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Cut up V1, Kohl's, and AA

Valued Contributor

Cut up V1, Kohl's, and AA

I plan on closing them by next month after I pay down my last balances, Kohl's and American Airlines have a $0 balance and combined credit line of $5000, Venture One I plan to combine with my Venture once they hit 6 months. I don't want to close the two stores yet, but I'm very tempted :-/
Amex Green| Capital One Quiksilver $21.5K| Marriott Rewards $7K| Spark Cash Select $6K| Citi Platinum Select AAdvantage $6.4K| Citi Double Cash $6K| Chase Freedom $5K| NCSECU $5K| Discover IT $2.9K| Citi Forward $2.9K|
Message 1 of 30
29 REPLIES
Valued Contributor

Re: Cut up V1, Kohl's, and AA


icyhot wrote:
I plan on closing them by next month after I pay down my last balances, Kohl's and American Airlines have a $0 balance and combined credit line of $5000, Venture One I plan to combine with my Venture once they hit 6 months. I don't want to close the two stores yet, but I'm very tempted :-/

This is the one time I will defend keeping cards open, But do you have a spending problem that is prompting this reaction? This isn't a jab, Just be honest. No judging.

Shortcuts to credit lead to shortcut results.
Message 2 of 30
Valued Contributor

Re: Cut up V1, Kohl's, and AA

Not really, I can not spend on a card if I don't want to, but I'd rather not have a card open if I don't want to keep it. Its just a personal preference
Amex Green| Capital One Quiksilver $21.5K| Marriott Rewards $7K| Spark Cash Select $6K| Citi Platinum Select AAdvantage $6.4K| Citi Double Cash $6K| Chase Freedom $5K| NCSECU $5K| Discover IT $2.9K| Citi Forward $2.9K|
Message 3 of 30
Valued Contributor

Re: Cut up V1, Kohl's, and AA


icyhot wrote:
Not really, I can not spend on a card if I don't want to, but I'd rather not have a card open if I don't want to keep it. Its just a personal preference

Understood, In that case, I applaud your decision but show concern for the fact that the tradelines have not been open long. Perhaps keep them up to the 12mo mark just so they don't wreck your AAOA immediately.

Shortcuts to credit lead to shortcut results.
Message 4 of 30
Super Contributor

Re: Cut up V1, Kohl's, and AA

Closing them wont hurt your AAOA. Opening new accounts does.

I applaud your decision to close cards you no longer find useful. Since you have balances to pay down, less cards is probably better anyway so you dont end up racking up new balances.
Message 5 of 30
Valued Contributor

Re: Cut up V1, Kohl's, and AA

The Kohls has been open over 12 mos, I won't be able to consolidate the Venture One until the Venture is 6 mos, and by then the V1 will be 12 mos, only newer TL will be the AA, which I regret opening to begin with
Amex Green| Capital One Quiksilver $21.5K| Marriott Rewards $7K| Spark Cash Select $6K| Citi Platinum Select AAdvantage $6.4K| Citi Double Cash $6K| Chase Freedom $5K| NCSECU $5K| Discover IT $2.9K| Citi Forward $2.9K|
Message 6 of 30
Super Contributor

Re: Cut up V1, Kohl's, and AA

Sometimes we open things on impulse and regret it. Really, newer accounts IMO hurt less to close as its not like youre closing something with a decade of good history
Message 7 of 30
Valued Contributor

Re: Cut up V1, Kohl's, and AA

Most people don't realize it isn't all about "utilization, Utilization, UTILIZATION!" soon enough it seems. You are rightsizing your tradelines and it is a wonderful thing. I say this as someone who has opened on the order of 70 credit cards in the last 5 years, 60 of them are closed now.
Shortcuts to credit lead to shortcut results.
Message 8 of 30
Valued Contributor

Re: Cut up V1, Kohl's, and AA

Sheesh! Has that given you any problems with your creditors at all? I currently have about 15 accounts that were opened and then closed within the last year, I know my profile looks ridiculous
Amex Green| Capital One Quiksilver $21.5K| Marriott Rewards $7K| Spark Cash Select $6K| Citi Platinum Select AAdvantage $6.4K| Citi Double Cash $6K| Chase Freedom $5K| NCSECU $5K| Discover IT $2.9K| Citi Forward $2.9K|
Message 9 of 30
Super Contributor

Re: Cut up V1, Kohl's, and AA

The util thing is so overblown. I think with OPs other cards, they will see little if any change in their score from closing the deadweight cards.
Message 10 of 30