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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?
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?
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.
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!!!