Last fall I aquired a Sears Solutions Mastercard as they offered promotional financing from time to time along with special buys and special offers at Sears. For me this would be the sole purpose of having the card. If it was used for occasional purchase, the balance would be paid off every month because of the high interest rate. I received a notice from Capital One as they are severing ties with Sears and the card will become an Orchard Bank MC. There will be no further promotional financing or any other perks that came with the Sears Solutions MC. My question is if I'm trying to improve my CS, would it be advantageous to dump the card or keep it? I'm almost sure it doesn't have an annual fee, however I'm not sure if Capital One will start charging one. Any advice or thoughts on this one? Thanks for any comments and replies.
How big is the CL? If its decent it could be helping your debt to credit limit ratio if you carry balances on other revolving accounts. It's only open six months or so, you already took the inquiry hit, if there's no AMF, a good CL, you may just want to sock drawer it.
I would also keep the credit card unless the annual fee is outrageous. Depending on the credit limits on your other credit cards the extra $1200 could help your credit limit ratio. Thanks! Heather with BoostMyScore.NET
Agreed to all of that. If you're positive there's no annual fee, then there's no harm in keeping the card. It wouldn't hurt to scatter a few purchases on it throughout the year and pay the balance right back to avoid an inactivity closure, but otherwise there's no reason to close it out if it does you no harm.
There aren't a ton of retail cards we like out there, but a better version of the Sears Solution card might this option from ACE: Ace Rewards® Visa Card ... APR is low, bonus cash for gas, but then again, if you don't have an ACE nearby...
