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QuestionsGalore

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Effect of closing a credit card account?
A couple of years back I added a Macy's credit card account. Now they are changing terms and adding an arbitration clause. I don't need this account and don't like the changes so I was going to close the account. My credit is very good and I was wondering how this closure might impact my credit scores.

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Since there is no fee with a Macy's card, you can just lock it up in a safe place and let it sit there until you decide to use it again (paying off the charges when the bill comes in) or until Macy's closes it for non-use.  The 'ding' to your credit will be less that way.

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QuestionsGalore

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Thanks for your time and response.  Sounds like a good idea to me.

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It depends on your overall credit profile. Always expect a ding to your scores when you close an account, the severity of it depends on your overall credit profile. If you have a healthy profile with many other revolving accounts, it shouldn't hurt too bad.

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QuestionsGalore

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Thanks for your time and response.

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