Afraid to close accounts!!!

[Bobby1146]

So they say its never good to close old accounts! I have a old account I really want to close, the APR is 24+%, its a Gap Visa & its a set APR (they say) it'll never go down, but that's the only cards problem. I have a $4,000.00 credit limit on it, but afraid to use it. I have other cards with a waaaaaay lower APR, most recently "Chase Sapphire" at 15% APR & a $5,000.00 credit line, a "Discover more" with  a $2,500.00 credit line & a 16+% on it, a Chase Freedom with a $1,100.00 & APR of 23+% (which is how they get all their great "Rewards" back). Anyways, I've had the Gap Visa for about 6 years & I think its opened many credit doors for me, but they have way too much competition now & I'm afraid to close it with out this decision hurting y credit score. Should I wait for them to close it for inactivity? I really don't know my options. But I think its stopping other companies from giving me a higher credit line. My goal is to have ONE credit card with a LOW APR & high credit limit, not $10,000.00 scattered around in several cards. Also I'm not interested in NO TYPE OF REWARDS (FYI, we do pay for them) just a nice low APR. 

Please Advise...

[09Lexie]

Welcome to the forum! high APR only matters if you intend to carry a balance. Most GECRB CC'S are 22%+ it goes with the territory. Use it for a pair of jeans or something every 3-4 months- even if you forget and don't PIF one months interest will not kill you on a sm balance.

[b_seeker]

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@Bobby1146 wrote:

So they say its never good to close old accounts! I have a old account I really want to close, the APR is 24+%, its a Gap Visa & its a set APR (they say) it'll never go down, but that's the only cards problem. I have a $4,000.00 credit limit on it, but afraid to use it. I have other cards with a waaaaaay lower APR, most recently "Chase Sapphire" at 15% APR & a $5,000.00 credit line, a "Discover more" with  a $2,500.00 credit line & a 16+% on it, a Chase Freedom with a $1,100.00 & APR of 23+% (which is how they get all their great "Rewards" back). Anyways, I've had the Gap Visa for about 6 years & I think its opened many credit doors for me, but they have way too much competition now & I'm afraid to close it with out this decision hurting y credit score. Should I wait for them to close it for inactivity? I really don't know my options. But I think its stopping other companies from giving me a higher credit line. My goal is to have ONE credit card with a LOW APR & high credit limit, not $10,000.00 scattered around in several cards. Also I'm not interested in NO TYPE OF REWARDS (FYI, we do pay for them) just a nice low APR. 

Please Advise...

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What do you mean "we do pay for them"?

The $4000 really isn't stopping you from getting higher CLs from other banks. The only time I've seen denials are when you reach a certain CL total with a single bank. Depending on your income, it can be hard to get a $10,000 CL on a single card, especially when your highest reporting CL is only 5k. Judging by the rates you have, most card seem likely to give near the same interest unless your credit is improved(15-16%), however the Barclay Ring might suit you. They probably won't give you the 10k limit but after 6 months you'll probably get an auto-CLI.

http://www.barclaycardring.com/

[Bobby1146]

What I mean about the "REWARDS" is if you don't pay your balance in full for that card, they will get you back with the APR, look at the "Chase Freedom" for example, they are charging me 23+% APR, Oh & explain this one.... I also have the "Chase Sapphire" & the APR on that one is 15+% and the rewards are not as generous as the Freedom cards. Ha, got you there!!! Oh, & thank for the referral to the Barclay's Card, I will definitely look into it...

[Lambo23]

You are definitely right. If you are looking to carry a balance then you want the lowest apr. Rewards cards are good for those who PIF because of the high apr.
To answer your question, if you don't feel comfortable having the card open then close it. It'll be on your reports for 10 more years. The only thing it hurts is your utilization.
As far as a high credit limit and low apr card, you should check out a credit union.

[Bobby1146]

What I mean about the "REWARDS" is if you don't pay your balance in full for that card, they will get you back with the APR, look at the "Chase Freedom" for example, they are charging me 23+% APR, Oh & explain this one.... I also have the "Chase Sapphire" & the APR on that one is 15+% and the rewards are not as generous as the Freedom cards. Oh, & thanks for the referral to the Barclay's Card, I will definitely look into it...

[09Lexie]

Did you intend to post the same response twice?

[Bobby1146]

No sorry.

[09Lexie]

It's ok...it's late and I thought I was seeing double. Lol

[Bobby1146]