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I'll gladly close a card with a REALLY low limit (some would say all of my cards have low CL's and I respect that). It took exactly one creditor asking me about my $100 Macy's limit (after unsuccessful attempts to get a CLI) for me to close it.
ETA: Once Orchard completes the switch to Cap One I'll probably close my Orchard card too if I can't get Cap One's EO to raise the limit.
Disagree (well, except for certain store cards). If I'm not really going to use it, I don't want to have it - I don't need a collection. There comes a point in time when some just stop caring about AAoA and keeping oldest cards. I probably would've answered differently a few years ago. Some of you may answer differently years from now.
@atarvuzdar wrote:I'll gladly close a card with a REALLY low limit (some would say all of my cards have low CL's and I respect that). It took exactly one creditor asking me about my $100 Macy's limit (after unsuccessful attempts to get a CLI) for me to close it.
ETA: Once Orchard completes the switch to Cap One I'll probably close my Orchard card too if I can't get Cap One's EO to raise the limit.
Up to a certain point (approx $100k - $150K total CL), higher limits certain begets higher limits with very little exceptions.
@Open123 wrote:
@atarvuzdar wrote:I'll gladly close a card with a REALLY low limit (some would say all of my cards have low CL's and I respect that). It took exactly one creditor asking me about my $100 Macy's limit (after unsuccessful attempts to get a CLI) for me to close it.
ETA: Once Orchard completes the switch to Cap One I'll probably close my Orchard card too if I can't get Cap One's EO to raise the limit.
Up to a certain point (approx $100k - $150K total CL), higher limits certain begets higher limits with very little exceptions.
I agree with this!
Agree. It is not a good reason on its own. It can contribute to other good reasons to close a carrd.
It depends where you are with credit. For someone rebuilding, you may be happy to get an approval of any kind. With that said, making on time payments, not having over 30 percent util reported, and seeing your FICO improve over time should help with attracting other credit.
If it doesn't have an AF I'm not going to close it. I'm also not going to out of my way to use it and keep it open either so if it gets closed for inactivity oh well. I just personally don't see the benefit of closing a card with no AF.
@Wolf3 wrote:Agree. It is not a good reason on its own. It can contribute to other good reasons to close a carrd.
+1
@boomhower wrote:If it doesn't have an AF I'm not going to close it. I'm also not going to out of my way to use it and keep it open either so if it gets closed for inactivity oh well. I just personally don't see the benefit of closing a card with no AF.
I agree with this. Get the free positive history.
Having unused cards open is just asking for fraud. It may be a long time before you see that somebody has used a card that you rarely use. Seems like closing it would be the safe route.