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Should I start using a forgotten, inactive charge card?

Frequent Contributor

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.



09/30/2017 - EX 811 (Credit Scorecard EX FICO® Score 8, range 300-850)
11/20/2017 - TU 842 (Discover TU FICO® Score 8, range 300-850)
10/24/2017 - EQ 845 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 1 of 5
4 REPLIES
Epic Contributor

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

I would use it and ask for CLI while your at it!
Message 2 of 5
Senior Contributor

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.
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 3 of 5
Frequent Contributor

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 Smiley Tongue  Opening in Honolulu, Sept 2009 Smiley Happy



09/30/2017 - EX 811 (Credit Scorecard EX FICO® Score 8, range 300-850)
11/20/2017 - TU 842 (Discover TU FICO® Score 8, range 300-850)
10/24/2017 - EQ 845 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 4 of 5
Senior Contributor

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!

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 5 of 5