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I applied and was approved for a TD Retail Card Services store credit card about two weeks ago but ultimately did not use it for my purchase. The card is currently sitting at $0 balance, and I do not intend to use it at any point in the future.

Right now, my options are:

  1. Request the closure of the card, which will be reported to the credit bureaus as closed at the customer’s request.
  2. TD Retail Card Services will close it automatically after 18-24 months of non-usage.

My credit score for all three bureaus is currently in the 790-800 range, and my overall credit usage hovers around 0-1% as I pay off all charges immediately. Which option for the unwanted card will result in the least impact to my score?

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  • Are you in the USA, or in Canada?
    – Flux
    Aug 24, 2022 at 1:52
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    I'm fairly sure the only difference between the two is that one will affect your score now and one will do so in 18-24 months. Do you plan to apply for credit for anything anytime in the next two years? If not, then minor changes in your score really doesn't matter.
    – Bobson
    Aug 24, 2022 at 2:16
  • USA. And that's good to know. No plan to apply for credit anytime soon, so I guess I'll just cancel immediately.
    – vafotok883
    Aug 24, 2022 at 23:57

1 Answer 1

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Credit Score companies do not publish their specific methods and algorithms so it's difficult to answer this with high confidence.

I'm guessing that it will make little difference. If any, #1 would be a little better since it closes the card earlier and it's credit limit will not be considered "potential debt" anymore.

My credit score for all three bureaus is currently in the 790-800 range ...

That sounds great, so why do you care? Banks make a big deal about the credit score, but it's primarily for their benefits, not yours. They intentionally exaggerate the importance of it: as long as you pay your bills on time and don't take on an disproportional amount of debt, you'll be fine.

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