Credit Score - Page 5

Jordan2 · ‎03-16-2010

I'm the OP, my credit score has gone down 11 points over a 3 month period, I am doing the same as before it was higher. Today I got a letter stating my American Express/Macys card will be closing and I will be sent a Macys card. The reason is I don't use the card outside of Macys. When I applied for the Macys card many moons ago, it was only for Macys. Years later I was given an American Express/Macys card I never asked for. Now I feel my credit score will be taking a hit because of this. I have 3 major credit cards I use, I'm not happy about this.

sunshine 919 · ‎12-22-2013

@bells4me wrote:
If you don't use your credit your score will go down. Mine was 836 & now is 831 because I paid 3 off. Try to keep a couple small ones & pay off every month. If you don't utilize credit available to you you will lose it. Doesn't seem fair.

I had a Kohls card a few years ago. I went to use it and it had been closed because I had paid it off and I had not used it for a while. I was kind of shocked. I thought you had to close your card. Anyway I did not open another one.

beckyb1012 · ‎03-09-2010

@sunshine 919 wrote:
@bells4me wrote:
If you don't use your credit your score will go down. Mine was 836 & now is 831 because I paid 3 off. Try to keep a couple small ones & pay off every month. If you don't utilize credit available to you you will lose it. Doesn't seem fair.
I had a Kohls card a few years ago. I went to use it and it had been closed because I had paid it off and I had not used it for a while. I was kind of shocked. I thought you had to close your card. Anyway I did not open another one.

No they can do it themselves for non use but they are supposed to send you a letter a couple of months prior to give you time to call and make arrangements to keep the account open.

"Live frugally, but love extravagantly."

Pecky · ‎03-10-2010

Kohls closed mine as well for not using it. They didn't even tell me.

Jordan2 · ‎03-16-2010

@Pecky Kohl's closed mine too without telling me. I don't blame them because I don't shop there often and didn't use it.

NYCLatinaMe · ‎01-14-2017

@Pecky @Jordan2 I used to have store credit cards years ago and I stopped using them to simplify my bills, and they closed them, which is what I hoped. I think stores give credit to anyone with reasonable credit (not stellar) because their interest rates are ridiculously onerous. They know they won't collect from everyone, but they will make up with payments from those who maintain balances.

wilma · ‎03-13-2010

@Jordan2 wrote:
I'm the OP, my credit score has gone down 11 points over a 3 month period, I am doing the same as before it was higher. Today I got a letter stating my American Express/Macys card will be closing and I will be sent a Macys card. The reason is I don't use the card outside of Macys. When I applied for the Macys card many moons ago, it was only for Macys. Years later I was given an American Express/Macys card I never asked for. Now I feel my credit score will be taking a hit because of this. I have 3 major credit cards I use, I'm not happy about this.

@Jordan2

I'm sorry this happened to you.

I've had an AE Macy's card for years. I only use mine at Macy's. Wonder if I will get the letter?

I currently use Macy's, Kohls, and a VISA from a local bank everywhere else. I have other store cards, but I stopped using them in the past few years. My husband hates store cards, thinks they are a "racket", and encouraged me to stop using them. I never officially cancelled them, and the only one that sent me a letter closing my account was Target.

I did some research on what happens when you voluntarily stop using store credit cards. Most info says your score will go down a little. My husband told me not to worry about it. If we needed to move for some reason and buy another house, we could still get a decent loan.

We pay our balances on our credit cards in full each month. Our credit scores are fine. My husband has never had more than 2 cards, AE & VISA.

Jordan2 · ‎03-16-2010

I guess paying your bill in full and on time doesn't help your credit score. Makes me wonder what you need to do to have a stellar rating? Some stores lure you with "do you have a such and such credit card, no, you can get approved on the spot and save 15% off". That's how I ended up with Kohl's and Gap credit cards!

NYCLatinaMe · ‎01-14-2017

@wilma The stores didn't tell me they closed my cards. But one time I was shopping at Macy's, where I had had a card, and they were offering a discount with cards, and I told them I had a card but not on me, I didn't use it a lot, and she told me their records showed no card for me but she would gladly give me another one. I just skipped the discount. I had cards from all the big department stores, and I have no doubt they are closed even though I never received a letter telling me so. I think that may have happened with a bank card too. I figured it out when I didn't get a new one when it expired. I may have called to make sure it was closed and not lost.

NYCLatinaMe · ‎01-14-2017

@Jordan2 wrote:
I guess paying your bill in full and on time doesn't help your credit score. Makes me wonder what you need to do to have a stellar rating? Some stores lure you with "do you have a such and such credit card, no, you can get approved on the spot and save 15% off". That's how I ended up with Kohl's and Gap credit cards!

@Jordan2 I was told they like a balance, as long as it is less than half the credit available, and they like payments shortly after the bill is available. I was told this by CS for a card issuer of a card I had, not a financial guru or author or expert or advisor.