Re: Need Advice: Keep or Let die on the vine?

ltspongebob · ‎02-12-2015

I have a Merrick Platinum Visa that was transferred from a Geico MC back in 2007. It has the same $6500 CL that it had as the Geico card and I don't have any monthly fees or AFs like most other Merrick cards have. It has a zero balance, and no rewards or incentives to use. I've only kept it around (use every 3-4 months) becuase of the free credit score.

With the proliferation of my other prime cards that have free scores, I don't feel the need to keep using it. Since is doesn't have a AF, I'm tempted to just stop using it all together and let them cancel it for non-activity. The days of having low scores and not being able to get prime cards are behind me so it has no use other than to pad my util, which the $6500 doesn't at much. I'm currently at 5% util and PIF every month on all cards; the loss of the $6500 will be only 5% of total credit...

Advice?

Thanks!

FICO '08=764

Anonymous · ‎02-12-2015

@ltspongebob wrote:
I have a Merrick Platinum Visa that was transferred from a Geico MC back in 2007. It has the same $6500 CL that it had as the Geico card and I don't have any monthly fees or AFs like most other Merrick cards have. It has a zero balance, and no rewards or incentives to use. I've only kept it around (use every 3-4 months) becuase of the free credit score.

With the proliferation of my other prime cards that have free scores, I don't feel the need to keep using it. Since is doesn't have a AF, I'm tempted to just stop using it all together and let them cancel it for non-activity. The days of having low scores and not being able to get prime cards are behind me so it has no use other than to pad my util, which the $6500 doesn't at much. I'm currently at 5% util and PIF every month on all cards; the loss of the $6500 will be only 5% of total credit...

Advice?

Thanks!

Since it has no AF, there's no harm in keeping it, but with your utilization and your other higher CL cards, you don't need it. Get rid of it if it bothers you. Might feel nice to get rid of that card now that you have much better ones, but if it doesn't bother you, an extra few months of reporting can't hurt. If you want to keep it for longer, just make a purchase every month or so.

SunriseEarth · ‎02-12-2015

FICO doesn't care if an account was "Closed by Consumer" or "Closed by Lender," so there's no advantage in terms of score. Some feel that the prior looks better under manual review. However, it would also be easy for an analyst to determine that inactivity led to the closure.