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Senior Contributor
Posts: 3,065
Registered: ‎11-02-2009
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Re: Advice on which to close


smc733 wrote:

Some people just don't like having things hanging out there.  I like simplicity, I shoot for 4 cards that I can manage (using only 2 at a time)...


Yes, forgot about that.  I only have three cards and can't imagine ever having more than 5, so I wasn't even thinking about it.  It's still pretty simple to put it away and forget about it.  If it gets shut down, so be it.  But if you are worried about monitoring the card to make sure no fraudulent transactions post, that could be a hassle with a lot of cards.


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Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
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Re: Advice on which to close

If you don't shop at that store frequently, why would you keep it?

 

Store cards are store specific, low CL, and most of the time have high APR. To many people they are considered sub-prime.

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Member
Posts: 16
Registered: ‎06-18-2011
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Re: Advice on which to close


bunnyrabbit wrote:

+1   on  llecs' reply        You can close Amex charge card due to the AF.

+1   on  trumpet's  reply too.    I agree ~ everyone's spending habit is different.

 

About your store cards:

Are these cards gives you some discount when you make a purchase?

Do you shop a lot at these stores?

Do you get a lot of benefit by using these cards compared to other rewards cards?

 

May be you can close three of store cards, if you really want to close some.

  • Sears Mastercard- $1000 CL- opened -07/09
  • Macys store card- opened 04/08
  • Best Buy store card hsbc- 1500 CL- opened 05/09 

 

How about ~ question like these ~

Do you like to and able to combine the two cards with BoA?   Do they let you do it?

Which Chase cards do you like or gives you more benefit ... Slate?  or  Sapphire?

 

These are the keeper ... definitely ... unless you want to close one each with Chase and BoA

  • Amex Blue Cash- 3,000 CL- open date backdated to 10/09 (opened on 3/11)
  • Chase Slate- 5,000 CL- opened 1/11
  • Chase Sapphire- 5,000 CL- opened -8/10
  • Bank of America Power Rewards Platinum- $2,500 CL- opened on 02/11
  • Bank of America Platinum WorldPoints- $2,500 CL-opened 04/08
  • Discover More- $1350 CL- opened 12/09
  • Citi Dividend Cash Back- $7,500 CL- opened 07/08

I agree. I remember reading from somewhere awhile back that store cards have less of an impact on your credit than regular bank provided cards. So getting rid of them will be a good idea if you are "cleaning up" your report. 

Valued Contributor
Posts: 1,284
Registered: ‎05-13-2010
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Re: Advice on which to close


trumpet-205 wrote:

If you don't shop at that store frequently, why would you keep it?

 

Store cards are store specific, low CL, and most of the time have high APR. To many people they are considered sub-prime.


Exactly,

 

I think my profile with

BofA

Chase

Citi

Discover

Amex

 

Just doesn't sit well with a GEMB store card on that otherwise very prime list, one reason I'm planning on ditching my Amazon card soon.

BofA Cash Rewards VS - $10k/9.99% | Citi Dividend World MC - $12.1k/11.99% | Amex BCE - $20k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $19k/11.99%
Valued Contributor
Posts: 1,413
Registered: ‎01-20-2008
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Re: Advice on which to close

[ Edited ]

smc733 wrote:

trumpet-205 wrote:

If you don't shop at that store frequently, why would you keep it?

 

Store cards are store specific, low CL, and most of the time have high APR. To many people they are considered sub-prime.


Exactly,

 

I think my profile with

BofA

Chase

Citi

Discover

Amex

 

Just doesn't sit well with a GEMB store card on that otherwise very prime list, one reason I'm planning on ditching my Amazon card soon.



It sounds like we are on the same page ~ aren't we?

 

What do you think OP?

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Regular Contributor
Posts: 146
Registered: ‎08-06-2009
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Re: Advice on which to close

I would close the low limit cards:

Discover

Sears

Best buy

Bank of America Power Rewards Platinum

 

 

Valued Contributor
Posts: 1,413
Registered: ‎01-20-2008
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Re: Advice on which to close


daylove wrote:

I would close the low limit cards:

Discover

Sears

Best buy

Bank of America Power Rewards Platinum 



Why?   It's becasue of low CL?    We need to look at other than just low CL.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Established Member
Posts: 57
Registered: ‎06-19-2011
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Re: Advice on which to close

How do you merge the Chase cards?

 

How do you PC the Amex Blue Cash card? Why would I want to PC that card? I like the plat and I do not mind paying the AF..I travel a lot.

EQ 723/TU 749/EX 721 myFICO 04/15/2015

Amex PRG NPSL/USAirways MC 10k/Chase Sapphire 10k/BoFA Cash Rewards Visa Signature 10k/Capital One Venture Visa Signature 10k/Citi Dividend MC 8.7k/Chase SWA Premier 5k/Chase Marriott Premier 5k//Discover IT 5.9k/Amex Delta SkyMiles Gold 4.1k//Macys store card 2.9k/Best Buy store card 1.4k
Regular Contributor
Posts: 209
Registered: ‎04-30-2011
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Re: Advice on which to close

Hi Ry,

 

Welcome to the forums!  Your post is very similar to the one that was posted by Scarp just yesterday or the day before.  Similar cards, limits, and questions.  You may be able to glean some information from that post as well.  Believe it is on the 2nd page now of the CC forum section.

 

I like what the posters before have said.  Close the subprime cards as they are no longer needed or probably wanted.

 

Nice place to be in to pick and choose!

Established Member
Posts: 57
Registered: ‎06-19-2011
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Re: Advice on which to close

Guys- Thanks for all the great information.

 

I am going to keep the Discover open as a lot of you guys had mentioned. 

 

Chase rolled the Slate CL into the Sapphire so now I have a saph with a 10K CL

 

Bank of America allowed me to merge the cards, as you guys had said the PW is a better rewards program so now I have the one BOA card that is the PW with a 5K CL

 

I am keeping the AMEX cards the way they are. 

 

The store cards are just going to stay open. 

EQ 723/TU 749/EX 721 myFICO 04/15/2015

Amex PRG NPSL/USAirways MC 10k/Chase Sapphire 10k/BoFA Cash Rewards Visa Signature 10k/Capital One Venture Visa Signature 10k/Citi Dividend MC 8.7k/Chase SWA Premier 5k/Chase Marriott Premier 5k//Discover IT 5.9k/Amex Delta SkyMiles Gold 4.1k//Macys store card 2.9k/Best Buy store card 1.4k
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