Another Store Account Closed

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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Vattené
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Another Store Account Closed

Postby Vattené » Wed Jul 29, 2015 10:02 pm

Well, my second store account has been closed for inactivity. First was American Eagle (from Synchrony), now it's Kay's. It was one of my first accounts, too. It's not like I used it at opening and ignored it after that, either. It never saw much activity, but I believe the last I used it was June 2013.

That's a downside to store accounts: it can be hard to put activity on it just to keep them alive (well, at least some stores more than others, like jewelers). Still, though, I would take a store account that doesn't cost me anything over some Cap One builder with an AF where I am stuck paying for it if I want to keep it even after my credit outgrows it.

Anyway, I'm just sharing. Can't say I am too upset about it. Even if I kept the card and bought something else at Kay's, I would use another card for rewards. I've got my mortgage now, so even if old store accounts closing DID hurt me a lot score-wise it would have no real impact on me.

I am glad I have Credit Karma to alert me to these store accounts closing! Maybe I will get a letter or something from Kay's, but I never heard a peep out of American Eagle.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now


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lobbythis
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Re: Another Store Account Closed

Postby lobbythis » Thu Jul 30, 2015 2:07 am

Good. You have an awesome score and great cards with great limits. There are so few reasons to have store cards, especially at cheap, every day retail stores. Now, jewelry I can understand. But, I'd get rid of those eventually if you have other cards that have enough credit to cover the purchase.

The only thing I hate is when I go to a mall, almost every store has some credit card they want you to apply for and they harass you to get it for their great "discounts". It bugs the hell out of me. If they have a self-help POS terminal, I just laugh it off and get through the purchase quickly. Now, if they have a POS terminal the cashier can only operate, I will be an a$$hole and laugh as I hand over my thick metal Ritz card.

It just seems like it's gotten much worse with every store asking to sign me up for some ghetto card so I have become bitter.

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Vattené
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Re: Another Store Account Closed

Postby Vattené » Thu Jul 30, 2015 6:13 am

I still think they are a great way to build credit (so long as you are careful not to let them hit you with interest and fees), but I have definitely outgrown them now and am just letting them wither on the vine.

Before I was more credit savvy I was eager to get some of those discounts, but I do agree it is getting pretty ridiculous. I have zero interest in spending $1,000 a year on shoes at Journey's so I can be a "VIP." I didn't get anything with Kay's, though. It was just how I got my then-girlfriend a Valentine's gift without her finding out.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

Vermonster
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Re: Another Store Account Closed

Postby Vermonster » Thu Jul 30, 2015 9:22 am

The only store cards I think are worth keeping open are Home Depot, Lowe's, and Kohls. Their benefits extend far beyond the first purchase. REI has a decent card, but the discount can be achieved with a Cash+
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

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Vattené
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Re: Another Store Account Closed

Postby Vattené » Thu Jul 30, 2015 3:45 pm

I find my Banana Republic card is worth keeping open. I have a Visa, but a straight store account would also be worthwhile for the right person. It has a rewards system that is pretty good for a store card, and they do send out coupons and offers that are (as far as I can tell) exclusive to cardmembers. I don't spend a ton of money, but I have gotten a few great deals that I don't think were available to the whole "friends and family" email list. It's also good across all Banana Republic brands (Old Navy, Gap), Visa or no. It's nothing I'd recommend to anyone that can already get prime cards, but given I already have it I think it is worthwhile to keep.

I definitely get keeping a Home Depot or Lowe's account open. For the person that spends a lot there, having the option to get a discount or deferred financing always available would be nice. Walmart's card offers the same deferred financing promotions, though I've never used them myself. It could be useful to the right person (that is, actually helpful and not a trap). I'm currently using my Walmart card for gas, but I still plan on going for a Sallie Mae any minute now.

I have a Kohl's card, but I don't think I've ever used it after I first opened it. When I do shop there, I've used other cards for rewards (including the Discover Deals portal). There must be benefits of which I'm not aware.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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CarefulBuilder14
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Re: Another Store Account Closed

Postby CarefulBuilder14 » Thu Jul 30, 2015 6:19 pm

The card terms alone look unimpressive.

I don't buy nearly enough jewelry to really know value, but I'd probably go with Costco or Helzberg for anything big. Plus, for a PIF customer, complicated financing is just a headache.

I thought that buying a pair of socks I didn't really need would be a nuisance way to be certain my BB account remained open, but that's not even in the same league as jewelry!

I agree it's certainly no big loss.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

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Vattené
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Re: Another Store Account Closed

Postby Vattené » Thu Jul 30, 2015 8:01 pm

The original Valentine's gift was from a line exclusive to Kay's I knew she admired. I've gotten some more pieces of jewelry since then, and having a store account is a great way to hide purchases from someone else with whom your finances are entangled (a gift is a rare purchase that is actually ok to hide). The only other place I've purchased jewelry from is Macy's. I was happy with the quality notwithstanding truly incompetent customer service when it came to customization. I bought an engagement ring from Kay's, too, then learned after I proposed and announced to my parents that I was supposed to get my grandmother's ring all along. I was fortunate they let me return it even after getting it sized!

Again, I don't want to sound like I am complaining because it honestly doesn't bother me that much, but I was a bit surprised it was closed so soon. I've had accounts go longer with no activity, and two years really doesn't seem like a long time (to me) to go without using an account when it is a jewelry store in question. It would be similar to getting a revolving account with a furniture store. A good, returning customer may go a few years without using it, but they could be back after a while and ready to make a big purchase. I'd think it would be in their best interest to generally keep accounts open longer.

Edited to add: I don't think I could even stomach buying a pair of socks I wouldn't otherwise buy just to keep an account open. With all the fuss that's made by us (I'm thinking credit enthusiasts generally and other forums specifically here) about how much energy and deliberation needs to go into one's credit score - and how it should be a proxy for self-worth - it couldn't be less necessary to spend any money on it. I've still proudly never had to pay interest despite so many laypeople making anything credit related out to be like some big conspiracy.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

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CarefulBuilder14
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Re: Another Store Account Closed

Postby CarefulBuilder14 » Thu Jul 30, 2015 9:14 pm

It took me a little while to realize that indifference towards the card was the sensible middle ground.

Some people err too far in one direction - buying stuff (that they don't need) to keep a card (that they don't need) active. I did this when I got a coupon and bought two pairs of socks for $5 that I didn't need. It was only $5 (plus tax), but they aren't great socks and I didn't need them, so it's still bad behavior.

Other people tend to prematurely close cards they later wish they had (and sometimes reapply for).
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

JonE
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Re: Another Store Account Closed

Postby JonE » Sun Oct 04, 2015 2:05 pm

CarefulBuilder14 wrote:It took me a little while to realize that indifference towards the card was the sensible middle ground.

Some people err too far in one direction - buying stuff (that they don't need) to keep a card (that they don't need) active. I did this when I got a coupon and bought two pairs of socks for $5 that I didn't need. It was only $5 (plus tax), but they aren't great socks and I didn't need them, so it's still bad behavior.

Other people tend to prematurely close cards they later wish they had (and sometimes reapply for).


That's me with Amazon. Closed it just before they offered 5% for Prime members (that's me!) now will reapply at some point.

Walmart is also my oldest non-Credit One card (already closed!) so that may stay open although a CLI would be nice. I'll likely stick with those two since there are three Walmart stores within a 10 mile radius of here. And the 5% on Amazon uncapped is nice once reacquired. That would really be it for store cards. I almost applied for Guitar Center credit, but I could get in some trouble with that.
Current Cards: Chase Freedom, Discover IT
Future: TBD

jcarte29
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Re: Another Store Account Closed

Postby jcarte29 » Thu Oct 08, 2015 10:20 am

Vermonster wrote:The only store cards I think are worth keeping open are Home Depot, Lowe's, and Kohls. Their benefits extend far beyond the first purchase. REI has a decent card, but the discount can be achieved with a Cash+



Two thoughts:
1) I am currently paying on a flooring project paid for on my Lowes card, and surely hope that's enough activity to keep them from closing it (I have heard of Synch closing inactive accounts on here and from my circle of friends)

2) I definitely enjoy the benefit of having that store card (it's the only store card I have), not just for the 10k available, but from standpoint of always having a designated home-project card for the deferred financing (to the point they let me choose the term instead of waiting for it to be published/advertised)
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]



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