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Established Contributor
dodgeball
Posts: 761
Registered: ‎10-16-2007
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Cleaning out the Garbage

I know that everybody says you shouldnt shut down lines of credit! But to be honest I cant stand having these toy limit cards or cards I just have no use for sitting around. So in the next week I will be closing my BofA account and Barclays, What are peoples thoughts on this.

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Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
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Re: Cleaning out the Garbage


dodgeball wrote:

I know that everybody says you shouldnt shut down lines of credit! But to be honest I cant stand having these toy limit cards or cards I just have no use for sitting around. So in the next week I will be closing my BofA account and Barclays, What are peoples thoughts on this.


Honestly I kicked some of my cards to the curb and they didnt have AF's just they did not grow! So dont be afraid in closing some of them. You might lose some points and might not if your utilization is low and handle th loss limits then do it! 


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Established Contributor
dodgeball
Posts: 761
Registered: ‎10-16-2007
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Re: Cleaning out the Garbage

The way Im looking at it is the low limit cards are not growing and they dont allow for decent CL on new cards that have more potential thats what i think happend with chase and citi. Im betting after closing those two other cards in six months chase and citi will grow to the 5k mark.

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LS2982
Posts: 15,436
Registered: ‎04-09-2011
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Re: Cleaning out the Garbage


dodgeball wrote:

I know that everybody says you shouldnt shut down lines of credit! But to be honest I cant stand having these toy limit cards or cards I just have no use for sitting around. So in the next week I will be closing my BofA account and Barclays, What are peoples thoughts on this.


Its a personal preferance. If you don't use them and they are toy limits by all means cancel them. Personally I would just SD them if there is no AF for positive history but to each is own.

 




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Established Contributor
scenery_guy
Posts: 936
Registered: ‎07-24-2012
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Re: Cleaning out the Garbage

Close them, you look good in your signature. Let those small lines drop, don't sweat the AAoA issues as they will be on your report for 10 more years. 

New Contributor
Axa
Posts: 136
Registered: ‎02-20-2013
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Re: Cleaning out the Garbage

I agree with closing them. I talked to underwriting at BOA, both business and personal, they said that underwriters usually look to see if closed cards are an indication of a move forward in credit improvement. If you feel that this indicates on paper that it is a credit improvement, and it seems like you do, then close them.


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New Contributor
CreditAce
Posts: 103
Registered: ‎02-19-2013
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Re: Cleaning out the Garbage

Awhile ago I closed several cards that I used to build my credit. The CLs were either too low to be useful or the rewards were nonexistent. In hindsight I wish I had left 1 or 2 of them open as they probably could be PCed - I had no knowledge of this site then. Just be sure that you will never use the card again before shutting it down.

Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
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Re: Cleaning out the Garbage

Low credit limit is the only reason to close an acct imo, aside from an af.
I closed $300 target and a $500 c1, and I am 100% against closing accts!
I dont think people realize how low limits really hurt their scores.
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Established Contributor
dodgeball
Posts: 761
Registered: ‎10-16-2007
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Re: Cleaning out the Garbage

I went to close my Barclays card and walked away with a credit increase to 4k the min I would accpept to keep it open and a possible PC to the Priceline to keep it open. But the BofA card is gone

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Contributor
teddybearkelli1
Posts: 109
Registered: ‎11-06-2012
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Re: Cleaning out the Garbage

If I may ask, how did you request a PC to the Priceline card. My Barclays card is number 8 on my chopping block, just closed 7 cards with fees and replaced with better, much higher limit cards. I called Barclays to see if they could merge my 2 Barclays accounts, and they said no, you can't change anything about the card and had offered to close when i expressed my displeasure with that. I told him I needed to maul it over. I've had both Barclays for 3 years and would love the Priceline in place of one of them.
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