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.
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?
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.
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.
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?
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.