Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

I have a Furniture Store Credit Card that I opened in order to purchase my dining room table. However I do

not use it and the card is paid off and has been for 2 months. I was thinking about closing it because I dont want to have a lot of open credit cards on my records. I have 2 other credit cards a visa and one for emergencys that sits in the safe. Should I close my furniture card? I opened it about 10 months ago.

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  • Anonymous
    1 decade ago
    Favorite Answer

    DO NOT CLOSE IT! Having open lines of credit helps your report immensely. Ideally lenders like to see multiple open credit lines on your report including credit cards and charge cards like furniture cards. You have paid it off. Keep it in the safe. Ideally you would want 3 credit card and 2-3 charge card entries on your report to get the best points. Once an account is established, you shouldn't close it unless and until you absolutely have to. This is your first charge card along with your 2 credit cards. Keep this charge card open. Dont use it but let it sit and mature and help your credit.

  • 1 decade ago

    One way you built credit is to establish length of time. If you have not been using your other cards or have not had them around for a long time, they are doing no good.

    I would keep the furniture card open and maybe even buy something else with it to keep a balance. This will actually increase your credit rating.

    A 10 month paid and closed tradeline is very insiginficant, you might as well have not opened the account at all. However, a card with a balance (where you are actually paying the interest) will show creditors that you are willing to pay them to loan you money.

  • 1 decade ago

    It’s ok to close out a newer credit card that you no longer use as long as the card does not have a balance and you have other credit cards. Just keep in mind that closing the account will not boost your credit scores.

  • 1 decade ago

    I would.. having too many cards open effects your credit too. If you aren't using it close it!

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