topic Re: Department store closing...will that effect my score? in General Credit Topics

Department store closing...will that effect my score?

Anonymous — Fri, 07 Nov 2008 20:19:18 GMT

I have had a credit card with Mervyn's Department store for about 3 years. They are closing their doors around the first of the year and as of 11/1/08, they no longer take their own card. I rarely used the card, have always paid it off and have only a $500 credit limit but I will not have that as credit any longer. Will their closing effect my credit rating? Thanks.

Re: Department store closing...will that effect my score?

Anonymous — Fri, 07 Nov 2008 20:35:29 GMT

I just googled it and it looks like they are just closing some stores.........not the whole company. They shouldn't close the credit card down.

I have one too, don't even know the number on it, but it sits open (thank goodness!!!) as my oldest card at 8 years.

Re: Department store closing...will that effect my score?

laz98 — Fri, 07 Nov 2008 21:22:40 GMT

@Anonymous wrote:
I just googled it and it looks like they are just closing some stores.........not the whole company. They shouldn't close the credit card down.

I have one too, don't even know the number on it, but it sits open (thank goodness!!!) as my oldest card at 8 years.

their website has a sort of news release stating that they are going out of business.

Re: Department store closing...will that effect my score?

Anonymous — Fri, 07 Nov 2008 21:54:25 GMT

well that sucks.....

Anyhow the good history will stay on your record for 10 years. The only thing it will effect is your utilization because you would have $500 less total available credit.

Message Edited by 1111mel on 11-07-2008 03:54 PM

Re: Department store closing...will that effect my score?

Anonymous — Sat, 08 Nov 2008 06:02:33 GMT

Thanks for the replies. I went into the local Mervyn's store on Saturday 11/1 and was told the liquidators had taken over at 12 A.M that morning so they could no longer accept their own card, just cash, check or main stream credit card. I didn't ask if it only applied to that store I assumed it was storewide. I did get some good deals though.....50% off. :-)

Re: Department store closing...will that effect my score?

Anonymous — Mon, 10 Nov 2008 02:29:55 GMT

If that was your only store card you may want to pick up another at a store that you think will stay and business and your will frequent and be able to get good deals at. (I recommend Macy's).

If you have other store cards you should be fine.

Re: Department store closing...will that effect my score?

Anonymous — Mon, 10 Nov 2008 19:58:45 GMT

No store, no matter how big, manages its own cards.

All store cards are managed by other companies, like GE. They either remain in business well beyond the store, or sell and consolidate the business with another issues.

One way or another, it's not going to affect you credit history - the only update might be that the store card account is closed without adverse effect on your score, as the good history stays there for 10 years.