Should I close my store cards now or let them close automatically?

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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Postby PowerMan572 » Wed Feb 12, 2014 7:21 pm

I 100% agree with you. I would not apply for a store card again as the major cards are going to offer way better benefits.

It's just that my credit had just taken a major hit and so with Slumberland, I went through them simply because I used to have a card with them and I figured they'd let me in again. At the time I didn't have any visa/MC credit cards. I was approved, and when I got the first statement, I just set up Bill Pay to finish paying it off in 6 months before interest kicked in :-) If anything, it probably just helped me build my credit a little.

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Postby Vattené » Wed Feb 12, 2014 7:28 pm

I see. That's one great benefit for store cards. I collected a few store cards right out of high school to build a credit history as well. I was thinking maybe they would give you a certain percentage or dollar amount off if you financed through them (could be a big incentive for a furniture store where purchases are a much bigger deal to the customers).

Best of luck in continuing to build your credit. Hopefully you don't see any more financial turbulence!
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Postby thom02099 » Thu Feb 13, 2014 11:02 am

Keeping them open or closed is of course a personal decision. Closing the cards, any cards, will not immediately impact your credit report as far as the AAofA, since the accounts stay on your report for at least 10 years. Where closing the cards could have an impact is your total utilization, since the accounts will not be active, your available total credit decreases. Just a couple of aspects to keep in mind when making the decision to close.

As far as automatically closing, I think it's more a function of the issuer. GE for example, decreased the CL on my Lumber Liquidators card after about 28 months of non-use (I purchased flooring thru one of their promos), but dropping it only a few hundred $$. Shortly after that, I decided to close the account rather than just SD, since I really had no further need for it as it would not adversely affect my credit reports.
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