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Dawn568

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Store Credit Card Closure if Just opened
I opened a store credit card the other day that has a 1000 credit limit. Upon rethinking it, I don't really need to, or want it. It was kinda a spur of the moment type thing. Can I close it with out taking too much off a hit on my credit score? I don't mind losing 20 or so points. I just don't want a card open that I won't use, and honestly might loose.

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its a new line of credit.

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I'd keep it open, if only because it improves your available credit.  If your afraid of loosing it, Put it away in a drawer.  But opening and closing an account right away will hurt you more in the long run.  It will make the next CC co think twice about opening a new account for you.  It actually cost the CC co's about $100 in fees and labor to open a new account, The next one might not want to take a chance on you if it looks like they will loose money on opening the account.

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