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I have 8 Visa/MC/Disc cards and 8 store cards - 3 of which are about 4 mos old that I got through comenity bank through shopping cart pre approvals. I am considering closing 2 of these, a $250 Express and $250 Buckle. I don't know why I opened these.. Anyway, they are paid in full now and I'm considering closing them. Not going to affect my util much, approx .50%.
I have 20 total positive tradelines, I just feel these are cards I should close just to have 2 less to stay on top of. Any reason I should keep these?
@westo12 wrote:I have 8 Visa/MC/Disc cards and 8 store cards - 3 of which are about 4 mos old that I got through comenity bank through shopping cart pre approvals. I am considering closing 2 of these, a $250 Express and $250 Buckle. I don't know why I opened these.. Anyway, they are paid in full now and I'm considering closing them. Not going to affect my util much, approx .50%.
I have 20 total positive tradelines, I just feel these are cards I should close just to have 2 less to stay on top of. Any reason I should keep these?
I usually dont recommend the closing of any cards unless they have an AF, but if you are not going to use them and you dont want the hassle of keeping track of them then I say go ahead, they were SP approvals so no HP hit with them.
It's not a good idea to close cards unless they are carrying an annual fee as stated above.
Just sock drawer them.
No, I don't believe they have an AF, I just read where they'll close them after a while if you don't use them. I guess I could use a couple times per year and then PIF. Then I could move them to the bottom of the spreadsheet I use to track them all. I guess part of the reason is looking at those $250 limits remind me of where I've been and not where I want to go..
@westo12 wrote:No, I don't believe they have an AF, I just read where they'll close them after a while if you don't use them. I guess I could use a couple times per year and then PIF. Then I could move them to the bottom of the spreadsheet I use to track them all. I guess part of the reason is looking at those $250 limits remind me of where I've been and not where I want to go..
Also if you keep them a reminder not to apply for a card you will never use!
@coldnmn wrote:Also if you keep them a reminder not to apply for a card you will never use!
Point taken lol. I was curious about the shopping cart trick, it was around Christmas and I had 90% util at the time. :/ They never should have approved me to begin with, but YES. I've learned my lesson. Thanks for the input!!
Just use them to make small purchases about every three or four months to keep them active.
Great comment regarding the spread sheet (looking at those $250 limits remind me of where I've been and not where I want to go.).
Thanks Clean, I went back a few nights ago and re-read ALL of my original forum posts from 2009 on. Talk about coming a LONG way. I'm learning.
@Cleanmachine wrote:It's not a good idea to close cards unless they are carrying an annual fee as stated above.
Just sock drawer them.
+1
If they're just a burden or too hard to track, then you might be better off. I'd recommend SD and consider either closing them at the year mark or just letting them fade away.