I have had a Sears credit card account since 1979. It has a zero balance. I received a letter from them today stating that since I haven't used the card in 41 months, they are going to cancel it....unless I use it by January 31st. Does it hurt your credit rating if a card gets canceled like that? If not, I'm inclined to just let them cancel it. All the Sears stores around here closed up and I don't think that I would miss having a Sears card.

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'Merica!

I don’t know (or care) what it did to my credit rating but I cancelled my Sears credit card over ten years ago.

As long as it had a zero balance, I don't think you have a problem.

How To Cancel a Credit Card the Smart Way | Credit Karma

I don't believe cancelling an account with zero balance would be an issue. If it was me I would contact Sears and close my account myself before they cancel it. I would ask for documentation from Sears that shows you closed a zero balance account.

I haven't used a Sears card for many years. I have shopped the local Sears store looking for a freezer. They had two, the sales guy didn't know if or when more would come in. Pretty sad.

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U.S. Coast Guard, retired CPO

It has been over 10 years since I had my credit checked but at that time it was actually better having fewer credit cards.

That's a good article. Sounds like keeping a long held credit card, in this case one you've had since 1979, is good for your credit rating.

If I were you GMac, I would use the card for groceries or gas if that's possible. If you can only use it for purchases from Sears, and there are no stores around you any more, maybe you could go online and find something they have on their website that you want. Tools, underwear, socks, they must sell something you need.

If you absolutely positively don't want to use it by Jan 31, it would probably look better on your credit report if you cancel it yourself than if they cancel it. If that's the case you should probably cancel it immediately following the steps recommended in the article.

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You're shy a few manners.

I've had a Sears card from the late 60's, Several yrs ago, I don't remember when, it got changed to a Citi Bank but it still has Sears name on it.

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Don

Sears still has credit cards?

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Wisdom comes thru fear . . .

There’s still Sears??!?!?

I've had a Cabela's card cancelled because of lack of use; a common practice among businesses. This is something that deserves no worry.

Dumped my Sears card when Craftsman tools went off-shore.

One of the categories used to determine your credit score is average age of credit. Cancelling a card you've had for 40 years is going to negatively affect that portion regardless of the reason for cancellation.

Sears is still open?

Another way to look at it is: Do you care if your credit rating is lowered?

I'm thinking that unless you think you might need to borrow money, what does it matter?

You're right, but it's a big deal to some. Even if you have to borrow money, a cancelled credit card probably won't mean denial of a loan. A pattern of bad credit history probably will.

When any CC is cancelled (by either you or them) your credit score takes a minor dip and only temporarily. The same happens each and every time a credit inquiry is done by a bank, other CC company, mortgage Co. car dealer, or your even do a free credit check that you are entitled to do every year - one time for free. This happens not because you are a bad credit risk, but because it involves someone doing something and being paid on your behalf - costing them money. The CC company's want you to use their cards and pay their ridiculous interest charges - that's where they make money!

If you keep a CC and never use it - you are of no use to them (dead weight)! They need to maintain records, issue statements, pay for computer space to maintain your account, etc. So they determine an amount of time that they figure you are not interested in using it any longer and want to cut you off. You must understand their view point - it's a business.

If you are not going to use it - get rid of it! The few points you will drop on your credit score will soon come back. I thing it takes about 6 months.

At about 28% interest I don’t use my Sears card but my darned wife does. You can use it any where that takes a card. If & when I do use a card I use the one from my credit Union bank. It’s a little more civilized at around 10-12%. Having too many cards or a higher limit on them is bad because you can max them all out and possibly get into deep sewage.

I'm sure your credit is better than Sears' at this point anyway, Gordy!

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paws for friendship

It might matter in ways you don't suspect.

When I bought my Jeep, I went to get insurance on it at my agent's office. Showed the lady the title, VIN, whatever ...

To my surprise, she said "Wow! You have a really high credit score!"

(I wasn't dressed for success, most likely I had been out cutting wood that morning. )

Puzzled, I asked "Why are you looking at my credit score?" She explained that is one of the factors they take into account when determining what your insurance will cost -- i.e., how good / bad a risk you are. Maybe even how much trouble it will be to get you to pay your insurance bills on time, if they will have to go to collections, etc.

So I would advise against just blowing this off as if it's nothing.

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You're shy a few manners.

A possibility, maybe. I wouldn't be inclined to take that as hard doctrine without doing some real non-Internet research, like talking to my insurance agent.

When she started typing my information into her computer who knows what all she was checking. No doubt how many accidents I had been in, traffic tickets I have received, probably if I was ever charged / convicted of a felony, etc., etc.

I imagine the credit score was just one factor, but they wouldn't look at it if it didn't matter.

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You're shy a few manners.

Sears was purchased several years ago. KMart bought the Sears chain. Used to have a Sears store as anchor tenant of a big shopping center here, and two KMart stores in town. All 3 are closed now. Montgomery Wards is long gone, too.

JC Penney and Target seem to be hanging on by their fingernails. "Dollar stores" popping up like weeds in the garden. WalMart and Sam's Club seem to be the "in place" for shoppers now.

No, it shouldn't affect your credit rating. I can't remember the last time I used my Sears card or if I evens still have one.

I will say that I'm surprised that there is still a Sears, let alone that they issue credit cards.

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Can open, worms everywhere.

At least in the northeast, Target is still growing and adding stores. I don't shop there very often, mostly because they don't often have what I want.

My daughter loves shopping at Target, but she lives 2,000 miles away from the northeast so I don't know how the stores are doing down her way.

Costco is great IF they have the items you are looking for.

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Can open, worms everywhere.

I dumped all but AMEX 5 years ago. My credit score went down 15 points and was back up 28 points in 10 months. 5 years now and My score is up over 100 points.

I don't like having more than one card, but I do keep another as back up in case the primary is compromised or lost. The back up is useful for the coupla days it takes to replace the primary. This has happened to me a coupla times. In my case I tie the back up to some utility payments that I have on autopay so that it stays active.

I cancelled a Cabelas card some years ago when they fined me 25$ over a 50$ balance for late pmt in the Christmas season mailing traffic. I use nothing now except for a institution dedicated to US Military veterans. Just poor working class with no debts, I have a cdt rating higher than the price of most new or vintage S&W revolvers.

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"Don't Give Up the Ship"

Scissor it and into the trash.

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S&W Accumulator

Frank-Dodd Act resulted in Sears raising my long time customer rate to 27%. I called to complain and ask why, corporate decision I was told. I cancelled, must have been a good decision, look at Sears now.

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Made it, Ma! Top of the world!

Good call.

Not a big deal!
I’ve had several cancelled .
Just cut them up and keep trucking!
And you should have more than one.
In case one is rejected or comprised.
My Visa was just a couple of months ago.
$1,000 charge for software by some company I never heard of.

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NRA LIFE MEMBER

My credit rating jumped over a hundred points within a couple years after my last divorce. I’ve only got a couple credit cards now and I try to keep them paid off.

I remember when going to Sears with your dad was a big event. I'm 66 so that may give you some time frame. Now I couldn't tell you where a Sears is. I'd say cut it up and put it in the round file.

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LIVE FROM THE DAWGHOUSE

As a Wee Laddie Sears was a big deal for me too!
Bought my first gun there.

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NRA LIFE MEMBER

I used to sell my pelt's to Sear's

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Don

Until this thread was started I didn't know they were still in business!

They closed all their stores around these parts several years ago.

That was my first shotgun also, I'm pretty sure it was made by Savage.

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Don

Sears was for the High Rollers. Monkey Wards was for the workin' class.

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"Don't Give Up the Ship"

Let them cancel you, but keep the card as a collector's item or a memento.

I switched to all SK Tools. On eBay I been putting together sets for me and my sons. I don’t do much with sears anyway too many problems with there service.

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Plant garlic in the fall

Just a few years behind you Dawg but I recall the same. Great place back then with nearly everything but groceries under one roof. Started to decline in the 90's and when the opportunity came to get their charge card I declined. Funny that the Sears card at one time was not that easy to qualify for and getting one was a measure of success for a working class kid.
My wife had one, she chopped it some years ago.

Yes the Sears card was hard to get, we got ours in the late 60's, the first card was a temporary card, I think it took a year before we got the regular card.

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Don

Grew up going to the old store on Ponce de Leon in Atlanta - I can still remember the smell of the fudge they made and sold on site.


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It's always good to have two active cards as I've had unauthorized charges a couple time and when that happens your card gets cancelled and it takes a few days to get a new one. I use both my cards to keep them active since I pay just about everything by card these days. It's just so much easier. I always pay the balances in full each month so there's never any interest charge.

I do believe credit scores affect things you might not think about like insurance rates, and know for sure they can affect what rate you're offered on a vehicle loan.

I don't pay CC interest! If I can not afford to pay the bill in full at the end of the cycle, I just will postpone buying it until I can afford it. People who "live off their CC's" will always be in debt!

I do realize that there certain rare circumstances that are dire emergency's and one must use a CC to pay for something they can not afford to pay off at the end of the month. OK - got that , but that debt should be paid off as fast as humanly possible to avoid paying absurd interest charges. That said, in general one should never charge something that they can not afford to pay in full - unless absolutely positively essential (at least in my opinion)!

I just opened yesterdays mail and got the same letter.

I don't know where I'm supposed to use it short of having my ducts cleaned.

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Dum vivo cano

I have 3 credit cards that I use in rotation, but never carry a balance. My Sears card is actually a MasterCard issued by Citi Bank that I opened in 1983. The last time I used it in a Sears store, they had a promo for free delivery of appliances if you used your Sears card. That was in 1985.

Interesting to hear folks say how hard it was to get a Sears CC back in the day. My experience too.

When I went to Sears to get a card, I was handed a multi-page application asking for many details I did not know off the top of my head so had to take it home. As luck would have it, shortly thereafter I got a Discover Card offer in the mail. All I had to do was sign my name and send it in. The kicker was that Sears accepted Discover. So the Sears CC app went in the trash.

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You're shy a few manners.

The first Sears card I had was cardboard, with a number hand written on it.

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Don