have many cards to track. I just have 3 cards which is very easy to manage. But with this GE card I cannot make any outside purchases except furniture from Ashley. But I know that I am not gonna use this card for another 5- 7 years. So is it good to have the card without any transactions for 5-7 years. And If I leave the card without any transactions for that long..they will automatically close my account. So not sure which is better, should I close the account or Let the lenders close my account?

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There's no "right" answer - it's going to be a judgment call. Some feel that "closed by customer" looks better on manual review than "closed by creditor." It's not going to make or break your fico scoring if you close it or SD it. If you do SD it, there is a certain amount of "keeping track" of the card that you have to do. Personally, I wouldn't bother with a card that I had no intention of using for another 5-7 years.

[09Lexie]

I agree with a parakleet. I just closed my VS after 10 mos. I don't regret it one bit.