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Closing a revolving account
Hello,
I opened a retail store credit card (it can only be used at that store) about two months ago. I don't go to that store often and have only used it once since I received it. Is it a bad idea to close the account? I do have a couple thousand in student loans on my credit report and as of right now I have two department store accounts on my report with a score of 679. My plan was to close that credit account and get a more versatile credit card that I would use more frequently, possibly with rewards. Thank you
Asked by
red3a07dust
1 year ago
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If there is no annual fee, cut it up and keep it open. You already took the credit hit with the inquiry. You might as well keep it open and have it boost your credit history.
hardeight 1 year ago
Agree with hardeight, just want to open a new credit card & close the old one. You should first apply for the new one and after you receive the new card then you should close the old one. If you close the card before you apply for the new one, then at the time of the application you will have a lower credit score due to the closing of one credit account.
DragonBoss 1 year ago