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Established Contributor
Posts: 592
Registered: ‎07-20-2008
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Considering closing some store cards

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? 

Chap7 discharge 7/29/15
Fico 6/17: TR:570
Cap1 3500 / Cap1 2k / Merrick1k / Express 450
Moderator
Posts: 30,504
Registered: ‎12-13-2013
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Re: Considering closing some store cards


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.

"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne
Frequent Contributor
Posts: 399
Registered: ‎04-30-2008
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Re: Considering closing some store cards

It's not a good idea to close cards unless they are carrying an annual fee as stated above.

Just sock drawer them.

Established Contributor
Posts: 592
Registered: ‎07-20-2008
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Re: Considering closing some store cards

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..

Chap7 discharge 7/29/15
Fico 6/17: TR:570
Cap1 3500 / Cap1 2k / Merrick1k / Express 450
Mega Contributor
Posts: 17,176
Registered: ‎08-08-2011
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Re: Considering closing some store cards


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!

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Established Contributor
Posts: 592
Registered: ‎07-20-2008
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Re: Considering closing some store cards


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!!  Smiley Happy

Chap7 discharge 7/29/15
Fico 6/17: TR:570
Cap1 3500 / Cap1 2k / Merrick1k / Express 450
Frequent Contributor
Posts: 399
Registered: ‎04-30-2008
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Re: Considering closing some store cards

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.).

Established Contributor
Posts: 592
Registered: ‎07-20-2008
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Re: Considering closing some store cards

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. Smiley Happy 

Chap7 discharge 7/29/15
Fico 6/17: TR:570
Cap1 3500 / Cap1 2k / Merrick1k / Express 450
Moderator
Posts: 9,121
Registered: ‎08-12-2013
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Re: Considering closing some store cards


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. 



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Registered: ‎01-04-2014
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Re: Considering closing some store cards

I'm keeping ALL mine because they came with semi acceptable SL's. After a full year I'll simply evaluate them logically according to their percentage of CLI's i'm satisfied with. I find their online accounts site Very Sound, and better then even a couple of my Primes where concerns SECURITY. I worked in PC Security and am very sensitive to sites that don't measure up to my own standards and any glitches, or distortions whatsoever i immediately jump right on them over it.
Now that aside, other Prime lenders that ask me about them, i simply explain my reason/purpose for these catalog retail cards which is the truth.

They are strictly for Holiday purposes with their huge discounts (50-70% off) (Free Shipping) offered during those advertised months, nothing more, nothing less.

No brainier for me and lenders completely understand. They are hardly useful for just util. purposes anyway.
Last App-Jan 26* It's All In The Magic Of Your Own Destiny * FICO TU 769 EQ 723 EX 777

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