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Valued Contributor
Posts: 1,507
Registered: ‎07-24-2011
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Re: I have 6 CC and want to close few of them


flawlessly wrote:
May I ask what "garden" is? And what's EO for capital one? I'm sorry that am not up to the par with you guys!

Garden is when you let your accounts age, let your inquiries grow older and hopefully fall off, and try to increase your credit lines with soft pulls.  Basically its not applying for any credit for an extended amount of time.  It's something that I have failed at recently.....LOL!

 

Okay for your credit cards, unless you have an AF then just SD them (sock drawer).  Sign up with Manilla.com and if you have an iPhone or android it will alert you of when your bills are due because it is connected to your account (similar to mint but without all of those darn advertisements and not as clunky).

 

Now if you're worried about your scores then you definitely don't want to close these accounts because your utilization, which is your total balances divided by your total available credit, will increase.  This is a huge factor in your scores.  Not only that but using any card up very close to maxing it out is a penalty as well on your scores.  So you can get two dings, one for having one card maxed out AND having utilization over 10% (give or take or a little).  This is because everyone's credit profile is different.  So the way that you keep your utilization low is to have more available credit or reduce your balances.  Financially speaking then it is best do the latter, reduce your balances.

 

You can keep your cards active by just grabbing one out of your SD, charging a bag of chips and a pop, and immediately sending in a payment.  Do that every 6 months at least and you will be fine.  You have a great variety of cards in your profile that many people would love to have, which means that you've done great with your credit.  IMO opinion there is nothing to close but if I had to give up one, and I mean just one it would be Cap1.


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
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Posts: 27,203
Registered: ‎09-13-2012
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Re: I have 6 CC and want to close few of them

The EO for capital one is the executive office. I will pm the email address to you. Send them an email, explaining what you want and they will give you a call in a few days.
Valued Contributor
Posts: 1,126
Registered: ‎10-15-2011
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Re: I have 6 CC and want to close few of them


flawlessly wrote:
May I ask what "garden" is? And what's EO for capital one? I'm sorry that am not up to the par with you guys!

Gardening is when you tend to your cards that you have and let them grow and also let your credit report grow.  It is meant to give them time to grow in age and hopefully in limits and such things.  It also means that your credit report grows at the same time.  As the cards age your report becomes stronger and looks better.  It is an analogy for your credit cards being plants in a garden and tending to the garden means tending to the credit report and the plants so they are healthy and have the best chance of being fruitful. 

 

EO stands for executive office.  For many people contacting that department of Capital One is the only way to get a better card or limit.  For example I have a card with them them that is over 2 years old.  At the 2 year mark I filed a complaint with the Better Business Bureau since they had not given me a credit limit increas (CLI) and the executive office contacted me about the issue.  They pulled a credit report using a soft pull and increased my limit from $500 to $2000, they also removed the annual fee (AF) from the account.  Many people who have Cap One cards call the normal number and are automaticailly denied an increase.  The letter they receive says that the account is not eligible for customer initiated credit limit increases.  There are those that have had their accounts for even longer than I have, some for 10+ years and have had limits from $500 to $1500.  Through the EO they have gotten limits up to $20,000.  So when you call Capone and they tell you that they keep your limit up-to-date, it is not correct.  All other rhetoric they say is also basically just a way to appease you and try to make you happy with nice sayings.  So depending on how long or what your report looks like, you might need to go that route to get a better limit or a product change(PC).



Rethink every purchase you make, before you make it. Use the card with the best rewards. Pay in full each month. Redeem rewards often. Use the cards online shopping for more discounts. Smile, knowing that being thrifty allows you to actually get more out of the same amount of money!
Established Member
Posts: 18
Registered: ‎07-14-2008
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Re: I have 6 CC and want to close few of them

Thank you for clearing the terms, now I understand more and need to come often.

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Current Score: 760 TU (7/16/2013)
Goal Score: 800 TU


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Established Member
Posts: 11
Registered: ‎03-18-2012
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Re: I have 6 CC and want to close few of them

There is no advantage to closing any of your cards, everything written on these boards suggest puting the cards in your sock draw and not using them, just keep a balance on one card and use that as your go to card also pay off the small balance on the two accounts with balances

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