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      05-27-2015, 07:43 PM   #1
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Will this hurt my credit score?

Good day fellow people, a week ago, I walked into Kay jewelers and applied for a card and got approved and i bought a gold chain. This is unlike me because I've never owned a credit card, i just use my debit card with MasterCard logo on it. I've always been super careful about my credit. My median score is somewhere around 825'ish.

I'm not even into jewelry like that, but i decided to try something new.
So after a week, i decided I don't like the chain, too much jewelry isn't my thing. I returned it.

Now I'm about to call and cancel the card because I'm never going to use it again, ever!

So my question is: will canceling the card hurt my credit?
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      05-27-2015, 07:50 PM   #2
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It will drop a few points but will even out in a few months. It's only important to not cancel a cars you have had for a long time because that card has a much longer credit history about you. I wouldn't worry about it.
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      05-27-2015, 08:08 PM   #3
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Recently opened as well as decreasing the average age of your open accounts will lower your score, plus the inquiry but it will be minimal
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      05-27-2015, 09:21 PM   #4
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As both stated, impact would be minimal.
Maybe pay it off and have zero balance? (If there is no fees or anything).
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      05-27-2015, 10:04 PM   #5
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You got a hit on your score when you applied. If this is your first form of credit you have a limited credit history as you don't have anything reporting to bureau >24 months. Pay the card off, keep it open and that will help you establish credit with low utilization. I'd recommend applying for a personal credit card for a small amount to further report to the bureaus. 825 is a good score but with a LHC lenders have a hard time lending larger amounts. That's why you need a minimum 2 products not including telecoms with a 2 year history. I actually manage a credit card center so let me know if you have any further questions.
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      05-27-2015, 10:20 PM   #6
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what kind of gold chain?
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      05-27-2015, 11:05 PM   #7
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You should've gone with a mainstream cash back credit card instead of a "store" credit card. Store cards have among the worst rewards deals.

TXSTYLE can attest to this but the Citi double cash back rewards cards is among the best on the market right now. You get a flat 2% cash back on everything. It's literally free money.
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      05-28-2015, 12:30 AM   #8
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Quote:
Originally Posted by BMW F22 View Post
It will drop a few points but will even out in a few months. It's only important to not cancel a cars you have had for a long time because that card has a much longer credit history about you. I wouldn't worry about it.
Quote:
Originally Posted by 954Stealth View Post
Recently opened as well as decreasing the average age of your open accounts will lower your score, plus the inquiry but it will be minimal
Thanks!

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Originally Posted by MrPrena View Post
As both stated, impact would be minimal.
Maybe pay it off and have zero balance? (If there is no fees or anything).
I don't think there are any fees, the balance is $0 because i returned the chain.

Quote:
Originally Posted by CANGRKE70 View Post
You got a hit on your score when you applied. If this is your first form of credit you have a limited credit history as you don't have anything reporting to bureau >24 months. Pay the card off, keep it open and that will help you establish credit with low utilization. I'd recommend applying for a personal credit card for a small amount to further report to the bureaus. 825 is a good score but with a LHC lenders have a hard time lending larger amounts. That's why you need a minimum 2 products not including telecoms with a 2 year history. I actually manage a credit card center so let me know if you have any further questions.
Sure, i'll PM if i need more info. Thanks.

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Originally Posted by ASAP View Post
what kind of gold chain?
It was a 10k 24" chain

Quote:
Originally Posted by NemesisX View Post
(1) You should've gone with a mainstream cash back credit card instead of a "store" credit card. Store cards have among the worst rewards deals.

(2)TXSTYLE can attest to this but the Citi double cash back rewards cards is among the best on the market right now. You get a flat 2% cash back on everything. It's literally free money.
(1) That's exactly what i thought of but it was too late after i had already applied.
(2) Yea, i've gotten plenty of info from them in the previous threads about CC's.
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      05-28-2015, 01:59 AM   #9
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You WILL take a hit but it should be minimum. The "inquiry" is the hit. Since you were approved, that is always positive. Closing it within 30 days of opening it should have zero effect. I understand "impulse purchases" as I have done FAR too many in my time.
Store cards are a tricky thing: In some instances, they are fantastic because they offer up so many "card holder only incentives and discounts regularly" like our Kohls account. We pay it off monthly so the apr is a non factor. But I can honestly tell you we make a KILLING on deals from that place. Here is an example:

They send us a 30% off ANYTHING (including clearance items!) which is more frequent to preferred card holders (which we are) So I go in and spend $100 in clearance clothes for our 2 sons (they grow like weeds at this age anyway!) spending on average of say $8 per item. Total is $130. We then get 30% off of that, making it $100 before tax (8.25 here) and then they give us $20 in 'Kohls Ca$h' back for a future purchase! So that $130 of clearance items mind you, now becomes only $80 spent. The receipt in this case will generally say "you saved $200+ today".
Now most store cards offer incentives but VERY few approach Kohls business model. Which is why other department stores ar starting to mimick them. In the case of a Jewelery Store card (which I've had a couple waaaay back in the day when I was getting credit established) the apr is far too high and the deals typically entail advance notice of upcoming sales and maybe a exclusive sale day or two. Not worth it IMO. As was mentioned above. My Citi Double Cash or even Amex Everyday are better options to drop say a grand on some jewelery. That's $20 right there back in my pocket with their 2% reward. And then they offer "price guarantee" which they will refund you the difference if you can document you found it cheaper.
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      05-28-2015, 04:49 AM   #10
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You'll be fine, it won't hurt your credit score that much I have 15 credit cards and I just turned 21 lol but I only use them 25 bucks each month (gas, food, and random stuff)
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      05-28-2015, 07:42 AM   #11
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Quote:
Originally Posted by e92_boost View Post
You'll be fine, it won't hurt your credit score that much I have 15 credit cards and I just turned 21 lol but I only use them 25 bucks each month (gas, food, and random stuff)
Having too many cards isn't a good thing even with 0 balances on them. If you have 7+ hits in a year that also causes a limited credit file flag to be placed.

Too much credit exposure could negate from you getting further credit in the future and that some cards be closed as a condition of finance.
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      05-28-2015, 07:45 AM   #12
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Quote:
Originally Posted by CANGRKE70
Quote:
Originally Posted by e92_boost View Post
You'll be fine, it won't hurt your credit score that much I have 15 credit cards and I just turned 21 lol but I only use them 25 bucks each month (gas, food, and random stuff)
Having too many cards isn't a good thing even with 0 balances on them. If you have 7+ hits in a year that also causes a limited credit file flag to be placed.

Too much credit exposure could negate from you getting further credit in the future and that some cards be closed as a condition of finance.
The bigger balanced ones which are over 8k limit my dad uses for fuel and every month they are paid in full for his trucks so at the end of the month all cards are paid for they don't just sit around for my credit to go down its actually going up lol and the credit limits on the cards have been raised.
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      05-28-2015, 07:47 AM   #13
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Quote:
Originally Posted by e92_boost View Post
You'll be fine, it won't hurt your credit score that much I have 15 credit cards and I just turned 21 lol but I only use them 25 bucks each month (gas, food, and random stuff)
I'll never understand this logic. What's the point in having that many, especially if you don't use them. You really only need about two cards, IMO. Anything more isn't going to do you any favors. Consider you only use 25 a month on each, how the hell are you supposed to reap any benefits? It would take a century just to get some free shit spreading across that many cards, that's stupid.
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      05-28-2015, 07:49 AM   #14
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Quote:
Originally Posted by Billup
Quote:
Originally Posted by e92_boost View Post
You'll be fine, it won't hurt your credit score that much I have 15 credit cards and I just turned 21 lol but I only use them 25 bucks each month (gas, food, and random stuff)
I'll never understand this logic. What's the point in having that many, especially if you don't use them. You really only need about two cards, IMO. Anything more isn't going to do you any favors.
I find them helpful cause i never carry cash with me that's why and I've split them with my dad he has the bigger limit ones.
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      05-28-2015, 07:53 AM   #15
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Quote:
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I've split them with my dad he has the bigger limit ones.
Are you an additional cardholder on those ones and your dad primary? If that is the case those won't report to your bureau.
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      05-28-2015, 07:54 AM   #16
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Quote:
Originally Posted by CANGRKE70
Quote:
Originally Posted by e92_boost View Post
I've split them with my dad he has the bigger limit ones.
Are you an additional cardholder on those ones and your dad primary? If that is the case those won't report to your bureau.
No I'm primary he's additional holder on them.
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      05-28-2015, 07:58 AM   #17
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There's no way you have an 825 FICO score if you've never had a credit card and pay for everything with debit cards (cash).

You don't get a great credit score by not participating.
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      05-28-2015, 07:59 AM   #18
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Quote:
Originally Posted by e92_boost View Post
I find them helpful cause i never carry cash with me that's why and I've split them with my dad he has the bigger limit ones.
I still don't follow you. How much shit do you buy in a month that you would need 15? Why would you split with your dad? You say you're the primary, but he has the larger limit ones, so that means..., he is the primary on those cards. You really aren't making much sense right now.

I never have cash either, in fact, I've had the same $1 in my wallet for the past two months, and I seem to do just fine with two cards.
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      05-28-2015, 08:00 AM   #19
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Quote:
Originally Posted by Billup
Quote:
Originally Posted by e92_boost View Post
I find them helpful cause i never carry cash with me that's why and I've split them with my dad he has the bigger limit ones.
I still don't follow you. How much shit do you buy in a month that you would need 15? Why would you split with your dad? You say you're the primary, but he has the larger limit ones, so that means..., he is the primary on those cards. You really aren't making much sense right now.

I never have cash either, in fact, I've had the same $1 in my wallet for the past two months, and I seem to do just fine with two cards.
How does it not make sense? What am I going to do with my credit cards with 8k limits? When he has semi trucks to fill with diesel lol what am I going to spend all that money on?
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      05-28-2015, 08:05 AM   #20
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Those aren't your cards that he is using to fill the trucks, so it shouldn't matter. I'm speaking in terms of your OWN cards that YOU are the primary holder. How many are JUST yours? 10? Were 5 of the 15 his?

Even still, your statement above would verify my point. High limits, nothing to spend the money on, so why have so many? Not having cash isn't a very good argument.
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      05-28-2015, 08:07 AM   #21
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Quote:
Originally Posted by mashoutposse View Post
There's no way you have an 825 FICO score if you've never had a credit card and pay for everything with debit cards (cash).

You don't get a great credit score by not participating.
That isn't always the case. People who are new to credit who say have a 1M card with 0 utilization can have high scores, but that comes with a limited credit history flag the lenders see and we take the score with a grain of salt.

I've seen high scores to new immigrants who's bureau was opened in the same calendar year with 800+ scores...doesn't mean I'm going to approve a 20M LOC for them.
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      05-28-2015, 08:24 AM   #22
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Quote:
Originally Posted by Billup
Those aren't your cards that he is using to fill the trucks, so it shouldn't matter. I'm speaking in terms of your OWN cards that YOU are the primary holder. How many are JUST yours? 10? Were 5 of the 15 his?

Even still, your statement above would verify my point. High limits, nothing to spend the money on, so why have so many? Not having cash isn't a very good argument.
Those are mine that he fills up with lol......

(Deleted the statement attachment btw for personal reasons to show that it was mine)
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