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Will closing an account negatively impact your credit score

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eejo2000

Joined: 02 Mar 2009
eejo2000's page
Posts: 1

22 Magic Points

Subject: Will closing an account negatively impact your credit score

Mon Mar 02, 2009 7:11 pm

When I opened a Macy's account, I inadvertently got a Visa account as well. Can I close the Visa without impacting my credit score if I never used it?

CMBV22

CMBV22

CMBV22

Joined: 08 May 2008
CMBV22's page
Posts: 382

4435 Magic Points

Mon Mar 02, 2009 11:41 pm

Store cards are financed through banks and are actual credit cards. When you applied and authorized a hard inquiry you impacted your credit score. Your best bet is to keep $20 dollars on the card and pay it at the end of each month. This will give you some positive payment history and not throw your availible/used credit ratio off. Actually, If you have other cards with balances it will improve the ratio.

In responce to your direct question: As long as you pay off all related fees etc and specify that the tradeline read 'closed by consumer' the impact should be small.
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fireyone

Joined: 26 Feb 2008
fireyone's page
Posts: 4500

8812 Magic Points

Tue Mar 03, 2009 2:07 am

CMBV....I am so glad to see you on this post. My hubby has too many credit cards out. 4 that I can think of all in his name. I want to pay them off and close two of them. One is a womens clothing store card he got to buy things for me and we do not need this and I really want to close this account. How do I go about getting the tradeline to read "closed by consumer". How small is the the impact?

Guest

Tue Mar 03, 2009 2:33 am

How many cards is too many? Is the age of accounts average worth paying a maintanance fee for on a card you don't use? What do open accounts that never get used do to you? I am in the process of eliminating my revolving debt and I want to know what strategy will improve my score the best overall.

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