Store card impact? What can I expect?

[Anonymous]

So, I against my better judgment, (I knew better, and am already in self loathing stage) I took my daughter out shopping for her Birthday at a local department store Elder Beerman. The sales lady pushing their store card on me hard. I knew better and took the bait anyway. So got $2000 limit, Comenity backed card.

Well here is were it gets funny, but not funny AT ALL! The next day, the VERY NEXT DAY, it in the paper and all over my local facebook news, they announced this store and all the stores are closing! I am not a happy camper. I can't believe they would even push the card or issue credit.

So what impact is this going to have on my score, if any, of a account that opens and closes so close together. Thanks in advance.

[creditguy]

Well that's pretty shady to push credit cards then go out of business. The main reason I disdain store cards is their exclusivity, they can't be used outside of the store (mostly) and they usually aren't replaced by anything when the store goes out of business. Hard to say what kind of impact it will have on your score, it really depends on your overall profile and current score. You're going to factor in the inquiry the new account and utilization. I wouldn't really worry about it though, just chalk it up to life lesson and listen to your better judgment next time. You do have an interesting story to share though if that helps . Sorry this happened but it's effect will pass, Thanks for sharing and have a great day.  

[Anonymous]

The utilization should be a issue have less than 1% reporting and my total line of credit is $24,000. They inquiry is the kick in the butt, they pulled EQ, so brings my inquiries to 4. I do hope someone reads this and does learn from my mistake. Brick and mortar stores are closing everywhere, so be extremely cautious with retail cards!

[K-in-Boston]

The inquiry shouldn't really affect your score; if it does, it'll likely be a point or two.  Unfortunately, the lowering of your average age of accounts and having a new account opened within the last x months will almost certainly sting a little more.  Nothing that a little time won't wear off, and simply closing the account soon after opening shouldn't be an issue at all.

[Anonymous]

Goes to show that 20% off stuff isn't really helpful in the long run! Grrr, still bitter that they would even issue a card, no wonder they are going out of business! 😤😆 Lol!

[creditguy]

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@Anonymous wrote:
Goes to show that 20% off stuff isn't really helpful in the long run! Grrr, still bitter that they would even issue a card, no wonder they are going out of business! 😤😆 Lol!

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Totally forgot my wife recently opened a Toys R us credit card for the discounts on Baby R us merchandise, well you know how that story ends. So you are totally not alone. It's hard to know which stores will be around next week. 

[FinStar]

A notification was sent to Elder-Beerman cardholders (which I'm sure it may impact its other sister stores due to the BK filing) that the Elder-Beerman credit card cannot be accepted as a form of payment effective today (4/19/18).

Effective 6/26/18, accounts will be closed. 😔

[Anonymous]

Well I can't use mine in the store anyway, seeing how it hasn't even came in the mail yet! Lol.😊 I wonder if they will even actually send the card now?

You know with all these stores closing Sync and Comenity should really let customers switch cards to other stores.

[longtimelurker]

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@K-in-Boston wrote:

The inquiry shouldn't really affect your score; if it does, it'll likely be a point or two.  Unfortunately, the lowering of your average age of accounts and having a new account opened within the last x months will almost certainly sting a little more.  Nothing that a little time won't wear off, and simply closing the account soon after opening shouldn't be an issue at all.

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Yes, the score impact comes just from the inq and the new account, the time between opening and closing doesn't matter at all from that perspective.    But I understand the feeling that you gained nothing for whatever impact there was!

[kberly69]

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@FinStar wrote:
A notification was sent to Elder-Beerman cardholders (which I'm sure it may impact its other sister stores due to the BK filing) that the Elder-Beerman credit card cannot be accepted as a form of payment effective today (4/19/18).

Effective 6/26/18, accounts will be closed. 😔

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Yep- I just posted about this. No more Younkers card for me. I've been getting emails from them for the past several days reminding me to use my bonus rewards cards- I guess they weren't kidding.