cancel
Showing results for 
Search instead for 
Did you mean: 

What do i do with these store cards?

tag
quarius
Regular Contributor

What do i do with these store cards?

I have about 7 store cards that i have paid off down to zero adding upto about 11k. I never plan on using them again except for my walmart card. What do I do because I have all the prime cards I want now and don't know if i should close them or keep them for util?

{NFCU-25k}{NFCU-Flagship-25k}{Saphire-15k}{BOA-25k}{DCU-10k}{Slate-7200}{FirstNat-4k}{DiscoverIT-6k}{CitiCash-$4100}{AmexBCE-$8500}{Venture-$6500}
12/23/18 [Experian-Fico 799][TU-Fico799][Equifax-Fico786]
Message 1 of 14
13 REPLIES 13
Networth
Frequent Contributor

Re: What do i do with these store cards?

Stick them in the sock draw would be my advice. All they do is help your Credit Report/Score via utilization and AAoA's. It's exactly what I do with my old cards from college. 

Chase Sapphire Reserve - American Express Blue Sky - Chase Freedom - - Chase Freedom Unlimited - BankAmericard Travel Rewards -

TU 813 EX 809 EQ 812
Message 2 of 14
FinStar
Moderator Emeritus

Re: What do i do with these store cards?

I didn't see the store cards in your siggy so which ones in particular are you thinking of closing?

Message 3 of 14
samm90
New Contributor

Re: What do i do with these store cards?

Lock them away, they'll get closed eventually
Discover Tu 730(2/14) DCU Eq 725(2/28)

Bouncing back from new accts and inqs. Hope to be back over 760 soon.
Message 4 of 14
SunriseEarth
Moderator Emeritus

Re: What do i do with these store cards?

If they aren't costing you anything or aren't bothersome to manage, I'd vote for SD



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 5 of 14
quarius
Regular Contributor

Re: What do i do with these store cards?


@FinStar wrote:

I didn't see the store cards in your siggy so which ones in particular are you thinking of closing?


I didn't put them in my sig because i have bad memories of them and don't want to look at them anymore , I only want the cards im happy to look at. But they are express, limited, goodyear, hsn, qvc, walmart, they are just all store cards with zero balances now.

{NFCU-25k}{NFCU-Flagship-25k}{Saphire-15k}{BOA-25k}{DCU-10k}{Slate-7200}{FirstNat-4k}{DiscoverIT-6k}{CitiCash-$4100}{AmexBCE-$8500}{Venture-$6500}
12/23/18 [Experian-Fico 799][TU-Fico799][Equifax-Fico786]
Message 6 of 14
quarius
Regular Contributor

Re: What do i do with these store cards?

Yes they don't cost me anything if u guys say to keep them then i will only put like $5 on them periodically to keep them open. The only concern I have is down the road I don't want these cards to get in the way of me getting cards with monetary value like visa and such, meaning getting in the way of my limits or new credit?

{NFCU-25k}{NFCU-Flagship-25k}{Saphire-15k}{BOA-25k}{DCU-10k}{Slate-7200}{FirstNat-4k}{DiscoverIT-6k}{CitiCash-$4100}{AmexBCE-$8500}{Venture-$6500}
12/23/18 [Experian-Fico 799][TU-Fico799][Equifax-Fico786]
Message 7 of 14
longtimelurker
Epic Contributor

Re: What do i do with these store cards?

There are two main opinions on the topic "Do I keep cards (with no AF) that aren't obviously useful to me?" whether they are store or credit cards.  The first view,probably the more popular here, is:

 

1) If they do no harm (AF usually) no reason to close.  Keep them as they help AAoA and utilization.

This then splits into 2 ways of maintaining them:

          a) Put small charges on them periodically to keep them open

          b) SD them and if they close, they close

 

The other view (mine):

2) If they have no use, may as well close them.  AAoA is covered for 10 years or so, and utilization can be controlled anyway unless you are carrying a balance (in which case that is the problem you should focus on!).  Keeping cards slightly increases the chance of fraud, identity theft etc, and doing 1a is work and removes charges from better rewards cards.

 

But as I have said several times recently, both options have very small advantages and disadvantages, it doesn't really matter so personal preference.

 

There is no evidence about your chief worry, that store cards prevent getting credit cards.

Message 8 of 14
Gunnar419
Valued Contributor

Re: What do i do with these store cards?


@longtimelurker wrote:

There are two main opinions on the topic "Do I keep cards (with no AF) that aren't obviously useful to me?" whether they are store or credit cards.  The first view,probably the more popular here, is:

 

1) If they do no harm (AF usually) no reason to close.  Keep them as they help AAoA and utilization.

This then splits into 2 ways of maintaining them:

          a) Put small charges on them periodically to keep them open

          b) SD them and if they close, they close

 

The other view (mine):

2) If they have no use, may as well close them.  AAoA is covered for 10 years or so, and utilization can be controlled anyway unless you are carrying a balance (in which case that is the problem you should focus on!).  Keeping cards slightly increases the chance of fraud, identity theft etc, and doing 1a is work and removes charges from better rewards cards.

 

But as I have said several times recently, both options have very small advantages and disadvantages, it doesn't really matter so personal preference.

 

There is no evidence about your chief worry, that store cards prevent getting credit cards.


+1 In addition to what longtimelurker said, sometimes keeping those old cards around can just be psychologically annoying. If you feel a need to "clean out your credit card closets," then clean them out. Close them and be done with them.

 

Message 9 of 14
takeshi74
Senior Contributor

Re: What do i do with these store cards?


@quarius wrote:

I didn't put them in my sig because i have bad memories of them and don't want to look at them anymore , 


Factor this into your decision.

 


@quarius wrote:

The only concern I have is down the road I don't want these cards to get in the way of me getting cards with monetary value like visa and such, meaning getting in the way of my limits or new credit?


They haven't stopped you so far but, again, you may want to close them for other reasons.  As stated above, closed accounts in good standing continue to report for 10 years so AAoA isn't immediately affected.  Utilization is immediately affected and you can calculate the change in utilization.

Message 10 of 14
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.