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@Anonymous wrote:Lowe's is definately the most worthless card in my portfolio. Haven't used it since 2012. It's the one card I actually wouldn't be sad about if issuer cancelled for non-use, but the dang thing keeps hanging on. OTOH, I've never seen any benefit in calling to cancel it, so I'll just let it atrophy.
Chris.
Wowzers you have a lot of cards! lol
I may have misunderstood or perhaps the writer was wrong but, they suggested you could combine limits with Lowes CLs and other Synchrony cards just a couple days ago?
@Anonymous wrote:I may have misunderstood or perhaps the writer was wrong but, they suggested you could combine limits with Lowes CLs and other Synchrony cards just a couple days ago?
With Synchrony you cannot combine CLs.
@Anonymous wrote:I was thinking of closing my Lowes card but with the 0% financing options I think I will leave it open. It's at $8,500 for me. On the other hand, I did close J. Crew two nights ago. Had a $8,800 CL. Hated to get rid of a card with a great limit on it but I found myself buying a pair of socks or a $20 wallet just to keep the thing active. I now only have 1 store only card and that's Lowes. Always need Windex, cleaning rags, light bulbs, household cleaners and small stuff Lowes sells in the meantime. Have 9 Visas and Mastercards I refuse to close. I began with 12 Comenity cards and got kinda lucky at getting the ones co-branded with major credit cards. Using those helped me step it up to Citi, Chase, Synchrony, and Blispay. It all worked out in the end.
I don't have lowes. But my HD is like that. Very little use. But who knows in the future i might build something. So it will stay open. As long as they let it. I will buy some batteries sometimes.
So I actually have a question. I've been rebuilding my credit for the past year now. Started at a 570 and up to a 668 now. For my own curisoisty, what is the advantage of closing a card? Especially when there is no annual fee and have such a high credit limit? ( High limits make your spending utilization look better right ? )
Sorry if this has ben asked already, just curious. I thought cards were only closed to avoid AF's.
I think its because people who are not rebuilding and have to many cards. In other words once you have what you want you can then close what you dont want. Does that make sense?
If you are rebuilding a card will serve a purpose. When you are closer to your goals you can be picky and make your good credit work for YOU, instead of you working for credit.
RE: High limits make your spending utilization look better right ?
Depends on what your limits are and what you owe/spend. Some have "buffer" limits to aid in utilization. May or may not be a good idea.
This board is full of people who know more about credit than creditors do.
YMMV
IMO
GOOD LUCK!
@jeffery581 wrote:I think its because people who are not rebuilding and have to many cards. In other words once you have what you want you can then close what you dont want. Does that make sense?
If you are rebuilding a card will serve a purpose. When you are closer to your goals you can be picky and make your good credit work for YOU, instead of you working for credit.
RE: High limits make your spending utilization look better right ?
Depends on what your limits are and what you owe/spend. Some have "buffer" limits to aid in utilization. May or may not be a good idea.
This board is full of people who know more about credit than creditors do.
YMMV
IMO
GOOD LUCK!
+1
there are a lot of cards people use as stepping stones during credit building, once they are no longer useful there is nothing wrong with closing them
also every open card needs to be monitored for fraud and for someone with a lot of cards checking every card can become tedious.
and there is also exposure limits to consider, every lender has a limit they will lend you and if you have a huge limit on a card that you don't use it could prevent you from getting a good limit on a card you do use
Edit: spelling mistakes