08-29-2008 09:51 AM
08-29-2008 09:56 AM
08-29-2008 10:17 AM
08-29-2008 10:40 AM
debtisgood wrote:Did you ever call them and ask them for guideline increases? They are usually grant them if you have clean payment history with them. Were you 30 days late with them ever or under 30 days? There is a big difference credit report wise.If you have another store card (no visa, mc, amex, discover logo on it) then you should be fine score wise, but in general there is no point to closing cards without annual fees.
08-29-2008 02:37 PM
08-29-2008 03:37 PM
09-02-2008 02:20 PM
emanuelr1b wrote:Yes, that was a big credit score mistake. You should have left that account open, whether you used the card or not. Your score will drop. Unfortunately I can't tell you by how many points, but it will drop.
09-02-2008 03:51 PM
emanuelr1b wrote:Yes, that was a big credit score mistake. You should have left that account open, whether you used the card or not. Your score will drop. Unfortunately I can't tell you by how many points, but it will drop.Ok, well after I thought about it over the weekend, I think I may call them to see about reopening the account. Do you think they will?
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
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