topic Re: Wayfair Genesis Credit in Credit Cards

Wayfair Genesis Credit

Yankee85 — Thu, 01 Dec 2022 17:54:25 GMT

I've had this account since last year for a purchase from Wayfair. I paid it off in a few months due to the high interest rate, so it's been at a 0 balance for a while now. It only has a 2K limit so I called to inquire about a CLI, either auto or by request and was told they don't offer either. I don't have any use for this account so I don't necessarily need to keep around.

If I call and have it closed would there be any negative impact on my CR? I don't want to risk a dip in my scores right now, currently in the garden.

Re: Wayfair Genesis Credit

Remedios — Thu, 01 Dec 2022 20:11:13 GMT

No and yes

No change in aging metrics, closed accounts are included as long as they are on your report, open or closed.

No immediate effect on Fico scores unless utilization is affected. There might be a change if it affects two other scoring metrics, number of accounts with balances (depending on how many open accounts you have and how many have balances) and number of revolving accounts with balances

Those changes are temporary and relatively low scoring loss (if it happens), so no need to worry about your CR.