I know we aren't suppose to close accounts, I read the thread on closing accounts, but I really want to get rid of this account. I have had it for almost 2 years and I have only used it once. I bought something and returned it a few days later. I really don't buy much jewelry and only opened it for an engagement ring for my gf. However, I have decided to go to Costco for that. I see no use in the account now. Should I close it?
On a side note: UTIL is not an issue. I have a current UTIL of 8% but I have recently got an AMEX Costco card and a Alliant card that more than takes up the CL for Kays. Just by my estimate w/o Kays my UTIL will be around 7.8% but with Kays I think it is 6.9%. And in terms of age, I think AMEX back dates so I won't take an AA hit from the new account from them. Thoughts anyone?
I'd vote for, if it's not hurting and it's not costing you anything (fees), just leave it. As long as it's open, it's helping both your utilization (when you have balances) and your history. And, since you're not going to use & willing to close it yourself, just let it sit there until Kay's closes it. At least then you'll get the maximum amount of time and benefit from it being open. When it closes, you'll get up to 10 years of good history.
Friendly, Supportive & Respectful
"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli