Q Talk

[RespectLife]

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@Steffdoggy10 wrote:
Closing my account on principal alone. So much greed these days!

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@Steffdoggy10 

Hopefully, you will not need your credit score then.  Many people no longer do at certain points in their life, but even something as simple as shopping for new insurance rates are based on your credit score.  It isn't just mortgages and loans.

Closing any credit card on your own dings your credit report negatively.

Best to just never use it and let them close you.

The statement you would be making based on principal will not do anything to the Big Corps.  They won't know and don't care.

[sunshine 919]

When I do purchase something from one of the Channels I use easy pay.  No need for a credit card.  No paper stmt.  I just go on line and check my balance from the channel I am ordering.

[Katrinka23]

This is not about the Q card but yesterday I received a confusing letter regarding my Macys American Express Credit Card that effective July 20 "they are closing the Store Account associated with this card (Macys) as credit cards that can access two accounts are no longer supported".  This card is issued by CitiBank.  The letter addresses other matters also.  I always pay my account in full each month so I plan to do nothing and see what happens.  Perhaps we're finally coming to the end of store accounts!

[wilma]

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@Katrinka23 wrote:

This is not about the Q card but yesterday I received a confusing letter regarding my Macys American Express Credit Card that effective July 20 "they are closing the Store Account associated with this card (Macys) as credit cards that can access two accounts are no longer supported".  This card is issued by CitiBank.  The letter addresses other matters also.  I always pay my account in full each month so I plan to do nothing and see what happens.  Perhaps we're finally coming to the end of store accounts!

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@Katrinka23 

Very interesting.

I haven't received anything yet from Macy's, but I do have their AE Star Rewards credit card. I did a quick online search and nothing popped up. Will keep my eyes open for any mail sent to me from Macy's or news about this.

I've already stopped using most of my individual store credit cards so if Macy's does away with theirs I won't be that upset. I just don't need all those store credit cards anymore. 

Have a Great Day! 

[Katrinka23]

Wilma

The return address was only a PO box no. from Sioux Falls SD so I assume it was from Citibank.  I only use the Macys card to get rewards however I don't spend as much as I used to so I really don't care if they drop it. I doubt Macys and/or Bloomingdales will issue new store cards.

My best to you

[RescueLover]

It might have something to do with Macys closing 50 stores awhile ago. I hope that’s not a sign that they are planning on closing all their stores! 😔

[Photocat]

I'm ditching the card too.  Synchrony is horrible anyway and I refuse to pay 1.99 for a paper statement.  Just opt out of the change in terms and the account will be closed at the current terms and your bureau will reflect closed by consumer (which is slightly better than closed by the bank).  This will drop your credit score by a few points for a couple of months - not really a big deal at all in the long run.

[TheMemphisVette]

i miss the horse n buggy.........i'm still not over it

[brandiwine]

I got rid of mine years ago and no ding on my credit.  I do have an over 800 score, so maybe that's why.  I rarely bought anything at the Q so no reason to keep it.  When and if I buy something here, I use my regular cc.

[They Call Me MR Wilkes]

One of the factors used in a FICO score analysis is "Available Credit" and how much you have consumed (at the time of calculation.)

Closing a card, whether by the cardholder or credit issuer, reduces that Available Credit number. 

If you were carrying a balance, your mathematical calculations would not be in your favor.

If you had a -0- or minimal balance at the time, the impact would be less.

But as others have mentioned,  it will usually be temporary.