Should I keep an $11k store credit card open even if I will never use it? How does it affect credit

Hello. A couple of years I got suckered into accepting one of the scamming catalog companies offer of giving me an $11,500 purchase limit for a yearly fee of $99. Once I received the catalogs, of course the stuff is all VERY overpriced and I don%26#039;t need to stoop to that kind of buying. It shows on my credit report as an open acct in good standing and never used.

For you Credit Analysts out there...please answer my Q...

I will never use this credit. When creditors look at it, do they think it is GOOD that I have an account with such a high limit and no bal due, OR should I close the account so creditors don%26#039;t think I am high risk D/I or likely to over-extend myself if I choose to use it.

Any other opinions as to how its presence affects my credit score are greatly appreciated. I have about 10 real credit cards all in good standing, current credit score is about 580 (major malfunction on a mort. a couple of years ago, is current now).

Thank You in advance for helpful replies!

Should I keep an $11k store credit card open even if I will never use it? How does it affect credit reports?title loans

I risk the wrath of God by disagreeing with Credit Guru, but here goes....

Just based on the fact that you are paying $99 for a credit card you don%26#039;t use is a good enough reason to dump it.

What you never want to do is cancel 3-4 cards at one time. That will have an impact on your score. But closing 1 account every few months will not hurt that bad, and it will recover after a few months.

As long as you are not planning to purchase a home or car in the next few months, cancel the card and use that $10 a month you save to treat yourself on making a smart decision.

0;)

Should I keep an $11k store credit card open even if I will never use it? How does it affect credit reports?

loan

One of the factors of good credit is how much you have available to you. It will definately help your credit score to have an extra funds available, but I wouldn%26#039;t think it%26#039;s really worth a hundred dollars a year.|||Generally having open revolving accounts with little or no balance is a very positive thing. You didn%26#039;t say how much you owe on your credit cards. This is called Credit Utilization, i.e. the more of your balance you owe the more utilized you are the lower your credit score.

Usually I recommend paying off cards but not closing the accounts.

Go to www.myfico.com and look in the Credit Education section and then you can review your own credit reports and determine what is best in your situation.

Good Luck