• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

Store Credit Card question...

M

Mayfriday0529

Diamond Member
I have a Store Credit Card all paid that I havent used like 2 1/2 years. Is it bad not using it or could they just cancel it since i don't use it?
 
Originally posted by: DVK916
Originally posted by: rudder
bad for your credit score even if its unused.
Click to expand...

WRONG
Click to expand...
Right. I mean yeah, the first guy is wrong. It's better to keep accounts open as I understand it, up to a certain point. You don't want too many open accounts though. I don't think they would ever close it on you for not using it. I've never heard of that. Store accounts usually have HIGH interest rates. Just leave it sit there until they run some good promotions for using it. Get a Citibank Dividend card for everything else. Do it. Bye.

 
Originally posted by: rudder
bad for your credit score even if its unused.
Click to expand...

where in the world did you read this? unless you're trying to imply it's bad to have like a dozen or so store cards... but that's a given for any credit card (well, maybe not to everyone)
 
Originally posted by: Aztech
Originally posted by: DVK916
Originally posted by: rudder
bad for your credit score even if its unused.
Click to expand...

WRONG
Click to expand...
Right. I mean yeah, the first guy is wrong. It's better to keep accounts open as I understand it, up to a certain point. You don't want too many open accounts though. I don't think they would ever close it on you for not using it. I've never heard of that. Store accounts usually have HIGH interest rates. Just leave it sit there until they run some good promotions for using it. Get a Citibank Dividend card for everything else. Do it. Bye.
Click to expand...


The only way having a store credit card will be helpful if you carry other credit balances which I bet most of the ones yelling WRONG are doing.
 
Originally posted by: rudder
Originally posted by: Aztech
Originally posted by: DVK916
Originally posted by: rudder
bad for your credit score even if its unused.
Click to expand...

WRONG
Click to expand...
Right. I mean yeah, the first guy is wrong. It's better to keep accounts open as I understand it, up to a certain point. You don't want too many open accounts though. I don't think they would ever close it on you for not using it. I've never heard of that. Store accounts usually have HIGH interest rates. Just leave it sit there until they run some good promotions for using it. Get a Citibank Dividend card for everything else. Do it. Bye.
Click to expand...


The only way having a store credit card will be helpful if you carry other credit balances which I bet most of the ones yelling WRONG are doing.
Click to expand...

WRONG

 
Originally posted by: rudder
Originally posted by: Aztech
Originally posted by: DVK916
Originally posted by: rudder
bad for your credit score even if its unused.
Click to expand...

WRONG
Click to expand...
Right. I mean yeah, the first guy is wrong. It's better to keep accounts open as I understand it, up to a certain point. You don't want too many open accounts though. I don't think they would ever close it on you for not using it. I've never heard of that. Store accounts usually have HIGH interest rates. Just leave it sit there until they run some good promotions for using it. Get a Citibank Dividend card for everything else. Do it. Bye.
Click to expand...


The only way having a store credit card will be helpful if you carry other credit balances which I bet most of the ones yelling WRONG are doing.
Click to expand...


I haven't check my Credit Scored since last year and I had a 680. Since then i have finished off 1 school loan and payed off two Credit Cards. I only have one credit card now with a balance.
In all i have 4 Cards
Store CC Amount $1000 Paid off
Mastercard CC Amount $2600 Paid off
Capital One CC Amount $2000 Paid off
Bank of America CC Amount $6000 -balance $3500

I just wanted to check if unused accounts were bad or not, but obviously not.
 
Originally posted by: rudder
Originally posted by: Aztech
Originally posted by: DVK916
Originally posted by: rudder
bad for your credit score even if its unused.
Click to expand...

WRONG
Click to expand...
Right. I mean yeah, the first guy is wrong. It's better to keep accounts open as I understand it, up to a certain point. You don't want too many open accounts though. I don't think they would ever close it on you for not using it. I've never heard of that. Store accounts usually have HIGH interest rates. Just leave it sit there until they run some good promotions for using it. Get a Citibank Dividend card for everything else. Do it. Bye.
Click to expand...


The only way having a store credit card will be helpful if you carry other credit balances which I bet most of the ones yelling WRONG are doing.
Click to expand...

This isn't correct.
 
I would cancel it just to clear up 'life clutter.' If your credit hx is good, I doubt cancellation would have much of an effect.
 
Originally posted by: Mermaidman
I would cancel it just to clear up 'life clutter.' If your credit hx is good, I doubt cancellation would have much of an effect.
Click to expand...

Exactly, you would have to weigh whether the slight decrease in score is worth more than the potential risk in having the account open. (ID theft based on a lost record by the servicing bank, or something of that sort.)
 
Originally posted by: Pantoot
Originally posted by: Mermaidman
I would cancel it just to clear up 'life clutter.' If your credit hx is good, I doubt cancellation would have much of an effect.
Click to expand...

Exactly, you would have to weigh whether the slight decrease in score is worth more than the potential risk in having the account open. (ID theft based on a lost record by the servicing bank, or something of that sort.)
Click to expand...


Good point. The Card is for Mens Warehouse... I don't think i will ever buy from them again... super expensive.
 
Originally posted by: Jnetty99
Originally posted by: Pantoot
Originally posted by: Mermaidman
I would cancel it just to clear up 'life clutter.' If your credit hx is good, I doubt cancellation would have much of an effect.
Click to expand...

Exactly, you would have to weigh whether the slight decrease in score is worth more than the potential risk in having the account open. (ID theft based on a lost record by the servicing bank, or something of that sort.)
Click to expand...


Good point. The Card is for Mens Warehouse... I don't think i will ever buy from them again... super expensive.
Click to expand...
I'm just stunned by your comment on Mens Warehouse! I thought they had good prices. Anyway, if this is one of your earlier cards, closing it will most certainly affect your credit score.

 
Originally posted by: rudder
Originally posted by: Aztech
Originally posted by: DVK916
Originally posted by: rudder
bad for your credit score even if its unused.
Click to expand...

WRONG
Click to expand...
Right. I mean yeah, the first guy is wrong. It's better to keep accounts open as I understand it, up to a certain point. You don't want too many open accounts though. I don't think they would ever close it on you for not using it. I've never heard of that. Store accounts usually have HIGH interest rates. Just leave it sit there until they run some good promotions for using it. Get a Citibank Dividend card for everything else. Do it. Bye.
Click to expand...


The only way having a store credit card will be helpful if you carry other credit balances which I bet most of the ones yelling WRONG are doing.
Click to expand...

you still haven't answered where your information comes from.. and how exactly having a store card is bad. If he had several, then yeah, not a good thing (unless they were all for the freebie sign ups which you later cancelled.. heh.. but too many of those is a short term hurt).


 
You must log in or register to reply here.

TRENDING THREADS

Back
Top