Ask Money

I don’t want this credit card, how can I get rid of it?

Marketplace Staff Sep 29, 2013

Question:

I recently purchased some furniture and in order to build a good credit history, I purchased the furniture on credit. I was unaware I will be issued a credit card for the same. Now I am stuck with a credit card which I do not really see using in the future. I would like to get rid of this furniture credit card and in lieu, perhaps, get another good offer credit card from Marriott which has great perks that I would use.

How would this situation show-up on my credit history?

Thanks!

Response:

Carmen Wong Ulrich Dec 20, 2013 Former Host
It will appear much as you describe it — had a card, got another one!  Though, note I didn’t say “had a card, closed the card and…”.  From what you’ve given me here it sounds like you don’t have much in terms of credit or credit history.  This card may be the only one you have, yes?  Then you should just leave it open, but cut the card up, and apply for another card in the meantime.  Eventually, as you build more credit with this new card–by using it sparingly, never carrying a balance and paying on time or early everytime–you can open another.  Once you have two cards open and in rotation in your wallet, then close the furniture store card.  When a card account is closed, you may take a small hit on your credit but only temporarily and by that time, you’ll be on your way to building great credit.  And for future, no more store cards!  They’re the most expensive cards around (especially if you don’t pay them off within an introductory rate period) and frankly, useless beyond that one store usually.  Find out more about how to manage your credit and your credit scores at www.myFICO.com  

 

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