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Unsure What to do.

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Anthonykc
New Contributor

Unsure What to do.

Okay I have a Best Buy Credit Card (Store Only) with a Credit limit of $500. Ive had it for 4 years and never got a CLI, However I recently called and the account type i have is a fixed rate so it wont be able to increase.

 

my question is, will it hurt my credit score if i closed this account down and reopen a Best Buy credit card with a different account type?

 

I have couple other credit cards with CL's between 3,000 - 5,000 

Current Score: 715 Goal Score: 775 Will Garden Soon.

CapitalOne Platinum $1.5K | CapitalOne MTV $1.5K | BestBuy Store $6K | Kays $3.5K | Military Star $2K | DiscoverIT $8K | AMEX BCE $1K Smiley Sad | NFUC Flagship $13.5K | USAA World MC $8K | USAA Rate Adv $8K | CSP 5K 10/2013 | NFCU LOC $10K
Message 1 of 7
6 REPLIES 6
BearsAndTurtlesRtheBest
Senior Contributor

Re: Unsure What to do.

Does it have an AF? Im assuming that 4 years from when you first obtained BB card your credit has improved getting you approved for CL in $3k-$5k. If closed it will still report to the CBsfor 10 years and the only thing affected will be your UTL which wouldnt be much since you have higher CLs reporting and you BB is only $500, if you shop there alot and could take advatange on the special fianancing then yes close the card and re-apply. FYI BB is now issued by Citi Bank

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
Message 2 of 7
BearsAndTurtlesRtheBest
Senior Contributor

Re: Unsure What to do.

Oh yeah welcome to the forums!!!!!!

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
Message 3 of 7
Anthonykc
New Contributor

Re: Unsure What to do.


@BearsAndTurtlesRtheBest wrote:

Does it have an AF? Im assuming that 4 years from when you first obtained BB card your credit has improved getting you approved for CL in $3k-$5k. If closed it will still report to the CBsfor 10 years and the only thing affected will be your UTL which wouldnt be much since you have higher CLs reporting and you BB is only $500, if you shop there alot and could take advatange on the special fianancing then yes close the card and re-apply. FYI BB is now issued by Citi Bank


Thank you so much for replying.

I am new here and I dont know what AF or UTL stands for? :/ 

but it doesnt have a balance, i saw a thread a little below about it switching to Citi bank, i should of kept reading before posting, but thanks and thanks for welcoming me Smiley Happy

Current Score: 715 Goal Score: 775 Will Garden Soon.

CapitalOne Platinum $1.5K | CapitalOne MTV $1.5K | BestBuy Store $6K | Kays $3.5K | Military Star $2K | DiscoverIT $8K | AMEX BCE $1K Smiley Sad | NFUC Flagship $13.5K | USAA World MC $8K | USAA Rate Adv $8K | CSP 5K 10/2013 | NFCU LOC $10K
Message 4 of 7
parakleet
Valued Contributor

Re: Unsure What to do.

AF = annual fee
Util = utilization
Check out the following very helpful thread for new members -

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 5 of 7
BearsAndTurtlesRtheBest
Senior Contributor

Re: Unsure What to do.

UTL mean utilization, and AF means annual fee, keep us posted if you do apply for a new BB acct. Good luck!!

Discover IT $2,600- First Premier MasterCard $1,000- Dillards Store Card $300- Fingerhut Advantage $200
Chapter 7 BK Dischagred on 07/11/16. Gardening Since 01/17/2019
Message 6 of 7
09Lexie
Moderator Emerita

Re: Unsure What to do.

The closing of an account will hurt util. The account should remain on your reports for up to 10 years.

Anytime you open a new account, there is a temp ding for the inq and to your AAOA. Both should recover in 6-12 mos. YMMV
Message 7 of 7
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