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@navistar wrote:So are you saying you dont want 25+ credit cards as some others have? Have you checked your temperature lately?
Haha, I guess I'm not an enthusiast anymore. I have an Amex Corp card, but instead of using it for my business expenses, I use my personal card. So I end up spending a lot more time doing expenses, and the whole thing is just draining me out. That's why I want to consolidate some of my personal cards and start using the corp card for all the business expenses since our expense system can easily import from Amex's system.
Hope you are not using personal card if you are trying to keep business a seperate entity.
@navistar wrote:Hope you are not using personal card if you are trying to keep business a seperate entity.
Yup. It's just the company that I work for.
Also, I was wondering if a card shows up as a closed account on my credit report, does it look bad? So it will just go away after 10 years?
@dearppl wrote:Also, I was wondering if a card shows up as a closed account on my credit report, does it look bad? So it will just go away after 10 years?
No. Card does not look bad after you closed it. It will just go away after 10 years.
Something to consider is that Citi will likely come out with a new card at some point and having this account open could give you a chance to PC to that new card and keep the existing history of the account. No way to know when that will be of course but just comparing their current lineup to the competition and it leaves alot to be desired. Personally I don't close accounts for this very reason. As an example I opened a Citi Platinum MC in 2010 that I never used until it was recently switched over to TYP. Sometimes they run some pretty good promotions for that card. I am currently using it for 5x points on gas and groceries and before that they had 2x points on all purchases.
@Chris679 wrote:Something to consider is that Citi will likely come out with a new card at some point and having this account open could give you a chance to PC to that new card and keep the existing history of the account. No way to know when that will be of course but just comparing their current lineup to the competition and it leaves alot to be desired. Personally I don't close accounts for this very reason. As an example I opened a Citi Platinum MC in 2010 that I never used until it was recently switched over to TYP. Sometimes they run some pretty good promotions for that card. I am currently using it for 5x points on gas and groceries and before that they had 2x points on all purchases.
I agree with you. I have the grandparent Citi Forward that gives me 5x TY points for eating out, and it's totally awesome. The Dividend card though, I asked them for PC a couple times before, and the rep told me the only option that I have is to pick one from Dimond, AT&T, and some other not-so-attractive cards.. Maybe I should press harder next time?
@dearppl wrote:Any advices please?
Pretty much covered above but don't overlook the stickies:
http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true
@myjourney wrote:What it will do is affect UTL but not if you PIF and don't carry balances anyway
It can affect reported utilization even if one PIF's (PIF only means "Pay In Full" and does not indicate when) and doesn't carry balances as even under those conditions balances can report and losing available credit will impact utilization. Where it won't affect utilization is if one PIF's prior to reporting dates for all cards so no balance is reported. If utilization is kept low the impact may be negligible. Calculating changes to utilization to confirm is very easy though.
@dearppl wrote:Also, I was wondering if a card shows up as a closed account on my credit report, does it look bad?
Not from closure itself. Whether open or closed it's derogatory information that looks bad.
@Chris679 wrote:Something to consider is that Citi will likely come out with a new card at some point and having this account open could give you a chance to PC to that new card and keep the existing history of the account. No way to know when that will be of course but just comparing their current lineup to the competition and it leaves alot to be desired. Personally I don't close accounts for this very reason.
Not sure how Citi handles this but many creditors don't grant sign up bonuses with PC's. Personally, I wouldn't hold onto a card just hoping that a creditor will release a more desirable product in the future. Not only is there "no way to know when" but there's also "no way to know if" (both if a desirable product will be release and if a PC would be possible). I'd see if the creditor would transfer the limit. However, this is a call that each needs to make as goals, priorities, preferences, etc vary.
I'd open a new card to replace it ( a rewards card you can pif!) and the close it.
ALWAYS open a new card before you close one to avoid util impact. I think you have a good chance of getting whatever card you want...
but it will have NO IMPACT ON AAOA. I say this from experience. I closed my oldest card (a 5k VEnture Visa Siggy that was 8 years old) and there was NO impact on my FICO.
@youngandcreditwrthy wrote:I'd open a new card to replace it ( a rewards card you can pif!) and the close it.
ALWAYS open a new card before you close one to avoid util impact. I think you have a good chance of getting whatever card you want...
but it will have NO IMPACT ON AAOA. I say this from experience. I closed my oldest card (a 5k VEnture Visa Siggy that was 8 years old) and there was NO impact on my FICO.
Well, this strategy depends on your individual situation. If you are not carrying a balance, you can control util as you wish, so that shouldn't be an issue. If you have "enough" cards with a particular issuer, or overall, you might not be able to get a new one without closing one.
Re moving the CL. Currently (well, as of last month) not possible with Citi. Policy frequently changes but sometimes the EO cannot help either.
P.S. I'm firmly in the camp of "Close what you don't need"
@youngandcreditwrthy wrote:I'd open a new card to replace it ( a rewards card you can pif!) and the close it.
+1.
Just transfer the CL to Forward and then close Dividend.