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?
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.
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.
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