Mar
10
Should I keep an $11k store credit card open even if I will never use it? How does it affect credit reports?
Filed Under Credit
Master Dog Trainer asked:
Hello. A couple of years I got suckered into accepting one of the scamming catalog companies offer of giving me an $11,500 purchase limit for a yearly fee of $99. Once I received the catalogs, of course the stuff is all VERY overpriced and I don’t need to stoop to that kind of buying. It shows on my credit report as an open acct in good standing and never used.
Hello. A couple of years I got suckered into accepting one of the scamming catalog companies offer of giving me an $11,500 purchase limit for a yearly fee of $99. Once I received the catalogs, of course the stuff is all VERY overpriced and I don’t need to stoop to that kind of buying. It shows on my credit report as an open acct in good standing and never used.
For you Credit Analysts out there…please answer my Q…
I will never use this credit. When creditors look at it, do they think it is GOOD that I have an account with such a high limit and no bal due, OR should I close the account so creditors don’t think I am high risk D/I or likely to over-extend myself if I choose to use it.
Any other opinions as to how its presence affects my credit score are greatly appreciated. I have about 10 real credit cards all in good standing, current credit score is about 580 (major malfunction on a mort. a couple of years ago, is current now).
Thank You in advance for helpful replies!
GORDON