I was going to keep my JCPenney card because in the past I have gotten the $10 coupons. However, since my balance dropped below $150, they are only sending me crappy coupons like $5 off $25.

I see no sense in keeping this card. But don't want to cancel it if it will hurt my credit score.

Anybody know if this will be a good thing or a bad thing?

I definitely can stick it in a closet and not use it if canceling it will hurt my score.

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"Yesterday my life was duller, now everything's technicolor!"

I've heard it can hurt your score and it's sometimes wiser to simply call and have your limit lowered. Personally, I cancel store cards like that...and I have a fab credit score. Maybe someone else knows more details?

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Proud to say I haven't shopped at a Wal-Mart since Sept 2003

It could, I don't know how the "account age" thing works. I'd just keep it open but with a 0 balance. Are you keeping a balance and paying interest to get those coupons? I'd think it would work out better to get a coupon, buy something with the card and then pay it off. Who knows, maybe you'll get a "we miss you" coupon or something!

I have had the account for only 4 years. They keep raising my limit. Right now it is $2100.

I asked DH why in the world someone would need a limit THAT high at a department store.

Crazy!!!

My balance on the card is now $0 (just made the last payment of $30.88 today!!) and I don't use the card (often the last time I used it was in February).

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"Yesterday my life was duller, now everything's technicolor!"

Keep it a zero balance or when you go there put it on the card and pay the full balance at the end of the month. Cancelling a card does indeed lower your credit rating. Just remember you have that account open and continue checking your credit report to prevent id thieves from taking advantage.

I know this may be hard to believe (but remember they are in the business to take your money) but the people with the best credit ratings are those who keep a high balance, pay the minimum, and keep charging. This is what keeps them in business and what keeps people broke. We don't use any credit cards for anything.

I just saw another tv spot that said if you owe $5000 on your card and pay the minimum balance it takes 33 yrs to pay off! That's longer than in takes to buy a house!

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The political system is broke and it's a joke.

I've actually heard that cancelling cards like your typical mall credit cards does NOT hurt your credit, however those major cards like Visa, Mastercard, etc should stay open because the length of time you've had a card open helps your credit score.

Is that wrong? I just cancelled my Circuit City, New York & Co., and Old Navy yesterday cuz I NEVER use them.

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Shauna

I was told by my CPA neighbor that it really can hurt your score because part of your score are your available funds. And if you have, say, a CC with a $5000 limit that is paid off with the $5000 available, the credit score sees that as an asset.

Pretty much what Shauna & annadrose said.

Addendum - I thought this was regarding major CCs like VISA & Master card, but it looks like it applies to all CCs.

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Mary

Here's the explanation

How canceling a store card affects your credit

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The political system is broke and it's a joke.

Thanks Anna! I does say that even canceling STORE cards can affect your credit.

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Mary

"Folks without a penny of credit card debt can cancel as many unused card accounts as they want. As long as their credit cards are balance-free, it won't hurt their credit score a bit."

looks like I'm good to go then. phew

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Shauna