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Frequent Contributor
brother7
Posts: 380
Registered: ‎02-06-2009
0

Should I start using a forgotten, inactive charge card?

Upon reviewing my CR, I was reminded that I opened a JC Penney charge account in 1998. Surprisingly, the account is still open even though I never used it. I contacted their Credit Card Customer Service and they're sending me a new card.

 

My situation is this...

No loans. No mortgage. Only 2 revolving accounts.

One bank CC. 5000 CL. 50% util and going down. Should be under 10% util in 2 months.

One store charge, which is this JC Penney card. 300 CL. 0% util.

 

Current EQ = 669 (ScoreWatch).

 

My question is...

Is it worthwhile to start using the JC Penney charge card to boost my credit score?  If so, how much increase should I expect to see?

 

In my area, there are no JCP stores. But there are several Sephoras which accept JCP.


11/02/2012 Peak - EQ 790 (ScoreWatch EQ FICO)
12/08/2014 Current - TU 823 (Walmart MasterCard TU FICO 08 Classic)
GOAL - 800! - App free since 09/07/2014
Epic Contributor
Creditaddict
Posts: 22,132
Registered: ‎10-23-2007
0

Re: Should I start using a forgotten, inactive charge card?

I would use it and ask for CLI while your at it!
Fico Scores: EQ- 656 Cap1., TU 696 Walmart, EX 700 Chase (12-17-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Senior Contributor
score_building
Posts: 3,578
Registered: ‎01-10-2008
0

Re: Should I start using a forgotten, inactive charge card?

yeppers, good move...use it and continue to do so for at least a small purchase at least every three months or so to keep it active.  rememeber you can shop online with JCP as well.
FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Frequent Contributor
brother7
Posts: 380
Registered: ‎02-06-2009
0

Re: Should I start using a forgotten, inactive charge card?

Thanks for the advice.

 

Another thing that crossed my mind is that it's a good idea to have a mix of active revolving credit, ie 1 credit card + 1 store charge card. Right now, only the credit card is active (too active!).

 

My goal is to get my scores to 700+, then apply for 3-4 credit cards with better benefits. My current credit card is from 1998 so I'm going to keep it for the history. But I wanna transition to better benefits like Costco AMEX TrueEarnings, Discover More and Penfed VISA Platinum Cash Rewards.

 

Oh, and I wanna get a Victoria's Secret Angel Card, even though I'm a guy :smileytongue:  Opening in Honolulu, Sept 2009 :smileyhappy:


11/02/2012 Peak - EQ 790 (ScoreWatch EQ FICO)
12/08/2014 Current - TU 823 (Walmart MasterCard TU FICO 08 Classic)
GOAL - 800! - App free since 09/07/2014
Senior Contributor
score_building
Posts: 3,578
Registered: ‎01-10-2008
0

Re: Should I start using a forgotten, inactive charge card?


brother7 wrote:

Thanks for the advice.

 

Another thing that crossed my mind is that it's a good idea to have a mix of active revolving credit, ie 1 credit card + 1 store charge card. Right now, only the credit card is active (too active!).

 

My goal is to get my scores to 700+, then apply for 3-4 credit cards with better benefits. My current credit card is from 1998 so I'm going to keep it for the history. But I wanna transition to better benefits like Costco AMEX TrueEarnings, Discover More and Penfed VISA Platinum Cash Rewards.

 

Oh, and I wanna get a Victoria's Secret Angel Card, even though I'm a guy :smileytongue:  Opening in Honolulu, Sept 2009 :smileyhappy:


unless the JCP card was already being included in the calculations it should prompt a 'mix of credit' score bump after you make a purchase and the acct shifts to active from dormant. 

 

if you only have one cc reporting currently, your next new cc acct. should also prompt a decent bump. 

you are well on your way, you'll be in the 700 club in no time, gl!

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)

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