closing dept cards

kokuwabara@gmail.com · #1 (**permalink**) 09-29-2007, 12:18 PM

Hi,
I signed up for a Macy's card to save on shipping when I bought furniture. I am planning to pay it off in a couple of months. Would it be wise then to close the account? I'm not planning to use the card again (ridiculous APR), but I've heard that cancelling credit cards can hurt your credit score. If so, how long should I hang on to it before closing?

Thanks!

Fred333 · #2 (**permalink**) 10-02-2007, 04:44 PM

I guess it all depends on how long you have had the account. If yo have only had it for a small amount of time I would close it.

Ingtar17 · #3 (**permalink**) 10-21-2007, 04:35 PM

The more history you have with your card, the more it helps you (assuming your history is good history). If it's a new card then you can close it and it shouldn't affect your rating much if at all.

Easy To Get Credit Cards · #4 (**permalink**) 11-04-2007, 08:41 AM

Closing your card is your right and by no means do they harm your score if you never violated your contract.Just get it in writing the account was closed by YOU not them, or not even closed.
Oh, keep it on file for a year.( your copy they send you )

Sponsors