Opened a store card at Best Buy 3 years ago and it still haunts my credit

Back in 2021 I needed a new washer and dryer fast, mine both died in the same week. Best Buy had a deal where if I opened their card I'd save 10% right there, so I did it. Figured I'd pay it off in a couple months and close it, simple enough. Well I paid it off but forgot to actually close the account until last year. Last week I checked my credit score and that card is still showing as a negative because of the average age of accounts thing. My oldest card is only 5 years old so that 3 year old one dragged the average down hard. I called them to close it but now I'm wondering if I should have just kept it open for the credit limit. Has anyone else dealt with the decision to close or keep a store card that's hurting your average age?

3 comments

3 Comments

keith90027d ago

Actually, keeping it open would've helped more than closing it did.

violar3527d agoProlific Poster

Oh man, I once kept a card open with a $500 limit for like eight years and it did absolutely nothing for me.

tara64227d ago

Keith you really think keeping it open was better? I get what you're saying about the credit limit helping the utilization ratio but isn't it also true that a closed account in good standing stays on your report for 10 years and helps the average age until it drops off? So maybe OP didn't lose as much as they think. Or did I hear that wrong?