*Loan,banking and credit>>>credit score

Does cancelling a store credit card (such as a Macy's card) hurt your credit score?

I just opened up a Macy's card so I could get the 15% off on a purchase. I only have one other credit card and that one is a mastercard. I don't plan on using my Macy's card too often or maybe ever again. Should I just let it stayed payed off and forget about it or should I cancel it?

Yes it will hurt it (if you close the account).

It's a good idea to pay it off and put it away but the open line of credit adds to your 'available credit' which is what is calculated in your credit rating.

You already said you have only one other credit card so for YOUR particular situation, having an additional line of available credit (with no charges on it) will only HELP you.

Here's an article about that. Carefully read myth #2:

http://www.lendingtree.com/smartborrower...

Yes and no. if you dont have any other credit cards it wont hurt you having revolving accounts it actually helps your credit if you are trying to bring up your credit score. closing it will stop anyone from charging on it.
No!
Getting and keeping too many cards will hurt your score.
Canceling one is good and might help your score.
I must respectfully disagree with Douglas' answer. Your credit won't be hurt by keeping it open, and in your case it will definitely help.
http://www.myfico.com/crediteducation/...
close your store cards..they re horrible and have very liitle credit limit...stick with the visa/mc/discover/etc...what you need to imporove your score is a high credit limit and low debt...store cards do neither
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