Question: Getting rid of a Credit Card RESPONSE: Carmen Wong Ulrich Sep 29, 2013Host, Marketplace Money It will appear much as you describe it -- had a card, got another one! Though, note I didnt say had a card, closed the card and.... From what youve given me here it sounds like you dont have much in terms of credit or credit history. This card may be the only one you have, yes? Then you should just leave it open, but cut the card up, and apply for another card in the meantime. Eventually, as you build more credit with this new card--by using it sparingly, never carrying a balance and paying on time or early everytime--you can open another. Once you have two cards open and in rotation in your wallet, then close the furniture store card. When a card account is closed, you may take a small hit on your credit but only temporarily and by that time, youll be on your way to building great credit. And for future, no more store cards! Theyre the most expensive cards around (especially if you dont pay them off within an introductory rate period) and frankly, useless beyond that one store usually. Find out more about how to manage your credit and your credit scores at myFICO
Posted on: Mon, 18 Nov 2013 23:37:01 +0000
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