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Closing All Rebuilder Cards

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ScarletFever
Frequent Contributor

Re: Closing All Rebuilder Cards

Btw, my scores changed little, though noted on credit reports as potentially negative.
.Citi FICO-836 Barclays TU FICO; 827. Discover Fic0-826; CK:EQ-821; TU-819; CS-819; Total credit-$165,500: NASA-29,700; AMEX BCP-17,000; AMEX EDP-20,000; CSP-14,400; Barclay Ring-10,000; Discover It-9,000; U.S.Bank Sig Visa13,000; United TeleTech Federal Credit Union-$9000; Citi Double Cash-9900; Citi TYP-7,700; Discover Cashback Bonus-7,200;Chase Freedom-6,500; AMEX HHilton Honors-5000; Barclay NFL Extra Points-$5000. Utility always 1-2%
Message 11 of 18
SevenNEW
Established Contributor

Re: Closing All Rebuilder Cards

Just my two cents, but I would close the secured cards, keep the ones with AF open until the AF is due, and SD the ones w/o AF.

But I think we are talking about philosophy more than real strategy. As long as you PIF before closing them, they will remain in your report for 10 years as accounts in good standing.

SevenNEW, Garden Nerd - In the Garden until 2015!
4.2K 10K 24.6K
Message 12 of 18
OHWWCB
Regular Contributor

Re: Closing All Rebuilder Cards

The day after getting approved for my Chase Sapphire Preferred, Chase Freedom and Discover It, I closed my CreditOne and Kohls cards. CreditOne I had for 2.5 years but they charge AF and they would only waive it for 6 months and make me call back again AND they wouldn't give me a CLI on my joke $600 limit. Kohls I had only since January but they also wouldn't give me a CLI so I canceled them too. I probably won't close my Victoria's Secret card because it is actually useful to me a handful of times a year and they've been increasing my CL pretty steadily without my asking for it.

 

Good luck and congrats on your approvals!


Hilton Honors $15,000 | AMEX Green | Chase Sapphire Preferred $9000 | Discover IT $6600 | Marriott Premiere Rewards $5000 | Chase Freedom $5500 | Barclaycard Visa with Apple Rewards $2000 | CapitalOne Quicksilver One $2000 | US Airways Dividend Miles $2400
Message 13 of 18
keithbward
Frequent Contributor

Re: Closing All Rebuilder Cards

Closed all my rebuilder cards and some comenity store cards that serve no real purpose anymore. I have to call tomorrow to close 2 more and 1 more after my payment posts to $0 it out. I have some pretty good cards and only have my eye on 2-3 more prime cards next year this time when my profile looks a lot more appealing and low risk. The sadness in some of the customer service agents was pretty hilarious and most said they would waive the AF but no reason to keep them around cause they offer no real benefit to me. I have cards that not only cover the "lost" available credit but will help my utilization 3x over. All will be reported as closed at consumers request and paid as agreed while open.

Starting Scores - EX 547 || EQ 541 || TU 538 - 01/21/2014
Current Scores - EX 691 || EQ 628??? || TU 695 - 08/04/2015
Goal Scores - 720 across the board
Current Utilization - 12% and going down
Message 14 of 18
jetsfan2013
Frequent Contributor

Re: Closing All Rebuilder Cards

I recently had to make this decision, and opted to keep mine open for one more year. the only card I am closing is the First National, which has a 75 AF and wont waive it.

Road to rebuilding starts soon
Message 15 of 18
gamegrrl
Frequent Contributor

Re: Closing All Rebuilder Cards

Back in my dark credit days, I had two CapOne cards and two Orchard Bank cards. I needed them for renting cars and booking flights, etc. for my business. I opened all of them in 2002 or thereabouts. All these years, I have NEVER made a late payment. Ever. And except for one brief time several years ago, I paid the balance off every month.

 

In all that time, I only got a CLI on two of those cards, and the increases were laughable. Over ALL FOUR CARDS, my entire credit lines equalled less than $4K. And all four cards charge an annual fee.

 

Last October, I got my first "Big Girl Card": A Visa Signature card from NFCU with a CL of $25K. I recently got a DiscoverIT card with a $7K limit.

 

Since October 2013, I have been closing my old, low-limit, annual fee cards as soon as the annual fee rolls around. I just closed the last one this month. AND IT FEELS AWESOME!

 

So yeah, I'm in the "close those suckers" camp, provided you have credit lines in place to make up for them. It sounds like you do, so go for it!


EX myFICO 850 - EQ myFICO 850 - TU myFICO 850
Goal Score: 800+ across the board! *DONE!!!*
Message 16 of 18
keithbward
Frequent Contributor

Re: Closing All Rebuilder Cards

And they are all gone...All balances at $0 and accounts closed. Won't say that I'm going to miss them one bit.

Starting Scores - EX 547 || EQ 541 || TU 538 - 01/21/2014
Current Scores - EX 691 || EQ 628??? || TU 695 - 08/04/2015
Goal Scores - 720 across the board
Current Utilization - 12% and going down
Message 17 of 18
SOGGIE
Valued Contributor

Re: Closing All Rebuilder Cards

I would certainly close any rebulider cards that have annual fees. And should you decide to close any accounts, always make the request it in writing, and be sure to request that the creditor report the account as "Account Closed at Consumer's Request." I hope this helps.

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben
Message 18 of 18
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