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$0 balance and never missed a payment and had credit limit decreased
Posted on 5/6/14 at 8:43 pm
Posted on 5/6/14 at 8:43 pm
Long story short:
1) balance on a Banana Republic card
2) never missed a minimum payment, paid off in full 1/2013
3) have not used since, and no major changes in credit score besides buying a used car
4) Banana republic cuts my limit by 75% this past month
I don't have a very high 'total credit limit' to begin with, but would like to simply cancel the card. I have a 740+ credit score. what overall hit will I take to my credit score and how long will that last?
1) balance on a Banana Republic card
2) never missed a minimum payment, paid off in full 1/2013
3) have not used since, and no major changes in credit score besides buying a used car
4) Banana republic cuts my limit by 75% this past month
I don't have a very high 'total credit limit' to begin with, but would like to simply cancel the card. I have a 740+ credit score. what overall hit will I take to my credit score and how long will that last?
This post was edited on 5/6/14 at 8:46 pm
5
Posted on 5/6/14 at 8:51 pm to The Hamburglar
I'd close that POS card.
The store CCs are the worst to have in your wallet.
The store CCs are the worst to have in your wallet.
Posted on 5/6/14 at 8:52 pm to LSUAlum2001
even if never used? I was holding onto it just to keep the bump in the available credit. now that they took that away, I'm considering cutting it out completely. Again, what effect will closing an account have on my credit? will having one less account be beneficial?
Posted on 5/6/14 at 9:19 pm to The Hamburglar
Buy yourself a pastel v-neck on it every six months and pay it off.
Posted on 5/6/14 at 10:47 pm to The Hamburglar
Dude, youre the hamburglar. And youre curious as to why people dont trust you?
Posted on 5/6/14 at 11:02 pm to League Champs
quote:
Dude, youre the hamburglar. And youre curious as to why people dont trust you?
Posted on 5/7/14 at 6:37 am to The Hamburglar
The trade will still report and will not influence your credit. As someone else stated, store cards are not the greatest thing to have in your wallet.
Posted on 5/7/14 at 6:42 am to LSUAlum2001
quote:
The store CCs are the worst to have in your wallet.
Yup... A lot of them will completely shut off after 6mo-1yr of not being used.
Posted on 5/7/14 at 7:30 am to Lsut81
If you have a zero balance then closing it will not hurt you. At the very most it would be a couple of points because of your revolving credit utilization % will decrease somewhat. This is why it's important to keep even your crappy cards active. The advice earlier about buying a v-neck and paying it off is actually excellent advice.
Now that I just typed all of that a thought came to me. How old is this credit card? If it's one of your first credit cards or actually the first do NOT cancel it. It will shorten your credit history and that will impact your score.
Now that I just typed all of that a thought came to me. How old is this credit card? If it's one of your first credit cards or actually the first do NOT cancel it. It will shorten your credit history and that will impact your score.
Posted on 5/7/14 at 8:20 am to The Hamburglar
quote:
paid off in full 1/2013
quote:
have not used since
Store cards are easy to get but they aren't going to just let you keep it in your wallet and build your credit history with no balance on it. They pretty much have a use it or lose it policy.
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