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Regular Contributor
Carsalesmn
Posts: 247
Registered: ‎02-20-2008
0

Closing a card @ the 6th month mark!!!!!?????

I have had far too much of my HSBC Rewards Zone Master Card!!!! It's lofty $300CL with no chance of growth bothers me and so does HSBC's lovely service! I was going to wait till 11/08 to axe it, but each time I think about it, it p***es me off! Should I wait the full year for the scoring-age benefit or should I axe the darn card and never think about it again?
 
What would you do?
 
Keep in mind I have:
 
Penfed $15k
Bofa $7.5k
Wells $3.9k
Cap1 $2.85k
USB $2k CLI at end of month
As well as several store and a gas card....
 
Thanks for all of your input!!!
 
 
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008
0

Re: Closing a card @ the 6th month mark!!!!!?????

Car,
 
As much as it irks you I wouldn't cancel it unless there is an annual fee on the card. Simply put a coffee or a tank of gas on the card every 3 months to keep it active. You never know, eventually they may change their CLIways and extend you more credit or give you a great balance transfer offer.
 
 
Regular Contributor
Carsalesmn
Posts: 247
Registered: ‎02-20-2008
0

Re: Closing a card @ the 6th month mark!!!!!?????

There is an AF, and it is due on 11/08, note the axe date.......
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Closing a card @ the 6th month mark!!!!!?????

Where's that shredder? :smileyhappy:
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008
0

Re: Closing a card @ the 6th month mark!!!!!?????

One other route you can go is hold onto it a few months, apply for a CLI with BoA and Wells etc over the next few months (not if you just asked for one, allow 6 months from your last), but basically your strategy could be to amass a few lines thousands over theirs, call up before the fee is due and say, "look I would love to give your card more use but I need a higher line and no annual fee." If they don't waive the fee or let you convert to a card without annual fees then I would can them at that point. It might be worth a try though.
Established Contributor
beenthere
Posts: 971
Registered: ‎01-13-2008
0

Re: Closing a card @ the 6th month mark!!!!!?????

Sometimes it doesn't matter the small and temporary drop in points. As they might say in Georgia "Sometimes a thang just needs kill'n"
1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Valued Contributor
TheNewWorldMan
Posts: 2,374
Registered: ‎03-15-2007
0

Re: Closing a card @ the 6th month mark!!!!!?????

Not like there's much history there to lose, anyway. If the AF makes you hot under the collar, and the CCC won't eliminate or reduce it, I say whack the card and bury it out in the desert.
- - - -
in a credit-scoring postnuclear Stone Age...
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Closing a card @ the 6th month mark!!!!!?????

Great advice

smallfry wrote:
Where's that shredder? :smileyhappy:


Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: Closing a card @ the 6th month mark!!!!!?????

You won't lose the history for another 10 years anyway. It will keep on reporting after you close it.

The only thing that you'll lose is that whopping $300 CL. Just make sure that your util is down. But depending on how high your overall CL is (all your revolving together), it might not even make a difference.

Barclays Barnes and Noble is going bye-bye in 3 weeks, and it will only be 4 months old. My BB store card is probably history some time this fall. I didn't plan on getting these, and they just annoy me.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

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