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Additional Details
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Amber007 | Should I cancel my Sam's Credit Card? |
We will be paying off our store only line of credit with Sam's this month. We purchased a large item a few months ago that only Sam's had, but are paying it off this month.
We have moved to a new neighborhood which does not have a Sam's and only a Wal-Mart market (groceries only). We prefer Kroger/local markets for groceries.
So we are in a bind. Should we cancel the card after paying down to $0 or keep it open? We used it once in a year. We thought we needed it and really didn't. The limit is only $700. We could have gotten an increase but did not want to, since we never use it.
I don't feel safe having an account open with $0 balance. I know it is a good to show we have credit available but are not using, but at the same time I do not want to risk ID theft.
We already purchased a home, so we will not be applying for anything major for many years to come. We do have one other store account that we do use pretty frequently (we put small amounts and pay off within the same month). Also, we both have good credit scores in the 700s.
Would it make sense to cancel the Sam's card, and instead apply for a card at a store we actually do frequent in our new area, such as Target?
Or since we already have another card with a credit limit above $2000, are we safer just keeping this account and not getting another card?
We don't HAVE to have them and were using them solely to boost credit. We usually pay cash or do without.
Having a Sam's account is just not practical anymore.
Thanks in advance for your advice!
Additional Details
Wow! Very diverse answers.
Thank you though for responding!
We will go ahead and pay it off this month. We may wait a few more months and decide to cancel then. It's not a huge hassle to keep it open, but kind of pointless since I know we will never use it. I would have to drive an hour just to go to Sam's.
My biggest concern is identity theft. It might be a small limit, but it would still be a huge pain to go through the ordeal of having our ID stolen.
We'll give it a few months and see what is best for us...
Thanks again! |
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coolwoman27
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You just answered your own question! |
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scooby5055
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I think you answered your own question."Having a Sam's account is just not practical anymore. " I would close it if your not going to use it.
You have the other account. Just charge on that one, but pay it off and your credit will be in good standing.
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TESTIFY
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If its not practical, then cancel it.
The only reason to leave it open would be to decrease your debt to income ratio and help improve your credit score, but if you already have a good score then there is no need to keep it open. |
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Tim
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If you won't use it cancel it.
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amy
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Just tear it up. Canceling credit cards is worse for your credit than running your card up. |
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Jeancommunicates
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Best advice I can give is - cancel it! |
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Veritatum17
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If you're never going to use it, it will probably close after 12 months anyway.
Relatively speaking, the Sam's card is more protected than most cards from ID theft because the only folks who will gain access to the card will be Sam's Club employees or perhaps a customer who finds a receipt you've dropped.
When my credit card number was stolen it was most likely in a restaurant where the card was out of my sight long enough for the waiter to write down the card information. It was later used to buy $900 worth of stuff online and it took me about three months, about 15 hours of paperwork and the threat of legal action against Ebay to finally get it cleared up. Fortunately I've been with my credit card provider long enough that they know I don't pull stupid games like that. |
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mmmmegannn
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NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO...
DONT DO IT! SAM DOESNT WANT YOU TO CANCEL HIS CREDIT CARD! HE MAY WANT TO KEEP HIS CREDIT CARD "UNCANCELED" |
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sarah
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Since you already have a good credit score, won't be buying a house or another major purchase soon (I believe you just bought one, right?), and already have another card, I'd cancel it. Your credit won't be majorly affected, especially since you already have so much to show for your good credit. It would be a different story if you were fresh out of college!
Also, is it worth the hassle of keeping up with an account you probably won't bother using anytime soon? Especially if you can just pay for the products out of pocket if you were to visit a Sam's?
Good luck and best wishes to you! |
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GC
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If I were you I would cancel the Sam's card and not open another card up. I would stay with the $2000 card only. You did say you won't be making any huge purchases. And that way you can watch the $2000 and possibly accept if you are offered a higher credit limit.
No need to open more cards when you have one you could possibly pay with at Target. |
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Doug R
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leave it open. You never know when you or someone you love will have an emergency. As for future credit requirements, you never know if you'll need a loan. The only reason I would consider closing the account is if there is an annual fee associated with leaving the account open. |
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Tim W
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sounds like you have already answered this for yourself, and talked yourself into cancelling it anyways. If you don't need it and dont plan on using it, why have it? If your credit score is already in the high 700's, then you dont really need it to build or boost credit.
also keep in mind that having an open card with a zero balance and not using it for several months can actually hurt your credit score.
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g_lane14
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If I were you I would |
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Sune
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If you do not plan on using it or can't afford to use it there is really no reason to keep it open. Plus for credit purposes I would cancel it yourself, it looks better then a company closing it for lack of use. |
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pip33
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no keep it just in case.you can always shop on line. |
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pencil
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Uncle Sam should have never been given a card.
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