Should I ?

  • Basspro2
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Replied by Basspro2 on topic Re: Should I ?

Thanks Gentlemen.. I will follow your advice and keep it open. I guess it wont hurt. I'll just charge a screwdriver or something once a month so it reports.
6 years 5 months ago #1

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Replied by Roughdraft on topic Re: Should I ?

Question for you members. I have a Home Depot Card with a $500.00 limit $0 dollar balance. I am debating dumping it. I've only had it for 5 months and asked for a CLI which was denied, which is cool by me, but I applied for a Lowes card that seems much better to me and got it. Question is if I dump it my score will probally drop but will $500.00 really make a differance when I have Lowes Card. I just don't need Home Depot.


I have the same card, with the same limit, and I've had mine for just over six months. I haven't applied for a CLI, but I don't need the card, basically. Especially when I have a card that pays 5% on home improvement. One question to ask is, is this one of your oldest cards? It works either way, in the sense that if you open, or close a new account, it can bring down your score. If you are new to credit, closing it may drop your scores, but note that they bounce back, especially if it is not one of your oldest cards. So if you don't plan on making any major purchases, i.e. car, home, another card, you will be ok. A good rule of thumb is just don't close too many cards at one time. In my case, it is not; as a matter of fact it is one of my newest cards.

I've closed two cards in the last six months and have actually seen my scores go up. I think it has to do with the credit limits that were being reported. I closed my JCPenny card I had for 2 years (CL $500) and my Lowe's card (CL $300) that I only had for six months. I like to wait until I get a CLI from another card to supplement that available credit, but it is better to have one card with a high limit than several with low limits. Now my next lowest limit is the Home Depot card at $500.

The choice will be your own, however I practice fundamental, responsible lending. If I have a card that I feel I don't need I make plans to close it. There is no sense in keeping track of cards you don't use, plus you have one less card to worry about, working against your will power. The only exception would be if its one of or your oldest card. No one will know really, if it will hurt or help your scores, there are only clues and choices. But if you do close it, and it does bring your score down, then you will simply have to let your other cards age. Your scores will revert, but it takes time.
6 years 5 months ago #2

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Replied by hjm331 on topic Re: Should I ?

I would just keep the account open. Closing the account now would hurt your score. I'd recommend keeping it open and using it once a month to make a small purchase and keeping it active to build credit.
6 years 5 months ago #3

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Question for you members. I have a Home Depot Card with a $500.00 limit $0 dollar balance. I am debating dumping it. I've only had it for 5 months and asked for a CLI which was denied, which is cool by me, but I applied for a Lowes card that seems much better to me and got it. Question is if I dump it my score will probally drop but will $500.00 really make a differance when I have Lowes Card. I just don't need Home Depot.
6 years 5 months ago #4

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