I don't think you need to worry too much about it. If you're curious then pull your scores from myFICO but it sounds like your credit is in good shape and may already be at or above the 740-760 range where best terms are offered. That said, keep in mind that creditors use a number of different scoring models and not just the FICO 8 and other FICO's provided my myFICO. See also the Understanding FICO Scoring subforum and its stickies.
As for the retail card, it's your call to make. Read the Closing Credit Cards threads in the Helpful Threads sticky in the credit cards subforum. Use that info along with the subjective factors to determine your course of action on that card. I don't keep cards that are of no use to me but that's just one approach and others take a different tack. I can't tell you what to do.
On new cards, if you want recommendations then you need to tell us what you're looking for so we have criteria to narrow down the options. Selecting a card is always a matter of finding what suits the individual best. Better and best are always highly subjective matters regardless of topic. What's lacking with your current lineup of cards? Are oyu looking for rewards? If so, where is your major spend that isn't getting rewards? Have you run the numbers for different cards to determine the rewards you would stand to get? Are any other benefits and features important to you?
@Anonymous wrote:
Are there better cards out there that have a low or no annual fee?
Always consider total cost/benefit (again, run the numbers) and not just the AF itself.
@Anonymous wrote:
Do I open a store card or another bank card? I have been considering a Macy's card or the Amazon.com card through Chase.
You have to answer this. This is a subjective matter. What's most useful to you? What's most beneficial to you? Again, are you looking at rewards? If so, consider the Sallie Mae or US Bank cash+ since they offer 5% cash back on Amazon though both have caps.
It's always tricky if you just select options and try to justify them no matter what you're considering (i.e. not just credit cards but anything in life). Detemrine your needs/wants and then use that to narrow the options.
The Credit Cards subforum can be handy to see what's out there and popular but don't rely on popularity to select cards for you.
@Anonymous wrote:
If I stop using cards all together (cash only) but keep my accounts open, will my score stay the same or will it decline?
Start with this.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
It doesn't cover everything but it gives you some idea of the breakdown of your score. What it doesn't cover is info like keeping revolving utilization (falls under Amounts Owed) generally under 30% and that optimal is just revolving balance reporting at 10% or less. If you're getting cards for rewards then you'll probably want to run as much as possible through your cards even though it doesn't really matter for scoring purposes.
You don't want all your cards to report 0 balances as that shows that you're not using your revolving credit at all and there is a hit for that. Factors such as AAoA (Length of Credit) will improve regardless of balance as long as accounts are kept open. Some cards may not report if not actively used which won't really help Payment History.
Don't overlook other discussions on different topics as a resource as well.
@Anonymous wrote:
I have considered doing it this go around if it will benefit my score.
You can't make score a priority for all of your decisions. Your needs and financial health take priority over score. Don't take on a student loan for scoring purposes. Take out a student loan because you need it. Don't refinance your home for scoring purposes. Refinance your home if you need to and/or if it makes financial sense. Yes, installments will help with Mix of Credit but it's generally recommended that one not add them just for scoring purposes.
That said, it's certainly worth educating yourself to see if you can improve your credit.
