Should you cancel store credit cards?

how to cancel store credit card

samudi Green Member

Posts: 20 Joined: Sat Jan 21, 2012 2:04 pm Location: NY
    Reply with quote

Should you cancel store credit cards?

Hi,

I have a store credit card which I opened about two years ago. Its probably my oldest account since I closed my secured card I had before.

The card has a $1000 limit though I haven't ever used it. Opening it was a mistake.

My question is given that I don't use it and that I have a chase freedom card and Mexico zync card, is closing it a good idea or should I keep holding on it?

Money card Centurion Member

Posts: 1361 Joined: Tue Jun 28, 2011 10:13 pm Location: New York state
    Reply with quote

thank you for helping me out it looks like you have a charge card, meaning

you can only charge items at the store or outlet.

when applying for credit cards most places really don't look at these cards too much, a creditor will look a little bit at your card payment.

For example if Macys you charge 350 per month, and Macys American express you charge about the same amount, a credit card company would be more intrested on how you pay your macys american express.

do you work for this store? if it's just an ordinary store like JCPenneys, Home Depot, Sears, Target, Abercrombie? If you still work for the store I would hold onto the card. if you don't work at the stores I would recommend closing that card.

if the card you have is a store like Brooks Brothers, Locciante, Club Monaco, Neiman Marcus, Nordstrom, 7 for all mankind, for getting better deals I would recommend you keeping your card. by the way which card do you have?

Source: creditcardforum.com

Category: Credit

Similar articles: