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Question By
CJYD

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5 People Helped
Should I Close My Target RedCard?
I opened a Target RedCard in 2001 and, regardless of how my credit score has improved, it has remained at the same limit since then: $200. This makes using this card difficult, as it doesn't take much to go over the debt-to-spending ratio.

I'd like to close this card, but I'm concerned about the impact it will have on my credit...which is finally in the Excellent range. Closing this account would leave me with 6 accounts (which ranks as Poor) according to Credit Karma, but opening multiple lines of credit at once would also hurt my score. Should I keep the card and just not use it, or close the card after gradually opening a few more lines of credit?

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Top Contributor
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Helpful to 2 out of 2 people

Just keep it and not use it.  The age works positively on your score and every bit of available credit is also positive.  Closing the card will 'ding' your credit score some, and that's something to avoid,.

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