topic Re: Should I close Merrick and store cards??? in Credit Cards

Should I close Merrick and store cards???

Anonymous — Fri, 28 Jul 2017 19:30:58 GMT

Hello,

I'm trying to figure out if I should now close all of my store cards and Merrick bank or wait at least 1 year. I'm not really using them due to my new stash of cards (begin apping 4/17), but I'm afraid my AAoA and utilization will kill my scores. I filed for BK in 2009 and had the majority of the cards many years helping to re-establish credit. What's a girl too do?

Re: Should I close Merrick and store cards???

Anonymous — Fri, 28 Jul 2017 19:50:43 GMT

Well, you still need a couple for the mix of credit. I would keep the two you think would use the most. Looks like you have great cards with great banks..you're good to go :-)

I kept my TjMaxx and JcPenney

Re: Should I close Merrick and store cards???

DaveInAZ — Fri, 28 Jul 2017 20:15:53 GMT

@Anonymous wrote:
Hello,

I'm trying to figure out if I should now close all of my store cards and Merrick bank or wait at least 1 year. I'm not really using them due to my new stash of cards (begin apping 4/17), but I'm afraid my AAoA and utilization will kill my scores. I filed for BK in 2009 and had the majority of the cards many years helping to re-establish credit. What's a girl too do?

Closing CC accounts does not affect your AAoA, they remain on your CR for 10 years and are included in calculating your AAoA. Closing them will affect your utilization, but compared to your other CLs, that Merrick CL isn't much. You're better off using your cards wtih rewards at the stores where you have store cards, the only advantage of a store crd is discounts and/or deferred interest on large purchases. Your call.

Re: Should I close Merrick and store cards???

SouthJamaica — Fri, 28 Jul 2017 21:12:44 GMT

@Anonymous wrote:
Hello,

I'm trying to figure out if I should now close all of my store cards and Merrick bank or wait at least 1 year. I'm not really using them due to my new stash of cards (begin apping 4/17), but I'm afraid my AAoA and utilization will kill my scores. I filed for BK in 2009 and had the majority of the cards many years helping to re-establish credit. What's a girl too do?

If the Merrick card has an annual fee, then yes you should close it.

There's no compelling reason to close the store cards.

Basically closing the cards won't hurt you unless they increase your utilization percentage. Most of the cards will continue to be in your report for years after you close them, although this is not invariably the case.

You're not going to improve your score by closing cards.

Re: Should I close Merrick and store cards???

Anonymous — Sat, 29 Jul 2017 16:21:23 GMT

Thanks for the feedback. I will probably just get rid of Merrick due to the annual fee.