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Shut 'em down?

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I vowed that this time in my rebuilding efforts I wouldn't have any toy and/or store cards -- then I caved and got two store cards and a gas card. I have five other unsecured rewards cards whose CLs are several times what these are. (All cards acquired within the last three years.) I'm wondering if I should just go ahead and bite the bullet and close the three store/gas cards. I see no reason to keep them since I don't use them, and I figure if my scores are going to take a hit, I might as well get it behind me asap. Thanks for any advice. 

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Closing the cards isn't going to hurt your scores.  If there are no benefits and you won't use the cards, let them go.

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name them!!!!!! :)

 

FWIW, when I was rebuilding I got a few turds but I flushed them before the bowl overflowed.

 

ETA: I do have one store card, Lowe's and two cobranded store cards Target MC and nordie visa.

 

 

Edited by hegemony

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When you have nothing else to work with at the beginning, I can understand that. I got some store cards myself as part of my rebuild but as soon as I get to where I wanna be with my credit, they are going to get nuked. You're moving onto bigger and better cards, so have at it. 

 

As long as these are positive accounts, they should continue to be on your reports either way for 10 years and not affect your AAoA

Edited by greenpotatochips

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Sometimes, nothing is better than something. Store and gas cards are never a good option for rebuilding. A different story if you use them and leverage the rewards. 

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As others note, if you aren't using them, it makes no sense to keep them.  However, SOME store cards have specific rewards that benefit the active shopper...one example being the 5% off at point-of-sale with the Target card.  Another example would be ExxonMobil, who recently sent an offer on a card that seemed to have some potential to be better than a traditional cashback offering.  However, neither card helps someone that does not REGULARLY use the business whose name appears on the card...

 

There was, as I recall, some earlier models of Fair Isaac modeling that liked to see a store card in the mix, but I believe that is no longer a substantial component of the current models most commonly used.

 

 

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I am of the opinion to keep them in the sock drawer until the creditor closes them down for non-use. You can get another year or more of longevity on a card waiting for them to shut it down. Of course, this is only a good plan provided the card has no annual fee.

 

However, peace of mind is always worth more than a few FICO points, so if they bug you, close them.

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