Ask:
We have several accouts with 0 balence and where we haven't used them in over a year. Our sears card, Jc penny card, Macy's card, Dell credit line. We really only have 3 cards that we do use our AE, hope depot and lowes cards. Would you close the rest or leave them? Whats the best way to go about closing them and making sure they are closed?
Answer:
To be honest, it depends on your credit score and what you are planning on doing in the future. I wrote letters to all the companies asking them to close my account. I included my full name, address, phone number, and account number. I didn't want a bunch of open accounts that could be stolen from me, but I also didn't want it to look like I had too many possibilities of running up debt when I was buying my house. On my credit report it still shows the info but it says "Closed at customer's request".
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I would leave them open but not use them. That way your credit score improves and you have emergency credit avaliable should you ever need it.
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I agree.You will never know when you have no other choices.
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This is what I would do and what I would advise my clients to do: Look at your credit cards and their balances (which you have done) you have not used the cards in over a year. Which one has been opened the longest (Shows you have established credit). Keep that one open (if it has been open for a significant amount of time) -or- close 3 or 4 of them if they were opened around the same time. The reason I say 3 or 4, is Sears...you may want to keep that one open just in case something unforeseen happens with an appliance (Let's be realistic...you are never going to have an emergency that you NEED to have a JCPenny or Macy's card for ) But Sears you might. If you're comfortable with the idea of an appliance going and you have $$ in your emergency fund to cover it, or can wait and save the $$ for it, then go ahead and close that one too.
It is not going to make that huge of a difference on your credit report (just a few points- that you will recover in a few months by keeping up on all your other established credit)
To close the accounts, first call them and request the account be closed, ask them to send you a letter verifying they are closing the account at the request of the consumer. Then follow up with a letter including all your info (name, address, phone number, and account number) last send a letter to all 3 credit reporting agencies that accounts X,Y, and Z were closed by you, the consumer ,on X date.
HTH
Answer:
Originally Posted by 2bearsmom
(Let's be realistic...you are never going to have an emergency that you NEED to have a JCPenny or Macy's card for ) But Sears you might.
What a wonderful world it would be if you could in fact have a Macy's emergency!
You are just a wealth of knowlege Shell.
Answer:
Originally Posted by RileysMom117
What a wonderful world it would be if you could in fact have a Macy's emergency!
You are just a wealth of knowlege Shell.
Oh I'd be in Heaven in that world! and thank you...I've been studying hard for the past 2 years I'm glad it's starting to pay off!
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Then how do you explain those times when you wake up one morning and say..."Oh, Crap...I have to get an outfit for so-and-so's party or wedding or christening, or shower!!" I would think something like that would be considered an emergency...wouldn't you??
**Just kidding**
Answer:
I close them if I do not feel I will use them. If I need a new one, I will just open it.