cancel
Showing results for 
Search instead for 
Did you mean: 

closing store cc help and advice please

Highlighted
Valued Contributor

closing store cc help and advice please

serioulsy i have way too many credit cards and really want to cut down...do not want my score to suffer but the ones I want to close are relatively new and my CC age on my score is taking a hit...would like to close my "bowflex" Bob's furniture store and sleepys cc accounts, I got them for the interest free and all paid off will not buy again for many years. Would deleting these help or hurt my credit? I just think killing them would bring up my "age" score...but you all know better than me....HELP! thanks.....

Message 1 of 9
8 REPLIES 8
Highlighted
Valued Contributor

Re: closing store cc help and advice please

It will not hurt your score or your AAoA...it will only decrease your UTL if you are the type to carry balances. So, go for it...!!

*8/10/13
Message 2 of 9
Highlighted
Valued Contributor

Re: closing store cc help and advice please

awesome, my util is only 4% and that is with a 0% apr with 8 months left so cool with that....THANKS! dodfire

Message 3 of 9
Highlighted
Established Member

Re: closing store cc help and advice please


@odd_dog wrote:

 I just think killing them would bring up my "age" score...but you all know better than me....HELP! thanks.....


I was under the impression that closing accounts won't affect your AAoA at all, until they drop off of your reports ~10 from closing date. Unless I'm mistaken, age of all accounts, open and closed, are factored.


Gardening until at least 12.16.13
Message 4 of 9
Highlighted
Valued Contributor

Re: closing store cc help and advice please

this is where I get confused Kwyjibo, I have heard that here too, BUT I closed a WF card (just dislike that bank so closed the card) and in checking Credit Karma today, it said I have one closed card, my score actually went up 3 points and my age of accounts went from a D to a C (grade wise)

 

Now new to all this credit stuff but was guessing that was cause and effect??

(the WF card was only a little over a year old) so that is why I was wondering about getting rid of the useless store cards, thinking it will help my score by droping them? 

 

 

Message 5 of 9
Highlighted
Valued Contributor

Re: closing store cc help and advice please

Please read the "Closing Credit Cards Thread" it is stickied in this forum for a reason its very good and covers all these details.

 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 6 of 9
Highlighted
Frequent Contributor

Re: closing store cc help and advice please

If they don't have annual fees I would either sd or shred them and allow the card issuers to close them for inactivity this way your utilization stays low, and you can milk them for the lasting effect on your aaoa.

I don't see how that could hurt.
Amex B.C.E. - $2.5k - Amex Everyday - $5k - N.C.F.C.U.M.C. - $5k - Amex Gold - NPSL/35k P.O.T. - Discover It - $12k - Sam's Club M.C. - $10k -
Walmart M.C. - $7.5k - Citi T.Y.P. - $10k- Chase Freedom - $5k - Chase Marriott - $7.4k - U.S. Bank Cash + - $6k -
W.M. TU-781(Jan/15) Citi EQ-782(Dec/14) EX-782(Oct/14)
Audi, Vide, Tace. . .
Message 7 of 9
Highlighted
Valued Contributor

Re: closing store cc help and advice please


@odd_dog wrote:

this is where I get confused Kwyjibo, I have heard that here too, BUT I closed a WF card (just dislike that bank so closed the card) and in checking Credit Karma today, it said I have one closed card, my score actually went up 3 points and my age of accounts went from a D to a C (grade wise)

 

Now new to all this credit stuff but was guessing that was cause and effect??

(the WF card was only a little over a year old) so that is why I was wondering about getting rid of the useless store cards, thinking it will help my score by droping them? 

 

 


You cannot rely on what you are pulling from Credit Karma for your score it is not a FICO score. Smiley Happy

*8/10/13
Message 8 of 9
Highlighted
Valued Contributor

Re: closing store cc help and advice please

thank you all, this is most helpful!

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.