Farm and Fleet credit card: Worth Keeping After 10% Discount?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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Farm and Fleet credit card: Worth Keeping After 10% Discount?

Postby buriop » Sat Sep 28, 2013 2:36 pm

I originally applied for the credit card program through Blain's Farm and Fleet store because of its 10% discount on the first purchase made. I used it on a 800 buck purchase of farm and livestock supplies and that save me 80 bucks. For me that was a bargain as I will do anything to save a buck when I can.

After the first purchase you don't get any discounts of any kind that I know of. I am not the type of man who had debt and would never consider it at the 29.99% that GE Capital Retail Bank is charging on this credit card.

What I am debating is cancelling the card altogether but I have heard that cancelling accounts can hurt your credit score. Please can you tell me if that is true. Thank you in advance.

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Postby kambur8 » Sat Sep 28, 2013 5:50 pm

I am in a similar predicament for another retailer. Weighing the pros and cons of whether I should keep my account open.

For the most part I have come to the conclusion that most store cards are of little use. If you have bad credit I see them being good ways to get your foot in the door when others deny you but if you have decent credit I am not sure how much incentive we have for keeping these types of cards open. It's almost as if you could call them disposable credit cards because it ends up being good for one purchase and not much thereafter.

By the way I have not heard of Blain's Farm and Fleet. Are they regional or national?

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Postby Midori » Sat Sep 28, 2013 6:00 pm

A Fico score is calculated by:
35% payment history
30% credit utilization ratio
15% length of credit history
10% new credit
10% types of credit

So, if you close it, you lose an opportunity for additional payment history; you lose utilization; you lose a contributor to your credit history length; and you lose a store card to add to your mix of credit. While I believe cards continue to show on your report for 10 years after they've closed, the major ding to your AAoA tends to happen when the card is applied for, versus when it's closed, according to my understanding.

If it was me, I would use the card once or twice a year to pick up something small... a jug of anti-freeze, an air filter, some canning supplies. I'd keep it open (and paid in full) just because (a) it adds to my total available credit; (b) it contributes to my mix of credit; (c) it affects my average age of accounts, and (d) it's not costing me anything by keeping it open.

If I had 10 cards, closing this one would have less of an effect than if I just had 2 other cards.

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