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Re: Just closed Macys- what happens next?



haulingthescoreup wrote:

Your scores will not necessarily drop, unless your util is affected enough to raise it into a new tier, and if you're penalized for losing your only retail card. Otherwise, the history stays on for ten years. Please read fused's "Closing Credit Cards", linked in my siggy.

That being said, I think you should try to re-open it now, not in a few months. If it's not costing you fees, then it's not harming you. If you're rebuilding, you need multiple clean accounts reporting month after month after month. That's what creates the new, better history. Use it, PIF it, use it, PIF it. Store cards usually don't have to be used as frequently as bank cards to keep them alive, so you can take it out of your wallet and just pull it out for birthdays, holidays, and so forth. It might not be a heavyweight in the world of CC's for now, but it is helping in its own way.

Macy's is usually pretty good about re-opening, but I would call back immediately in hopes that they wouldn't do a hard inq to re-open. You can tell them something about how you didn't realize that it was helping your credit, and you hope that one day, they'll be willing to give you more significant "guideline" increases. GL

Thanks for your suggestion.  I will call them today to see if they will reopen the account.  Thanks again.

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