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So since I've gotten $13,800 worth of new credit from Chase/Barclays within the past few days, I went online to see about which of my many store cards deserved to be closed today. I have a few under the $1000 CL so I wanted to start with those first including Credit One. However, when I logged on to my TJMaxx Store Card, I was welcomed with an upgrade offer! The store card had a CL of $600 and after I accepted the Mastercard Upgrade it went to $2000!!! I'm so closing the others! No more of these crazy store cards for me, I am rolling with the big boys now and LOVING IT!!!
WoooOOOOHoooOOOO!!!
lol..... congrats! Why are you thinking about closing your store cards? Don't you want to keep that good credit mix?
I am new to this forum. Does it hurt you to have store cards open? I have AMEX and USAA Visa. But I also have lots of store cards. Just curious as to why you want to close them?
@Swapmeet wrote:lol..... congrats! Why are you thinking about closing your store cards? Don't you want to keep that good credit mix?
I just have too many and although they are all at $0 balance, I just wanted to trim down some.....What do you guys think? Is that a bad strategy? Should I just leave them open?? What about Credit One?? Please help me if I'm doing something wrong, Thank you.
@brianjb wrote:I am new to this forum. Does it hurt you to have store cards open? I have AMEX and USAA Visa. But I also have lots of store cards. Just curious as to why you want to close them?
It does not hurt to have store cards open.... They help your aaoa as well as utilization percentage. Still, if you are never going to use them then the store may close the card for non use....On your credit report, it looks better if a card is closed by the consumer rather than the issuer...But most stores won't close cards if you use them every few months.
Congrats jenny! Thats one of the gret things about TJ Maxx, ON, AE and Wal Mart. Congrats on your new MC!
@jennylocha wrote:So since I've gotten $13,800 worth of new credit from Chase/Barclays within the past few days, I went online to see about which of my many store cards deserved to be closed today. I have a few under the $1000 CL so I wanted to start with those first including Credit One. However, when I logged on to my TJMaxx Store Card, I was welcomed with an upgrade offer! The store card had a CL of $600 and after I accepted the Mastercard Upgrade it went to $2000!!! I'm so closing the others! No more of these crazy store cards for me, I am rolling with the big boys now and LOVING IT!!!
WoooOOOOHoooOOOO!!!
I have been doing the same thing closing some of my store cards that don't get me anything fo haveing it.
@Swapmeet wrote:
@brianjb wrote:I am new to this forum. Does it hurt you to have store cards open? I have AMEX and USAA Visa. But I also have lots of store cards. Just curious as to why you want to close them?
It does not hurt to have store cards open.... They help your aaoa as well as utilization percentage. Still, if you are never going to use them then the store may close the card for non use....On your credit report, it looks better if a card is closed by the consumer rather than the issuer...But most stores won't close cards if you use them every few months.
I will still have some that remain open, but the JCPenny, Toys R Us, Gap....etc.....Sometimes I think that I went over board with store cards. Plus the APRs are disgusting!
@BearsAndTurtlesRtheBest wrote:Congrats jenny! Thats one of the gret things about TJ Maxx, ON, AE and Wal Mart. Congrats on your new MC!
Thanks BearsandTurtles! I feel like taking on my husband's car loan under my name (mine is in his tho! LOL) helped me show a mixture of credit and then everything was history after that. I am literally getting offered nice deals every which way now because of that, not to mention I didn't acquire a crazy amount of inquiries from the car loan like some people have experienced. I just went to the credit union that I am a member of and they did the rest! So cool though!
At the end of the day, you have to do what is right for you Jenny. Just make sure that you think about the consequences ahead of time (ie the lower available credit, which changes your util.). I only have one store card myself, so take that fwiw.