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Closing credit cards


Forum: Financial Planning and Budgeting

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  #1  
October 10th, 2011, 06:38 AM
MamaManna07's Avatar Platinum Supermommy
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Location: Mississippi
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Hey ladies I was wondering if I could get some advice on closing credit card accounts. I have several in store credit cards that I do not use, havent used in years....such as Dillards and Kay Jewelers. Is it hurting my credit to have all of these cards open? Should I call and close the accounts? Or would that hurt me instead? Thanks in advance
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  #2  
October 10th, 2011, 12:23 PM
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I believe I have heard/read that store cards do not hold as much weight as a "main" card like Visa, etc when it comes to it hurting your score if you close them.

Personally, we closed a bunch of cards (store + some main ones) when we knew we weren't going to use them even though it may have hurt our score a bit.
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  #3  
October 10th, 2011, 01:19 PM
JessP's Avatar Lovin life and family
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If they are your only credit card then I wouldn't close them all if you are worried about your credit score. If you are trying to get away from using credit for anything including buying a house then you can close them without worrying. If you don't have any other credit cards like a visa or master card then you would want to keep one just to show you have credit, use it periodically and pay it off so you can show good repayment history. I closed some of DH's when we got married that he wasn't using and it never seemed to "hurt" our credit.
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  #4  
October 10th, 2011, 01:31 PM
MamaManna07's Avatar Platinum Supermommy
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Well we have a discover card we use, and best buy weve got to pay on. But I have old navy, gordmans, home depot and kays that we never use
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  #5  
October 10th, 2011, 02:08 PM
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I'm one that recommends closing them. Trust me, if anyone were to steal one of those card numbers or you became a victim of identity theft you would wish that you had for sure. Yes, it may hurt your credit some, but I closed out a good 15 at once (and they were major cards not store cards) and never saw my credit score move more than a couple of points so I wouldn't be too concerned. Eventually they will probably close them on you anyway without your knowledge due to inactivity.

I'd recommend you close them. Personally we do not have any credit cards or use any credit cards and we're doing just fine.
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  #6  
October 11th, 2011, 06:04 AM
MamaManna07's Avatar Platinum Supermommy
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yeah i def dont want that!!! thanks
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  #7  
November 5th, 2011, 07:16 PM
joonzgurl's Avatar Proud mama of 2 girls
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Definately close any store cards that you don't need. The only card I would advise against closing would be a main credit card (Visa/Mastercard/Amex) that has been open for a longn time. Closing one with a long history WOULD hurt your credit score, but closing a bunch of store cards that are hardly used would only cause a small blip, if any at all.
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  #8  
November 5th, 2011, 07:41 PM
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Quote:
Originally Posted by joonzgurl View Post
Definately close any store cards that you don't need. The only card I would advise against closing would be a main credit card (Visa/Mastercard/Amex) that has been open for a longn time. Closing one with a long history WOULD hurt your credit score, but closing a bunch of store cards that are hardly used would only cause a small blip, if any at all.
I closed at least 10 of my major ones that had been open for 6-10 years and did not take a hit, my credit score is still well over 800, my husband's too. So it does not always hurt your credit. We noticed no difference.
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  #9  
December 18th, 2011, 07:48 PM
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I agree with others about closing cards you dont use. I have one card and thats all I keep open. The other key is not to reopen accounts afterwards too. Its so hard to shop now and days without being asked to open a card, but resist!
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  #10  
February 3rd, 2012, 09:42 AM
Thea Maria G's Avatar Mega Super Mommy
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Location: Danbury CT
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Question
Are you sure your Store CC's are still activated? I know for mine they closed automatically due to non use lol.

Also I would say depending on how many CC's you have and the length. Keep the ones you have the longest credit history. Like i have one for Target that turned into a Visa target card & Cap one & Amex. I have had the target & Cap one forever so i am keeping them. I have a gym membership on one and my Credit report fee of 12 bucks a month on the other (BOA 's Privacy Assist). To keep it active.

About 10 yrs ago i had every store cc card you could think of and many got closed due to non use. LOL.
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  #11  
October 31st, 2012, 10:32 PM
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You must close all your unused credit card because if you don't pay charges your credit card it will decrease your ranking and had bad impression on your credit ranking.....
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