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Thread: credit card question

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    #1

    credit card question

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    DH & I are in the process of paying off all our credit cards. So far we paid off two of them. One of them is a store card (Kays), now with the store cards should I close the account or just leave it open? I've had the card for just about a year. & the other store card I have is best buy (which will be paid off within the next month and a 1/2 & I've had that one for over two years. So what should I do?
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    #2
    I would keep it open. You might need to make another purchase with them in the future. I have one to Helzberg and Macy's. I rarely shop at Helzberg and shop at Macy's with my card maybe once a year but still have them.
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    #3
    It depends how many accounts you have in total. They are seen as "revolving accounts" on your credit (meaning they can be charged back up). So if you ONLY have the 2 cards (this includes store, credit, anything thats "revolving") I would keep it open. If you have other credit accounts you plan to keep open... I would close the ones you don't plan to use. It is percieved as "debt" to a lot of lenders, even if the balance is Zero.. because of the fact that it can be charged on. You want to keep the "available" credit to a decent amount, based off your income
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    #4
    Quote Originally Posted by Amberlyn View Post
    It depends how many accounts you have in total. They are seen as "revolving accounts" on your credit (meaning they can be charged back up). So if you ONLY have the 2 cards (this includes store, credit, anything thats "revolving") I would keep it open. If you have other credit accounts you plan to keep open... I would close the ones you don't plan to use. It is percieved as "debt" to a lot of lenders, even if the balance is Zero.. because of the fact that it can be charged on. You want to keep the "available" credit to a decent amount, based off your income
    I never knew that, thanks. I have 4 credit cards in total, one of them is zero balance.
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    #5
    Quote Originally Posted by HisCupcake View Post
    I never knew that, thanks. I have 4 credit cards in total, one of them is zero balance.
    So I would look.. Best Buy, you would probably use more often then Kay's (jewelry?)... right? I would close Kays, if that were the case.
    As for the other 2.. it would depend what the combined limit of them are (also check for fee's.. monthly/annual, ect).. And decide if you need two? Or one would be good enough?
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    #6
    I would suggest closing the store cards- they will actually hurt your credit score- even with a 0 balance.

    also when you pay off best buy close it too and keep only the Visa or MC logo cards open.
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    #7
    Thanks ladies for you advice, I think I will be closing the kays, i dont think i will ever use it again, as for best buy, i dont really think its needed to be open.
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    #8
    U only have 4 cards don't close them freeze them hide em whatever. Charge something like small every six months or so. I'm a member on myfico forum and having a low debt to available credit ratio only benefits you
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    #9
    Quote Originally Posted by mrsjohnson1222 View Post
    U only have 4 cards don't close them freeze them hide em whatever. Charge something like small every six months or so. I'm a member on myfico forum and having a low debt to available credit ratio only benefits you
    this is good advise. I would suggest you browse a credit forum for suggestions on which to close (like the newest one), if you still want to do it that way.

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    #10
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    Last edited by NDNatlGuardGF; 01-13-2010 at 04:25 PM.

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