The Lesser of two evils?

[Anonymous]

Truce! lol

Its actually an Express card and my wife shops there for blouses and I get button ups from there as well so I probably would use it as I already shop there a couple times a year anyway.  I stopped using it once I started to spend money I actually had and semi swore off credit cards and have been using my debit almost exclusively.  

The more I type the more I convince myself to allow the inquiry .  Once my score is in the 800's then I'll let die...lol

[Carbusys]

Someone told me a credit inquiry cost a person about 5 points on their credit score, however, I am not sure if that is true. But, if you let the card expire, it will definitely hurt your average age of accounts and your utilization and your scores will probably drop more than 5 points. If you do not have a lot of inquiries on your credit reports, then do not let the card expire. Keep it open, use it occasionally, but keep the balance below 10%.

Good luck.

[MarineVietVet]

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@Carbusys wrote:

Someone told me a credit inquiry cost a person about 5 points on their credit score, however, I am not sure if that is true. But, if you let the card expire, it will definitely hurt your average age of accounts and your utilization and your scores will probably drop more than 5 points. If you do not have a lot of inquiries on your credit reports, then do not let the card expire. Keep it open, use it occasionally, but keep the balance below 10%.

Good luck.

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Just closing a card in good standing or having it closed will never hurt your AAoA. It will keep reporting for up to 10 years after closing.

Closing it would hurt your overall utilization only if there are balances on other CC accounts because the CL on this card would be lost.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[mauve]

I used to use a store card because they ran specials where you got a % off if you used the card for the transaction....the rate, naturally, was higher than the discount.  I'd pay for my purchase with the card and then immediately (and by "immediately", I mean before the next person was attended to) would pay it off, either through debit or check. 

I think there's no reason to keep that card open, unless you really think you'll use it or you're concerned that in 10 years you'll be worried about the AAoA.