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Unpopular opinion: closing that Macy's card in 2019 cost me way more than I thought
I closed a Macy's card I barely used back in 2019 thinking it would clean up my wallet. Fast forward to last month, I applied for a car loan in Denver and got denied. Pulled my credit report and saw my total credit limit was sitting at $2,100 because that store card was 40% of it. The loan officer told me closing any card lowers your total limit and that makes your use of what's left look way higher. Now I'm stuck rebuilding with a secured card. Did anyone else learn this one the hard way?
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abbyf791d ago
Wait, the Macy's card was 40% of your total credit limit?? That is wild, I never would have guessed a store card could make up that much of someone's credit.
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