Closing CC Accounts

[fuzzybean]

I also closed Furniture Row. I've had it for nearly 3 years and haven't used it.

I see what you're saying but if they are lowering my credit limit for not using it, it's going to have the same impact so I'd rather just be done with it.

[kdm31091]

I'm pretty much in the camp of "if you find it useless, just close it". Life is short. If you are unhappy with something then move on. Yes, depending on certain things your score may take a hit when you close a card, but unless you have a major app coming up, you don't need to worry over the play-by-play score changes. Your credit history is what matters.

Once I decide a card is useless to me, I just close it. It's very unlikely you will find it useful again, so what's the point?

[takeshi74]

Don't overlook the stickies.  This thread is linked in the Helpful Threads sticky.

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

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@fuzzybean wrote:

I know my credit report will take a hit, but I'm wondering for how long.

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While time plays a role in some factors it's never just a matter of time but how all the factors impact your credit profile.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

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@fuzzybean wrote:

Is there any reason I should keep my Shell gas card?  I only use it every couple/few months to keep them from lowering my credit line like they did to my husband.  Otherwise, I'd likely never use it because gas is cheaper at other nearby gas stations.

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You're really the one that has to determine that.  Is it worth it to you to keep it open only to prevent a CLD?  YMMV but I closed mine as soon as I got a card with rewards on fuel.

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@beautifulblaquepearl wrote:
The only thing I would be mindful of are the opening dates for the cards you want to close. Are any of them your oldest credit line? It won't have an impact on your AAoA now, but in 10 years it could if all the accounts you leave open are very new. It's just food for thought.

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Though in 10 years those accounts that are new right now will be 10 years older.  The call is up to each indivdual but AAoA is a relatively small factor.

[Anonymous]

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@fuzzybean wrote:

I have a bunch of credit cards I don't use anymore.  In fact, 2 lowered my available credit because I didn't use them.  I've decided I want to get rid of the ones that don't get used.  I know my credit report will take a hit, but I'm wondering for how long.  I'm 8 years post BK and at the 10 year mark I'm hoping to get an Amex.  I tried again recently and got declined so I'm going to wait.  I plan on keeping my BofA cash rewards Visa, Barclaycard cash rewards MC, Discover it, Capital One Platinum Visa, Target and Lowes.  I'll probably keep my Ashley Furniture and Best Buy for their 0% financing when/if I need it.  I'm considering closing my Shell gas, Furniture Row card and my Barclaycard Visa for Apple.  I definitely want to close Macy's, Walmart, Home Depot and Gap.  I won't need to apply for any sort of credit anytime soon (at least I hope not) so to me it seems like a good time to dump what I don't use. 

Is there any reason I should keep my Shell gas card?  I only use it every couple/few months to keep them from lowering my credit line like they did to my husband.  Otherwise, I'd likely never use it because gas is cheaper at other nearby gas stations.  I do plan on getting a new Mac in the next 6-12 months, but unless I can get 0% financing for it, I'll just use a rewards card and pay it off instead. 

Any tips or advice? 

My plan is to rid myself of these cards and then plop myself in the garden for a good long time.

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I got rid of every card I dont use and I couldnt be happier. Its nice to have less cards to have to watch and spend can be focused on the cards you have so you can get better rewards. At least thats how it worked for me. I kept wal mart and pottery barn for the same 0% reasons. Also I shop at sams club often and can use the wal mart card though which i think is a good card. I would go for it if I were you! Get rid of what you dont want. 

[fuzzybean]

I've been busy with credit cards this past week.  I noticed on the BofA site that their cash rewards didn't have an anual fee, yet we were still being charged one.  It was likely because it started as a secure card many many years ago.  I spoke with them today and got them to drop the annual fee and they aslo credited me back for the fee they took out in April.  And, I got a 6k increase so it's now up to 20k.  Stoked.

There was only one other card that had an annual fee of $19.  Capital One refused to get rid of it.  They also wouldn't give me a CLI about a month ago because my monthly payments weren't large enough...in other words, I pay my bill in full and they don't make money off of me.  I thought about it and decided I wanted to dump them, too.  The CL on that card was only 2.8k.  So, I decided to apply for the Amex Every Day which has declined me in the past (BK in 2007).  I got approved for 10k and cancelled my CapOne.

[NRB525]

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@fuzzybean wrote:

I've been busy with credit cards this past week.  I noticed on the BofA site that their cash rewards didn't have an anual fee, yet we were still being charged one.  It was likely because it started as a secure card many many years ago.  I spoke with them today and got them to drop the annual fee and they aslo credited me back for the fee they took out in April.  And, I got a 6k increase so it's now up to 20k.  Stoked.

There was only one other card that had an annual fee of $19.  Capital One refused to get rid of it.  They also wouldn't give me a CLI about a month ago because my monthly payments weren't large enough...in other words, I pay my bill in full and they don't make money off of me.  I thought about it and decided I wanted to dump them, too.  The CL on that card was only 2.8k.  So, I decided to apply for the Amex Every Day which has declined me in the past (BK in 2007).  I got approved for 10k and cancelled my CapOne.

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Ok, well Capital One has a ceiling, a set of attributes including annual fees, that certain cards for certain cardholders never get past. Those reasons they give you? Worthless. What they really want to say is, "This Card Is Done". The best thing to do in those cases is apply for a new Capital One card, while you have the existing CapOne card open. You'll get a no AF card (Quicksilver for example) and re-set your relationship as far as APR and CL. The advantage to Quicksilver is it is one of the few widely accepted (VISA, MC) cards with no AF and no FTF, for those times when you might go to Canada or Europe.

Congratulations on the BofA card improvements, and the new AMEX. If you got $10k on the AMEX, and you did well on the BofA CL increase, you could probably get a much better Quicksilver CL.