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CLose or wait?

Valued Contributor

CLose or wait?

I am wondering what is better to do close a card or wait for them to close it for inactivity? 


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Message 1 of 16
15 REPLIES
Valued Contributor

Re: CLose or wait?

Is there an AF? Any reason why you don't care to keep it open?

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 2 of 16
Valued Contributor

Re: CLose or wait?

two of them have an AF. another one will never move from current CL. 


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Message 3 of 16
Moderator

Re: CLose or wait?

FWIW I'd never let a card close due to inactivity; while FICO might not care, I don't want odd questions during an underwriting phase asking about a card which was "closed by credit grantor."  

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 4 of 16
Regular Contributor

Re: CLose or wait?


Revelate wrote:

FWIW I'd never let a card close due to inactivity; while FICO might not care, I don't want odd questions during an underwriting phase asking about a card which was "closed by credit grantor."  


this is definitely a good reason not to let them close it due to inactivity, even more if they have an AF.

Message 5 of 16
Mega Contributor

Re: CLose or wait?


Revelate wrote:

FWIW I'd never let a card close due to inactivity; while FICO might not care, I don't want odd questions during an underwriting phase asking about a card which was "closed by credit grantor."  


I agree.

 

Appbar, if this is the cap1 account your asking about keep it. I know the AF thing isn't nice but try out the executive office line and see if they can increase you to make it worth it.

 




EQ FICO 548 3/3/16
Message 6 of 16
Valued Contributor

Re: CLose or wait?

If they cant waive it close it?

In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Message 7 of 16
Established Member

Re: CLose or wait?

I look at credit all the time... Scores are nice, but really don't tell the whole picture. Someone that has had late payments and closed accounts that say Closed by Grantor and then you look at High credit, Credit limit which may now be lower because they balance chased you, just looks bad.

 

I pay for USAA credit monitoring and score watch... Because I care about my Credit/Score. Honestly an annual fee is the least of my concerns. Paying my bills on-time and watching my utility and managing spending on 15 different cards is.

 

I strongly believe that if you are not going to use a card. Sock Drawer it and still log in and check the balance every two weeks and use it once every two months or just close it.

 

 

CAP1 Venture $3k & No Hassel $750 / Discover More 2.5k / AMEX ZYNC NPSL & Delta 2k / FirstTech CU Visa 2k / USAA AMEX 1k / Sam's 2.2k / Amazon 1.9k / Walmart $800 /
Message 8 of 16
Valued Contributor

Re: CLose or wait?

So it seems like i should close it. Havent used it in five or so months anyways. I will never use it again. I hope it doesnt hurt with discover

In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Message 9 of 16
Frequent Contributor

Re: CLose or wait?

Some interesting discussions in this thread! In the past I've always heard here that you should just let it go on it's own if there is no AF?

Message 10 of 16