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Cancelling Store Credit Affect on Credit Rating

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Forums » Consumers - Questions, Answers, Help » Other Questions » Cancelling Store Credit Affect on Credit Rating
 

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Latest post Thu, Oct 29 2009 5:39 PM by Bryan Bledsoe. 4 replies. Viewed 206 times.
Page 1 of 1 (5 items)

  • Wed, Oct 28 2009 6:46 PM                

    • Anonymous

    I recently cancelled a store credit card(fashion bug) that has been unused and unknown for @3years, will this adversly affect our credit rating . My wife thinks this is aweful decision and will affect our credit rating. Should I have just left it ? Thanks in advance. Mark.

  • Thu, Oct 29 2009 12:24 PM                 In reply to

    |Contact

    Credit scores can be adversely affected by cancelling credit cards that are reflecting a positive pay history.  It's better to keep them open than closing them if they aren't charging you a fee.

    PREMIUM MEMBER
     Bryan Bledsoe Direct Line 509-922-8699 bryan@bledsoehomeloans.com www.bledsoehomeloans.com Allied Home Mortgage Capital Corporoation, 1225 N Argonne, Ste C, Spokane Valley, WA 99212 Doing business in Washington and Idaho Loan officer NMLS 12483 - Branch Office NMLS 49957

  • Thu, Oct 29 2009 3:13 PM                 In reply to

    |Contact

    It is doubtful that it would significantly affect your credit score either way unless you have very few other accounts on which your score would be based.

    PREMIUM MEMBER
     Going the extra mile is my normal route, even with today's gas prices.
    Kent Mikkola, Mortgage Consultant, M & M Mortgage, LLC, 1700 W Hwy 36, Ste 130, Roseville, MN 55113, Direct 651-558-9807, kmikkola@themmmortgage.com

  • Thu, Oct 29 2009 5:33 PM                 In reply to

    |Contact

    I agree with Kent - if you have other positive trade lines there should be little to no impact on your credit score.

    PREMIUM MEMBER
     Gary Paetzold - Smart Mortgage Group
    Regional Mortgage Banker
    Direct - 609-929-7100
    gp@smartmort.com

  • Thu, Oct 29 2009 5:39 PM                 In reply to

    |Contact

    I agree with both Kent and Gary unless you have a limited credit history.

    Take a look here for more information

    http://www.myfico.com/crediteducation/whatsinyourscore.aspx

     

    PREMIUM MEMBER
     Bryan Bledsoe Direct Line 509-922-8699 bryan@bledsoehomeloans.com www.bledsoehomeloans.com Allied Home Mortgage Capital Corporoation, 1225 N Argonne, Ste C, Spokane Valley, WA 99212 Doing business in Washington and Idaho Loan officer NMLS 12483 - Branch Office NMLS 49957
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