Question, RE: Pruning

[ltspongebob]

Hi All,

Background (Sorry if long, but you've all helped me significantly):  After years (20+) of various trials and mistakes with Credit Cards from college to now (Charge offs, collections, bank closed accounts, but no BK), I've been lurking here for the past 6 months, starting with a CL of $10,000 with an assortment of rebuilder cards and my one "regular" Wells Fargo Visa with a Util of 95%.  I am now at a CL of $77,000 and a util of 11% and a FICO '08 from 620 to 700, all in just 6 months.

I am finding that of my rebuilder cards are now uneeded and I'm looking at getting rid of the HSBC with $1700 CL even though it has no balance and no AF. Am I crazy or should I just leave it alone and let them close it?

Thanks,

Sponge

[myjourney]

---

@ltspongebob wrote:

Hi All,

Background (Sorry if long, but you've all helped me significantly):  After years (20+) of various trials and mistakes with Credit Cards from college to now (Charge offs, collections, bank closed accounts, but no BK), I've been lurking here for the past 6 months, starting with a CL of $10,000 with an assortment of rebuilder cards and my one "regular" Wells Fargo Visa with a Util of 95%.  I am now at a CL of $77,000 and a util of 11% and a FICO '08 from 620 to 700, all in just 6 months.

I am finding that of my rebuilder cards are now uneeded and I'm looking at getting rid of the HSBC with $1700 CL even though it has no balance and no AF. Am I crazy or should I just leave it alone and let them close it?

Thanks,

Sponge

---

Weclome to the forum 

As long as cards don't have AF leave them open any that do and you have no further need for close.IMO

It will still report positive history for a long time 

[mikey78]

Sock it in the drawer
no need to close the card if he doesn't have AF you can use it to buy coffee and pay it off when due so that way they can still report to CRA
and it also will be good for credit lenght

closing it will make it come off the record after 10 years vs 7 years of neg reports

[longtimelurker]

My view is: if you don't want it, close it.  Simplifies things, don't need to waste spending keeping it open from time to time.  By the time the card drops off, 10 or so years from now, your credit situation might be very different, and the impact is going to be in the noise of other credit decisions made between then and now.

[TiggerDat]

In most situations I would simply say leave it open and use it once in a while.  It is probably better you close it if you must than for them to, but why close it right now?  Now that it is being converted to a Capone card you might be able to get them to raise the limit and or product change the card.

[JonStur]

I still have two HSBC cards one $1500 one $1400. The limits are meager and inconsequential and I could close them as it would virtually have zero impact on my credit profile. But they have no AF. and now are linked to my Cap one page and they've added their limit to the total balance of my Cap1 card. So I just let my fiancé hold em and use if she wants to get something for herself or if an emergency arises. So it's really up to you...