Is it wise to keep Bassett Furniture credit card?

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Is it wise to keep Bassett Furniture credit card?

Postby ftgmaster » Mon Aug 05, 2013 8:47 pm

Last year I bought a new house and while I normally fend off the credit application sales pitch, this time I went for it since Wells Fargo is the bank behind it. I spend nearly $5000 on it to finance a contemporary living room set.

My question is that I am moving my balance to a new card before my financing offer expires.

After that I will have no need for the Bassett credit card as I don't anticipate buying furniture there again. The interest rate on it is almost 28% and I would never buy something and make payments under that circumstance.

Because this is a Wells Fargo card and that's what it says on my credit report would it be wise to keep my account open for that reason alone, even though I will not be using it again?

Thanks in advance.

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Postby Obi-dan » Tue Aug 06, 2013 12:49 am

I do some credit counseling as part of my work. My anecdotal knowledge leads me to believe that the furniture company will probably close the account. I say this by seeing it happen to me and seeing it on many others credit reports. It seems like they know that you will be only using this account once. In fact, I purchased furniture from same store a year later once and I had to reapply as they had close my account as soon as it was paid. So they may just make the decision for you.
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Postby MemberSince99 » Tue Aug 06, 2013 6:29 am

If you have other cards to use and maintain your credit score, close it. If not and there is no annual fee, get something else first.

If you truly will never use it again and really don't want it open, then just close it. A Wells Fargo card doesn't mean any more on your report than a US Bank card or a Citi card, it doesn't give you "brownie points". Not sure if that's what you are thinking as far as that goes but it being issued by Wells Fargo doesn't make it special in any way I know of.

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