Closing store cards?

[wacdenney]

Close em!

[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:

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@jimmyt2003 wrote:

i'm in the same boat but the trick to it is if you have a say $500 card make sure you try an increase of at least that limit on another card, thats what i've been doing! good luck.

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Only had them since the summer but I've since gotten a $2200 Overstock card and a Gamestop card so I'd essentially be replacing them with extra leftover.  If that made any sense.  I just hate having something I won't ever use and being seen on my credit reports as excessive store cards.  So, closing them would look better than having so many open, am I correct?

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8 store cards? I'm not sure that would reach the "alarming" level. Maybe best to let them rest in the SD for a while before deciding. No cost to keep them open, right?

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Actually, 10 now.  Haven't updated signature.  They are all mostly sockdrawered and some never used.  Only used a couple of them once or twice.

[Anonymous]

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@Kennie02 wrote:
As with everything it's yMMV but when I closed a couple of store cards, I was able to get cli's on store/credit cards that didn't budge before. Also a little boost in the score. I think too many store cards can hold you back.

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That's how I'm thinking about mine.

[Anonymous]

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@NRB525 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I have wayyyyyy too many store cards.  Would it be bad to close a couple and would that help me look better since I'm sure I'd be looked at as having too many right now?  I have a couple I regret ever getting.  Yes, I know it'll keep showing for 10 years and Yes, I know it'll ding my overall utilization.

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It would be GREAT to close some.

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If they are causing regrets, then yes, probably should close a few. My comment about 8 not being alarm level relates to only having two bank cards to compare them to. The store cards are providing some share (perhaps significant) of your credit history.

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Yes, that's how I am looking at it too.  I have two old (and I mean old) bank cards on my credit reports that are closed, but that's pretty much it for old items showing anymore.  I am wanting a couple of new bank cards in a few months and am trying to prep for them. 

[Anonymous]

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@Anonymous wrote:

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@NRB525 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I have wayyyyyy too many store cards.  Would it be bad to close a couple and would that help me look better since I'm sure I'd be looked at as having too many right now?  I have a couple I regret ever getting.  Yes, I know it'll keep showing for 10 years and Yes, I know it'll ding my overall utilization.

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It would be GREAT to close some.

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If they are causing regrets, then yes, probably should close a few. My comment about 8 not being alarm level relates to only having two bank cards to compare them to. The store cards are providing some share (perhaps significant) of your credit history.

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Yeah, I guess I should have made myself more clear.

However I am strongly against opening store cards I don't plan on using at least once per quarter.

We're actually looking to close our JCP since there isn't one within 10 miles of us anymore. Macy's is close to us and usually has some great coupons every quarter. Dillards is usable outside of store and we put our toll bill on it. Dick's and Cabela's are also close and I use whenever I see a great deal on things that interest me (ammo, underarmour, general sporting goods.) 

Overstock, I just picked up, since the wife occasionally shops there and I figured i'd take the AAoA hit vs her doing so.

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Im with Nixon on that. I actually dont even apply for store cards unless Im actually in that store buying something and know that I will shop in that store again. I think what gets forgotten in the credit card game is that we should only have credit cards that we actually want to use and that benefit us. Getting approved to get approved is a waste of time. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@NRB525 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I have wayyyyyy too many store cards.  Would it be bad to close a couple and would that help me look better since I'm sure I'd be looked at as having too many right now?  I have a couple I regret ever getting.  Yes, I know it'll keep showing for 10 years and Yes, I know it'll ding my overall utilization.

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It would be GREAT to close some.

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If they are causing regrets, then yes, probably should close a few. My comment about 8 not being alarm level relates to only having two bank cards to compare them to. The store cards are providing some share (perhaps significant) of your credit history.

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Yeah, I guess I should have made myself more clear.

However I am strongly against opening store cards I don't plan on using at least once per quarter.

We're actually looking to close our JCP since there isn't one within 10 miles of us anymore. Macy's is close to us and usually has some great coupons every quarter. Dillards is usable outside of store and we put our toll bill on it. Dick's and Cabela's are also close and I use whenever I see a great deal on things that interest me (ammo, underarmour, general sporting goods.) 

Overstock, I just picked up, since the wife occasionally shops there and I figured i'd take the AAoA hit vs her doing so.

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Im with Nixon on that. I actually dont even apply for store cards unless Im actually in that store buying something and know that I will shop in that store again. I think what gets forgotten in the credit card game is that we should only have credit cards that we actually want to use and that benefit us. Getting approved to get approved is a waste of time. 

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I agree and appreciate the feedback.    I've learned a lot on here and am fascinated by all that is STILL to be learned. 

[Anonymous]

For comparison sake, I have 25 store cards.

It hasn't stopped me from getting more credit, just got  a nice Southwest card for the free 50,000 bonus points.

Over a year ago, I had 0 credit cards and a sub 500 credit score.

I'm not saying you should have that many, just giving you some kind of yardstick.

[SunriseEarth]

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@Anonymous wrote:

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@NRB525 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I have wayyyyyy too many store cards.  Would it be bad to close a couple and would that help me look better since I'm sure I'd be looked at as having too many right now?  I have a couple I regret ever getting.  Yes, I know it'll keep showing for 10 years and Yes, I know it'll ding my overall utilization.

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It would be GREAT to close some.

---

If they are causing regrets, then yes, probably should close a few. My comment about 8 not being alarm level relates to only having two bank cards to compare them to. The store cards are providing some share (perhaps significant) of your credit history.

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Yeah, I guess I should have made myself more clear.

However I am strongly against opening store cards I don't plan on using at least once per quarter.

We're actually looking to close our JCP since there isn't one within 10 miles of us anymore. Macy's is close to us and usually has some great coupons every quarter. Dillards is usable outside of store and we put our toll bill on it. Dick's and Cabela's are also close and I use whenever I see a great deal on things that interest me (ammo, underarmour, general sporting goods.) 

Overstock, I just picked up, since the wife occasionally shops there and I figured i'd take the AAoA hit vs her doing so.

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JCP can be used at Rite Aid and sephora.com, if you need other places to use it, FYI

[SunriseEarth]

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@Anonymous wrote:

I have wayyyyyy too many store cards.  Would it be bad to close a couple and would that help me look better since I'm sure I'd be looked at as having too many right now?  I have a couple I regret ever getting.  Yes, I know it'll keep showing for 10 years and Yes, I know it'll ding my overall utilization.

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You'll find people in here in both camps:  (1) SD them forever and (2) get rid of anything you don't find useful anymore.   If you have enough other accounts you can keep with zero balances, then I say close the cards that you don't want.   Credit isn't a "one size fits all," so you must tailor it to fit you.  If you want to prune, and it won't cause any harm to your UTIL or amount of zero balance accounts, then do it!

[Anonymous]

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@SunriseEarth wrote:

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@Anonymous wrote:

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@NRB525 wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I have wayyyyyy too many store cards.  Would it be bad to close a couple and would that help me look better since I'm sure I'd be looked at as having too many right now?  I have a couple I regret ever getting.  Yes, I know it'll keep showing for 10 years and Yes, I know it'll ding my overall utilization.

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It would be GREAT to close some.

---

If they are causing regrets, then yes, probably should close a few. My comment about 8 not being alarm level relates to only having two bank cards to compare them to. The store cards are providing some share (perhaps significant) of your credit history.

---

Yeah, I guess I should have made myself more clear.

However I am strongly against opening store cards I don't plan on using at least once per quarter.

We're actually looking to close our JCP since there isn't one within 10 miles of us anymore. Macy's is close to us and usually has some great coupons every quarter. Dillards is usable outside of store and we put our toll bill on it. Dick's and Cabela's are also close and I use whenever I see a great deal on things that interest me (ammo, underarmour, general sporting goods.) 

Overstock, I just picked up, since the wife occasionally shops there and I figured i'd take the AAoA hit vs her doing so.

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JCP can be used at Rite Aid and sephora.com, if you need other places to use it, FYI

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No Rite Aid near me either. Sephora...hmm. I think I saw an AMEX Sync offer for them before.