i am so mad right now! 10% min payment with nordstrom?

[johnpalley]

i just got a nordstrom store card after someone on these forums recommended the visa. i just wished i had known that with the visa i gotta pay a 10% minimum payment every month. my credit is gonna take a hit too from this new account. whats the point of even having this card? if i got $10,000 charged on the card then i gotta pay $1000 a month? thats idiotic. i just got off the phone with them and they said if i close the account theres no way i can get the account cleared from my credit reports. guys what should i do? i want nothing to do with nordtrom ever again. is my only option closing the account as soon as possible? theres no way i can have this account deleted on my reports because they never told me about the 10% minimum payment right?

[MarineVietVet]

---

@johnpalley wrote:

i just got a nordstrom store card after someone on these forums recommended the visa. i just wished i had known that with the visa i gotta pay a 10% minimum payment every month. my credit is gonna take a hit too from this new account. whats the point of even having this card? if i got $10,000 charged on the card then i gotta pay $1000 a month? thats idiotic. i just got off the phone with them and they said if i close the account theres no way i can get the account cleared from my credit reports. guys what should i do? i want nothing to do with nordtrom ever again. is my only option closing the account as soon as possible? theres no way i can have this account deleted on my reports because they never told me about the 10% minimum payment right?

---

If there's no AF why close it? Use it every few months for a pack of gum or a drink and then PIF. You've already taken the score hit. Eventually it will help your AAoA and credit length history. For a little frustration now you can have an old, open account later.

Just my 2 cents.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[Anonymous]

Did you get the store only card or the cobranded Visa card?

Why do you want to get it off your report?   Is it because you can not afford the minimum payment?  If so, I suggest you return anything you can. 

[johnpalley]

i had a feeling someone was gonna say that. so how many months will it be before this new account is helping and not hurting? i was gonna apply for a card in 6 months. 

[johnpalley]

wolf i want it off my report cause the new account is hurting my credit and i want 3 good cards for the rest of my life. it makes no sence to even have credit if i have to pay a 10% min. why would i use that card when i can use another card with a 3% min. its stupid. i was gonna keep the nordstrom card the rest of my life thats why i got it. now i got no use for it and i made my credit worse when im trying to get a usaa card in 6 months

i got a store card

[jforsyth]

In 6 months you should be fine assuming you didn't have a bunch of inquiries before you applied for the Nordstroms card.

In general, try not to rely on the minimum payment systems. They're designed by the creditor to keep you in debt and paying interest for as long as their risk analysts will allow them. If you're only able to make the minimum payment, you're probably buying beyond your means, especially if it's at a department store.

[MarineVietVet]

---

@johnpalley wrote:

i had a feeling someone was gonna say that. so how many months will it be before this new account is helping and not hurting? i was gonna apply for a card in 6 months. 

---

Any damage from the new inquiry and new credit is minor and the account will stop being considered new in a year. You can also calculate how much your AAoA might have been lowered. Remember though that even if you got this removed the initial score hit would remain.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

[johnpalley]

jfors, thats the thing, i messed up bad. i just applied for a bunch of cards at the same time and got 5 inquiries. before that i had none. realistically how long do i have to wait now to apply for the usaa card?

[Anonymous]

I don't think it has hurt as much as you think.  And if you keep it for 6 months, it will probably help with your USAA application.  Then you can drop it and it will be positive TL reporting tor 10 years.  

Just curious, what are the 3 good cards you want to keep for a lifetime?  They must be really great!.

[Anonymous]

The negative effect of inquiries dimishes after 6 months to almost no effect after 1 year.