| credit score if you close a store credit card |
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Elmira Nancy
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| credit score if you close a store credit card |
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I have a few store credit cards (Macy's, Banana Republic, etc) in addition to a major credit card. I want to cancel some of the store credit card, but I don't know how that effects my credit rating. I think closing credit cards in general lowers credit scores, but what about those store cards?
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Mon Dec 07, 2009 6:46 am |
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archercredit
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A lot of the time store credit cards don't even report to the credit bureaus. See if they are reporting first. When calculating credit scores, they also look at your variety of credit, so if you have some other open credit cards that you pay down and on time, that should help lessen any blow.
Paying your bills on time, keeping balances low, and removing any erroneous or inaccurate information are all good ways to keep your score high. Here is some more info on removing any negative information that is not yours http://www.squidoo.com/remove_late_payments.
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Mon Dec 07, 2009 10:17 am |
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salenacaitlyn
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Do not close the card cause it lower you available credit line. You also can use this service to pre-estimate future scores for different scenarios of credit card payments
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Wed Apr 28, 2010 10:44 pm |
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AlFromLA
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closing creditcards reduces your credit so yes it will hurt your credit.
There is no reason you should close a credit card. Just keep the balance 0. The only time I would close a credit card is that if there is annual fees.
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Wed Jun 09, 2010 11:22 pm |
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jason_simpson
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Like a Store Card can be used to build credit, the same way it could also affect your credit score while closing it.
If you don't use the card any more, cut up the card but keep the account open. Just make sure the credit card company has your current address and that the account balance is zero. The history of the card helps communicate that you have been a healthy borrower who has shown restraint and did not abuse this line of credit. Closing the account will likely lower your score as you are cutting off some of your available credit.
If you really want to cancel the card, first get your credit limit raised on another card equal to the line of credit on the store card. This way if you do cancel the store card your overall credit availability remains the same. However you would still miss out on the history of the account.
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Thu Jun 10, 2010 1:43 pm |
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jossclark66
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It is better always to find more contributors and to continue to improve the content. It is the tip for making yourself best.
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Sun Aug 29, 2010 9:21 am |
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Ashley Watson
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| Re: credit score if you close a store credit card |
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There are many types of credit scores.....They are developed by independent companies, credit reporting agencies, and even some lenders,Each credit reporting agency calculates your score,Your credit score changes,Many insurance companies use something similar.
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Tue Aug 31, 2010 2:25 pm |
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moonraker1
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Definitely, closing credit card will harm your credit rating. Keep them active and simultaneously improve your credit score with unsecured loans such as payday loans.
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Tue Sep 07, 2010 9:57 am |
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