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Approximately one month ago I opened a store credit card (GE Capitol Retail) to purchase a refrigerator with 12 months 0% interest.
For a variety of reasons, I returned the refrigerator within a few days and recieved a full credit to the card.
The card arrived a few weeks ago, and I also just received my first statement showing the purchase, credit, and final ZERO balance with a $2,500.
My preference would be to close this store card but am hoping not to damage my credit score.
My credit score is okay, 705 as of a 4 months ago during my mortgage refinance.
Should I leave it open (never use it), or can I close it without fanfare?
@Anonymous wrote:Approximately one month ago I opened a store credit card (GE Capitol Retail) to purchase a refrigerator with 12 months 0% interest.
For a variety of reasons, I returned the refrigerator within a few days and recieved a full credit to the card.The card arrived a few weeks ago, and I also just received my first statement showing the purchase, credit, and final ZERO balance with a $2,500.
My preference would be to close this store card but am hoping not to damage my credit score.
My credit score is okay, 705 as of a 4 months ago during my mortgage refinance.
Should I leave it open (never use it), or can I close it without fanfare?
You have already taken the hit for it and it has no AF and I assume your CL is $2500?
I would keep it open and let it age. Which card was it?
Leave it open, damage is done, GE is friendly with CLI's use the card, pay on time, and it will grow in a few months the card could double helping your average CL's and UTL. Then you wont have to open another card when the next major appliance goes out.
My apologies, no balance on the card but it has CL of $2,500. Does that change anything?
It's a Brandsmart card from CE Capitol Retail.
@Anonymous wrote:My apologies, no balance on the card but it has CL of $2,500. Does that change anything?
It's a Brandsmart card from CE Capitol Retail.
Nope, it probably could lower your overall util and possibly get you some points.
Take the card and put it away in a secure place and let it age.
That is exactly what I will do. Out of sight out of mind... and please don't jinx me... all other appliances are working just fine!
I am paying my final payment on my car and will hopefully pay off a few other cards in the next few months so maybe that will offset any damage.
Thank you!
Demsa, welcome to the forums