What happens to credit score if you close a store credit card?

Oct 152010
 

What happens to credit score if you close a store credit card?
I have a few store credit cards (Macy’s, Banana Republic, etc) in addition to a major credit card. I want to cancel some of the store credit card, but I don’t know how that effects my credit rating. I think closing credit cards in general lowers credit scores, but what about those store cards?

Best answer:

Answer by Roy M
Just never close out your oldest credit card, or the one with the most credit. This erases your oldest piece of credit history and will damage your score substantially.

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Appraisal value of a home and the rebuild value given by your home insurance, should they be close in value?

Apr 012010
 


Are usually close? O is a universal, higher than the other?

Should I close my credit card because of annual fees?

Feb 242010
 

I got my first credit card at the age of 18 and have excellent credit (upper 700s). This one card, although not my only credit card, represents by far the longest part of my credit history (as well as the largest available credit limit). However, I recently received a letter from the credit company stating that they will start charging $60/year in order for me to keep this card. So my choice is to either pay the $60/year for a card that I no longer use (I only keep it because it establishes 11 years of credit history for me) or close it and risk severely reducing my credit history, and therefore lower my FICO score. Do I have any other options?

 

Any help or advice would be very much appreciated!

Roman 

Message Edited by roman200882 on 02-24-2010 07:34 AM

To Close Orchard or Not?

Feb 232010
 

Recap: Started rebuilding in ’07.  Have some baddies- tax lien (comes off in 2013), 2 hsbc chargeoffs (come off in 9/10), + some student loan lates (working on getting deleted b/c they weren’t late).  No new baddies since 2003-2004.  Ficos are in mid-high 600s.  AAOA is 2-9 years depending on the report.

 

Here are ccs I have:

 

Date acquired/cl

 

3/07- orchard- 800.  Only 1 CLI in nearly 3 years.  AF= 79, but last year, they lowered it by 50%.

 

’08-’09 (most acquired in 08, so coming up on the 2 yr mark)-

 

BA 99/500- 500- won’t unsecure b/c of the tax lien from 2003

 

Best buy mc- 650

 

Cap 1- 1100

 

Cap 1 #2- 1100

 

Hooters- 700

 

Target- 200

 

CCS I will get in 2010- USAA secured (app is on its way to me- I will put the max $1.5k down), NFCU secured (if I can’t get the unsecured).

 

Other tradelines:

 

First premier- 2 accts, all positive, closed in 2009 (2 yr mark)

 

Orchard- all positive, closed in 2009 (consolidated w/the 1 I’m now discussing)

 

Auto loan- positive, but going to drop off totally in 2010-2011

 

So…should I close the orchard cc or suck it up + pay them another $79 (or try to get it 1/2ed or waived) AF?

Which areas close to NYC have low auto insurance?

Feb 032010
 


I was 18, I want to know what some less in New York, Queens is far from auto insurance low? Such as reducing crime, reducing auto accidents, fewer opportunities, y’noe things factor in insurance.

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Jan 292010
 

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