Credit Cards

[Eiso]

I have recently found a Macy's account in my credit report with $100 credit limit has never been used since long long time ago. I have never received the card from Macy's, just found out about it in my credit report. Some suggested me to start using it, so I called Macy's to re-issue me a new card. The representative told me right away that thy would pull my credit report when I reactivate it.

My questions are:

1) Should I just ignore it and keep on not using it? (My credit report analysis says that this department store revolving account is one of the reason lowering my credit score.)

2) Should I just go ahead and close the account? (I understand it would hurt, but I am really not going to use it as I have other cards.)

3) Should I let them pull my credit report and start using it? Hard pull or soft pull?

4) Possibly ask for a credit line increase since its only $100?

Message Edited by Eiso on 04-06-2009 01:06 PM

[haulingthescoreup]

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Eiso wrote:

I have recently found a Macy's account in my credit report with $100 credit limit has never been used since long long time ago. I have never received the card from Macy's, just found out about it in my credit report. Some suggested me to start using it, so I called Macy's to re-issue me a new card. The representative told me right away that thy would pull my credit report when I reactivate it.

My questions are:

1) Should I just ignore it and keep on not using it? (My credit report analysis says that this department store revolving account is one of the reason lowering my credit score.)

2) Should I just go ahead and close the account? (I understand it would hurt, but I am really not going to use it as I have other cards.)

3) Should I let them pull my credit report and start using it? Hard pull or soft pull?

4) Possibly ask for a credit line increase since its only $100?

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Which credit report analysis that says that this department store revolving account is one of the reasons lowering your credit score?? I have never, ever seen this on a FICO score report. There's always a first time, of course, but this sounds like advice from a FAKO score report. And the advice on these is as FAKO as the scores. Don't ever pay attention to advice from a FAKO score report. A lot of it can actually damage your FICO's.

Closing it wouldn't hurt, at least not for 10 years. Have you read Closing Credit Cards? (linked in my siggy)

If they say they're going to pull, it's a hard. How many inqs do you have on each report now? It might not hurt much. It might not hurt at all.

If they're going to pull, you might as well ask for a GLI (as Macy's calls it), but they might want to see usage first.

[Eiso]

yea, as most of you mods already know i'm looking into my FAKO reports. It might not be true, but in fact I havent really been using it forever. I do believe though, not using that one credit account at all should have some impact to my score, FAKO or FICO.

I have read the Closing Credit Cards thread. After reading it, I don't really think closing it would hurt much. It only contributes $100 to my overall $27k limit. So I wouldnt feel a bite. But as in another thread, I talked about not using my very first credit card for a long time as well as my Macy's. People here been telling me to USE IT. I do believe it since they are my oldest credit accounts. Looking at the records on my credit report, the Macy's is actually my second oldest account. Thus, my concerns. Sorry if I'm asking too much recently.

[haulingthescoreup]

No, not at all! I just can't keep track in my head of who is where doing what.

If the negative FAKO comment is that you're being hurt by not using the Macy's card, well OK, I can go along with that. I thought you were saying that the negative comment was that its very existence on your reports was hurting you.

As someone who is short long-term revolving history, I personally would take the hit for the inq to revive the card, as long as I had assurances from the CSR that the account would keep the original opening date. (I would even ask the CSR, "And this conversation, where you're telling me that the original date will remain, is on your taping system, right?" )

Any score ding from an inq is gone in a year. History can't be replaced. Even if you keep the other card going, the Macy's adds significantly to your AAoA, counterbalancing the new accounts that you have.

[Credit_repair]

hi Eiso,

Hauling is right - don't close your second oldest account! this will greatly reduce your average age of accounts once the Macy's card falls off your report in 10 years.

Mayc's IS my oldest account, so even though I havent used it in 1 year, I think its time I pull it out of my sock drawer and use it before they decide to close my account!!!