Got approved for Discover last week, so no longer needed the $500 secured card from my CU. Closed it yesterday. I paid my Old Navy, Walmart, and BBRZMC down to $0 balances, and am trying to decide if I should close walmart and best buy or just sock drawer them. I also have a dressbarn card that I am going to close, as I do not shop there enough and the limit is not worth hanging onto.I BT'd the Cap 1 balance to the new Discover, and will probably sock drawer that card. I apped last week for discover(approved) citi diamond preferred(have not heard back from them yet) and Bof A Alaska Airlines card... I talked with the BofA guy and he said that due to me having balances reporting on so many of my small cards they were going to decline me for the alaska airlines card. He did say though if I had waited until the 0 balances had reported that I would have been approved, and suggested trying it again in another month or so after the balances were updated on the reports.So my own mistake for apping too early. I did tell him that my plan was to close out the small cards and use a better card that could earn me airline miles as I travel quite a bit with that particular airline. .(the upside is that they pulled Experian and my score is 653) So, if I close these cards will it hurt my pending app with Citi? Should I just let them sit?
Starting Score: EQ 581,NO TU
If it were me, I'd paid them to 0 balance and sock-drawer them, they help with AAoA. Unless a card has annual fee, then I'd close it. Closed credit cards still contribute to your AAoA for 10 years.
+1
SD and leave them open if they don't have an annual fee.
SD and leave them open if they don't have an annual fee.
I'd say maybe close the other cards IF they have an annual fee. If they don't, SD them. I know for a fact that the Wal-Mart Discover and Wal-Marts store cards do not have an annual fee as I have the Discover. They give out generous credit line increases and are the only place where you can get your TU08 FICO score for free. I would SD that card and buy a can of coke once in a while to keep it active if I were you.
That is what I thought- the store cards have no annual fee, but the best buy mc does have an annual fee( i beleive) soI think I will dump that, as well as dump my cap 1 after I reap for the Bof A card in a month or 2....
