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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PowerMan572
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Should I close my store cards now or let them close automatically?

Postby PowerMan572 » Wed Feb 12, 2014 3:51 am

I now have 3 rewarding credit cards:

1. Barclaycard Arrival
2. Capital One Venture
3. Amex Blue Cash Preferred


I'm now going to be putting every day purchases on these cards and pay them off monthly to rack up the rewards. I no longer have any need to put charges on store cards such as:

1. Best Buy card
2. Macy's
3. Comenity - Buckle credit card


I think if you don't use your store cards for 1 year, they automatically close. Should I close them since I know I'm not going to be using them, or should I let the creditors close them after the 1 year mark? My Best Buy card is the oldest card I've had open. It's been open since 2008.


samhradh
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Postby samhradh » Wed Feb 12, 2014 8:08 am

I would keep the Best Buy open at least. Having a credit line that old is ideal as your new cards are recent. Put a small charge on every so often. As far as the other two, if there's no annual fee, I say keep them for the same reason. If they close on you then that's that.
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PowerMan572
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Postby PowerMan572 » Wed Feb 12, 2014 8:10 am

Cool, that's what I was thinking. I can typically find SOMETHING to buy from Best Buy at least once a year to keep the account open. I just want to make sure it's on the smaller amount side since I'd be losing points on the other cards :oooo

luvbullmarkets
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Postby luvbullmarkets » Wed Feb 12, 2014 12:56 pm

How old are the Macy's and Comenity - Buckle cards?
Amex EveryDay, Amex BCE , Barclaycard Arrival+ WEMC, CSP Visa Signature, Discover it, Wells Fargo Propel 365 Amex

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TheLethargicAge
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Postby TheLethargicAge » Wed Feb 12, 2014 1:52 pm

I'm not a fan of travel cards, but I must say your collection is pretty nice.

If the Comenity (I feel dirty uttering that name) cards are only a few months (< 1 year) older than your other 3 cards, I'd say close them.
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PowerMan572
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Postby PowerMan572 » Wed Feb 12, 2014 2:53 pm

Yeah, Macy's is 11 months old and the Buckle is around 1 year.

luvbullmarkets
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Postby luvbullmarkets » Wed Feb 12, 2014 6:41 pm

PowerMan572 wrote:Yeah, Macy's is 11 months old and the Buckle is around 1 year.


To be honest I would not call and close any of these cards. If you don't use them they will just close automatically due to inactivity.

Having store charge cards on your credit report is not a bad thing. They just diversify your credit.
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Vattené
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Postby Vattené » Wed Feb 12, 2014 6:51 pm

PowerMan572 wrote:I think if you don't use your store cards for 1 year, they automatically close.

Are you sure about that? I want to say I used a Kay's card after a year of innactivity, but I don't recall the exact timing off the top of my head. Also, is there any way to tell on your credit report if an account is closed, becasue I have a few store cards that I haven't used in a while which appear to be reported as current in mine.

I have some I haven't even attempted to use in over a year, so I could be wrong. It just appears that they haven't been closed as far as I can tell.
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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

PowerMan572
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Postby PowerMan572 » Wed Feb 12, 2014 6:55 pm

Humm, I think it depends on the store card. I just searched Google for Best Buy closing cards after inactivity and it does happen. I'm pretty sure the magic number is 1 year.

I had a card with Slumberland (furniture store) and the same thing, the workers told me the card will close after 1 year. I used to have a card with them, didn't use it, went in to buy a bed and I had to re-apply.

I'm not sure about Macy's, but store credit cards seem to close without any activity over a certain amount of time.

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Vattené
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Postby Vattené » Wed Feb 12, 2014 7:19 pm

I guess I can see the risk they're exposed to if you make a purchase on their credit line after a long period of inactivity, but I for one would likely not re-apply. Unless it was a major purchase and doing so would give you a big beneift, a major credit card is much more likely to provide better rewards. Was that the case with Slumberland?
-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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