I am a college student and I am planning on applying for a bestbuy credit card so that I can finance a TV over 6 months.....I will have no problem paying the amount back within the time frame, but after I do this I have no need for the card. What should I do because I am worried that if i either cancel it or leave it inactive it will affect my credit score.
Thanks|||Yes if you cancel the card it means you can borrow less money so it does effect your credit when you go looking for another card. You can leave the balance at 0 and never use it if you want. Or go ahead and cancel it after you pay off the bill. The more credit you have with good standing the easier it makes it to get another credit card from another company. However if you think you might lose the card or someone might steal it then yes cancel the card.
Also look for a TV on sale. Dont buy the most expensive. Make sure to buy something you can really pay off quick.|||Closing your oldest form of credit is not a good move
"Length of Credit History" is 15% of your fico score
You can cut up the card and leave the account open if you wish
I've had a store card opened for 10 years now - they have never closed it on me
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