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My dad told me to keep a store card open for the credit limit and it backfired hard
He said closing a Kohl's card with a $2,000 limit would wreck my score so I left it open for like 4 years. I never used it and forgot it even existed until I checked my report last month and saw a late payment from an annual fee I didn't know about. Dropped my score from 740 to 680 just like that. Has anyone else gotten burned by old advice about keeping cards open?
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rosew373d ago
Wait, Kohl's charges an annual fee on their store card? I thought those basic store cards didn't have fees.
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karenw233d ago
Oh good, so Kohl's really is out here charging us for the privilege of giving them money? I guess they figured if we're gonna use their card, we might as well pay them for the honor (and the 50% off coupons that never work on the good stuff anyway).
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