What to do with an old store card?

[Shane1]

I recently discovered I have a JC Penney card that I apparently got in 1998. I'm guessing my mom had me get it when I was in college to establish credit. Haven't used it in several years and didn't even remember it until I saw it on my credit report. It's my oldest TL by about 2 years on a thin file (or at least what was a thin file until my recent mini app spree). Credit limit's $124, which I believe is their inactive account limit.

Any thoughts on what I should do with it? Leave well enough alone and let them keep reporting? Ask them to send a replacement and start using it every once in a while? Close it myself before they close it (assuming that "closed by credit grantor" even matters)?

[DI]

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@Shane1 wrote:
I recently discovered I have a JC Penney card that I apparently got in 1998. I'm guessing my mom had me get it when I was in college to establish credit. Haven't used it in several years and didn't even remember it until I saw it on my credit report. It's my oldest TL by about 2 years on a thin file (or at least what was a thin file until my recent mini app spree). Credit limit's $124, which I believe is their inactive account limit.

Any thoughts on what I should do with it? Leave well enough alone and let them keep reporting? Ask them to send a replacement and start using it every once in a while? Close it myself before they close it (assuming that "closed by credit grantor" even matters)?

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Are you an AU on the account?  Is the account listed as open on your credit reports?  If its open have Penney to send you a replacement card.You don't want your oldest revolving account to no longer report. It will reduced the years you've been managing credit. 

[Anonymous]

Hi Shane and welcome to the Forum.

I had an almost identical situation with JCPenny a few years ago. During a divorce 8 years ago I went through a BK that was later dismissed. I lost all my credit cards in the ensuing years. I first pulled my credit report about 3 years ago and was totally surprised to see my JC Penny card still reporting. At that time the card hadn't been used in 13 - 14 years. It reported a $300 limit.

 I called the number I had for JCPenny listed on my credit report, spoke with a CSR and asked her to check to see if the account was indeed open. It was, although listed as inactive. She told me she would send me a card for the account, but that she had to lower the CL to $100. She said I could ask for a CLI after 3 months. I did exactly that, and in 3 months the CL was raised to $1800. It is by far my oldest account at a little over 17 years and I am eternally grateful to JCPenny for it.

Call them!

[creditwherecreditisdue]

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@Shane1 wrote:
I recently discovered I have a JC Penney card that I apparently got in 1998. I'm guessing my mom had me get it when I was in college to establish credit. Haven't used it in several years and didn't even remember it until I saw it on my credit report. It's my oldest TL by about 2 years on a thin file (or at least what was a thin file until my recent mini app spree). Credit limit's $124, which I believe is their inactive account limit.

Any thoughts on what I should do with it? Leave well enough alone and let them keep reporting? Ask them to send a replacement and start using it every once in a while? Close it myself before they close it (assuming that "closed by credit grantor" even matters)?

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Keeping this old TL alive could be very valuable for you.

[Shane1]

Thanks. That was painless.

I called up the number on my credit report and explained that I have an old account with them. They verified my information and will be mailing the replacement. Also reinstated my old credit limit ($200... not much but it's a start) and suggested I get 2 or 3 months of activity before applying for a CLI.

[smallfry]

smart move.

[Anonymous]

Congratulations. Be sure to click the love button on their site after 3 months.

[creditwherecreditisdue]

Great job reviving that old TL!

[Shane1]

Clicked the love button today and got CLI to $2400.

[ChesterPDexter]

WHAT ? ! ?!  That's a 12-fold increase!  Congratuations!