Reply
Visitor
Posts: 8
Registered: ‎08-07-2007
0

Should I close my Circuit City CC (Rewards Card) after I pay off my T.V.?

Back in June or July of 2006, I purchased a nice Plasma TV from Circuit City, and applied for their CC which gave me 18 month interest free financing.  It is due I think this November 2007 or so, in which time I'll pay everything off.  I know that the card is through Chase, and am curious if I should just close this card out all together once I pay off the full balance?  Will this improve or hurt my credit score?
 
And what is the general thought on these department store credit cards?  Should they be closed or not even applied for, in the context of ones FICO?  My wife has closed a lot of her dept store cc, but recently applied for an Ann Taylor credit to utilize that 10% off of the first purchase nonsense.  We both have our personal scores in the mid 750s.
 
Thanks!
Moderator Emeritus
Posts: 16,375
Registered: ‎03-12-2007
0

Re: Should I close my Circuit City CC (Rewards Card) after I pay off my T.V.?

[ Edited ]


aten1701 wrote:
Back in June or July of 2006, I purchased a nice Plasma TV from Circuit City, and applied for their CC which gave me 18 month interest free financing.  It is due I think this November 2007 or so, in which time I'll pay everything off.  I know that the card is through Chase, and am curious if I should just close this card out all together once I pay off the full balance?  Will this improve or hurt my credit score?
 
And what is the general thought on these department store credit cards?  Should they be closed or not even applied for, in the context of ones FICO?  My wife has closed a lot of her dept store cc, but recently applied for an Ann Taylor credit to utilize that 10% off of the first purchase nonsense.  We both have our personal scores in the mid 750s.
 
Thanks!


Read this thread, it should answer your first question.
 
Dep't store cards have high interest rates and this is why I hate them. That said, having one or two of them helps with your credit mix. Credit mix accounts for 10% of your FICO score. Closing them is entirely up to you guys. Just make sure if you do, the card has a $0 balance and is in good standing, no baddies (i.e. late payments) . In other words, FICO wants to see a mix of different TL (tradeline) accounts such as: a mortgage, CCs, store cards, auto, student and other installment loans.
 
P.S. Nice scores!


Message Edited by fused111 on 08-07-2007 08:54 AM
Credit Profile -
FICO 08 Scores (03-26-2015): EQ 814, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26 years ~ AAoA: 13 years ~ Util: 1% ~ Inqs: EX 1, EQ 1

Credit Cards: Amex BCP ~ Amex Clear ~ Amex Platinum ~ Barclay Ring Mastercard ~ Chase Freedom Visa ~ CITI Dividend Platinum World Mastercard ~ FIA Fidelity Investment Platinum Visa ~ First Hawaiian Bank Gold Visa
Visitor
Posts: 8
Registered: ‎08-07-2007
0

Re: Should I close my Circuit City CC (Rewards Card) after I pay off my T.V.?

Thanks for the note and explanation on dept. store cc.  I will then perhaps consider possibly leaving this one open to just provide a mix to my collection of TL.  Thus far, I have been in the habit of closing all my cc and open lines of credit.  To date, I have 1 Visa (WFB), 1 Mastercard (BoA MBNA), this Circuit City Card, 1 mortgage (Chase), 1 2nd mtg (Chase - heloc), and my car payment through Wachovia.
 
I will be applying for CapitalOne Healthcare financing, since I'll be getting Lasik surgery within the month.  They are offering 18 month interest free.  Should I close this account once that is all paid off?  I am hearing mix reviews about CapitalOne.
 
Thanks!
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.