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Any reason why I should or shouldn't?

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Anonymous
Not applicable

Any reason why I should or shouldn't?

So I want to get rid of these cards...any good reasons to keep them? I use them maybe once every 6 months to keep them active.

 

TjMaxx - $1k

Amazon - $2.2k

PayPal - $2.9k

Overstock - $4.9k

Message 1 of 10
9 REPLIES 9
pizza1
Community Leader
Super Contributor

Re: Any reason why I should or shouldn't?

I dont see any reason. If you don't shop there except twice a year just to keep the cards active, might as well close them, and condense your portfolio.

Are those your only store cards, or do you have any others? Reason I ask, is there is talk of FICO scoring for "mixed credit", whether its true or not...major and store. If you don't, maybe keep one active?
Message 2 of 10
Anonymous
Not applicable

Re: Any reason why I should or shouldn't?

Unless youre like me and like the hidden paypal account, its pretty useless outside of actually shopping with it.

 

Amazon is only good if you use amazon

 

The others are probably pointless altogether since you clearly have plenty of other cards

Message 3 of 10
Anonymous
Not applicable

Re: Any reason why I should or shouldn't?

If there's no AF then is there really any reason to close them?

Message 4 of 10
Adkins
Legendary Contributor

Re: Any reason why I should or shouldn't?

I agree with what @pizza1 posted.

Last HP 08-07-2023



Message 5 of 10
AverageJoesCredit
Legendary Contributor

Re: Any reason why I should or shouldn't?

Everyone will have their own thoughts on this, close or dont close, store card or no store card, honestly, the best way to look at it is do you have any specific plan for your credit.? Do you need utilization help? If so, those can be grown. Do you want to reduce exposure or amount of cards in portfolio? If so, 4 good examples of cards you arent using that wont make you feel you are giving up something important. Just write down a 1 year goal plan to stsrt, youd be amazed how writing it down may clear your headSmiley Wink
Message 6 of 10
CreditMagic7
Mega Contributor

Re: Any reason why I should or shouldn't?

My take goes something like this. If there's no AF and you are fairly sure they increase limits on a fairly regular schedule by all means hold the one(s) you know can grow and build up for you.

 

On the other hand if they are of no real use and SD is their main duty your credit report might benefit short and long term by cutting low limit accounts that might turn out to be a drag for you when it comes to a credit decision for new card account limit(s) in the future.

 

Just a small two cents worth of opinion.

Message 7 of 10
Anonymous
Not applicable

Re: Any reason why I should or shouldn't?

Thanks all, it goes like this:

 

1. I don't need them for UTL since I'm now at $0 CC debt

2. Everything you see on my siggy it is all i have, everything

3. Did use Amazon for x-mas shopping last year, but i can use a different card for that

4. Did use ebay last year for x-mas shopping last year, but i can use a different card for that

5. I don't want to have too much credit with store cards, dont want this affecting me in the future for other cards

6. My goal is to get another Chase CC once ch7 falls off (10/2020)

7. Don't want to be the one with cards i no longer use and only spend here and there to keep them open

8. I'm only going to be removing about $10k out of $142k and again, $0 debt. 

 

As credit magic said, dont want these ( i guess you can call "low cards") affect me on approvals for better cards in the future.  AAOA will be there for another 10 yrs anyways, so i'm good there.  I guess if i keep them and get auto CLI, i could always call and tell them to lower it.  Amazon has the convenience of 0% interest on certain purchases over 6 months etc etc, paypal does not.

Message 8 of 10
RadioRob
Established Contributor

Re: Any reason why I should or shouldn't?

If you don't need it for utilization, and the cards are not doing anything for you... dump them. You'll have them around on the report for around 10 years, so it won't hurt your age. Just don't turn around tomorrow with a big app spree to make up for them if you're looking to get in with Chase on a 5/24 card.

I don't have any store cards active on my report, but myFICO 3B shows my mix of credit as exceptional. So you don't need a store specific card I believe. Just a nice mix of revolving and installment lines.
Message 9 of 10
Anonymous
Not applicable

Re: Any reason why I should or shouldn't?

Lol, no, I won’t be going on an app spree
Message 10 of 10
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