@ecxpa wrote:
GOOD deals on Amazon......use the card and it will grow. I think you have to use it though to get CLI. It's a SP and a good utilization buffer. I've never closed a card because I didn't need it......have had some store cards closed by the lender for not using, Target and Haverty's furniture. I've worked to hard to get my credit rebuilt to throw back the cards that helped. AF cards are another story I'm looking a chopping some of these. I personally see no benefit from closing a card that isn't costing you anything.
However, I am not an expert, maybe closing a card you are not using could improve your chances of getting a card you would use. I would love to see some of the experts here comment as to whether or not closing one CL can help you get another CL.
Actually, yes. The more conservative banks, chase included, have an internal limit of combined credit allowed. Also, there are many in the camp that if you don't use it, close it. IF you have a toy limit on several cards, and keep them open, your starting limits on prime cards are lower. Also, manual review likes to see usage on cards.
I tend at this time to keep cards open and reporting for a minimum of 12 statements. The legacy Visa is on the chopping block when the 12th statement posts to my report. The only reason.that oes schwab is still there, oldest account, it's inactive, and created before the vast majority of folks were paying by internet. But it's only one card. Open date Jan 2007. Conversely, my next card was opened May 2013.
Whether inactive cards help is another matter. My AAoA for Transunion comes out at 2.2 years, while eq comes out at 1+ some years (don't remember exactly). I also have a closed by consumer credit card on eq for capital one, that doesn't show up on my other reports. It will hang out until 2017, I'll take it.
I truly believe that once past the rebuilding stage (scores over 700, 720, your personal preference), you should only keep the cards that are beneficial to you. How bout some juicy new rewards or travel card coming out, just when your income increases enough to enjoy the benefits, but your multitude of no fee rebuilder commenity cards, synchrony cards hold you back on approval? Or, when getting that business card with all the perks, including hidden trade line, they definitely want to see only credit you DO use, their limit is based off several factors, including available credit. You want to consistently future proof your portfolio, and pruning is part of gardening.
Just my thoughts, but if OP only used the card for 20, and has no intention of using again, even the promos are not good, close the dang card. :-)
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