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Credit Cards

By Terry Savage on May 16, 2022 | Credit/Debt

I have had the same two credit cards for around two decades. The Visa Amazon Rewards card is the one I always use and pay off the balance each month since I paid both down a few years ago. The other card, Capital One GM Mastercard I may use once a year just to have the available credit. In January I got a notice that Cap One had sold it to Marcus Bank. The next day my credit score went down about 20 points. My score has since returned to normal. Should I keep the Marcus card? Should I close it and get another card or just have the Visa? I may buy a house in the future if prices ever go down so I want the best credit I can manage. Thank you, Terry

Terry Says

This was an “auto-adjustment” on the part of the credit bureaus when they say what they presumed was a “balance transfer” to another card. I’m sure they were contacted by many, or figured it out on their own, and re-adjusted. So keep the card if you still think it’s useful. You have a long credit history with them and that is a positive factor in your ultimate credit review if you purchase a home. (And prices WILL go down in the next recession –but it may take a while!!)

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