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Leaving FP sit open just to report???

Contributor

Leaving FP sit open just to report???

So I was going to close my FP today. When I called, the rep told me that I had already paid my AF and that there is no monthly charge to keep it open until after the one year mark. So she said I should keep it open, even if I'm not using it, just so that it reports to all the bureaus....and then close it before July(the one year mark).   Would this benefit me at all as far as it being reported to the CA's? I won't be using it at all since I have my Discover and Cap1 now...so it'll just sit there. But I guess what she was saying is that it doesn't matter if I don't use it, and that even if it's open and being reported with a zero balance it'll still help my credit.

 

Any thoughts?

 

 


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EQ 701, TU 685, EX ?
Wallet:
Amazon store $2500(10/12), Cap1 $1500 (10/12), Discover $1700 (11/1/12).
Message 1 of 4
3 REPLIES
Valued Contributor

Re: Leaving FP sit open just to report???

If you already paid AF and try will not refund you then keep it open until next year. Just monitor it to make sure there are no unpaid bills/etc


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Message 2 of 4
Frequent Contributor

Re: Leaving FP sit open just to report???

If there's no fees associated with the card, run some inute purchases through it and pay them after they post, this should build some good payment history. You opened it to build credit ? then build credit Smiley Wink

TU-721 (MortgagePull) EQ- 697(MortgagePull ) EXP 693(MortgagePull) FWEB 24,2015
My Wallet : Dicover More 35,500 CL -Amex Zync NPSL -WellsFargoRewards4800 - -CapOne 3000CL -GEMBWalMart 5000CL - Zales 4000CL-Kays 2900--Macys 5000CL /SSFCU 5000CL / CitiBank Diamond Pref 15000CL - CHASE Freedom 13500CL -Lowes 10,000 CL - BBuyStoreCard 10,000CL Sears Store Card (Citi) 3000 - Firestone CFNB 1400 Toyota Financial $35,000 Auto -2200DiscountTire(GECRB) Citi TY Preferred 8100CL - Chase Slate$4000-BofA15000-ToyotaRewardsVisa$10,700 -BofA$8500 AMEX BCE 9,500
Message 3 of 4
Contributor

Re: Leaving FP sit open just to report???

lol.  yes I did open it to build credit!   I now have my other 3 cards to build credit with as well lol.  I just heard that FP technically "looks bad" if it's even on your report so that's why I was going to close it. But if it's not harming me in any way, I guess i'll keep it open a while longer if it'll build me some more credit. Smiley Happy


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EQ 701, TU 685, EX ?
Wallet:
Amazon store $2500(10/12), Cap1 $1500 (10/12), Discover $1700 (11/1/12).
Message 4 of 4