@mxp114 wrote:
@navigatethis12 wrote:
Well the only reason I opened it was because I was on a very huge spree last year and was applying for everything, and they were giving $200 after spending 1500 or something, so that was good. The 5% online was pretty good last year so that was a plus to keep it open. It's true that it has always been 1% (I have the More so it's actually .25%), but I was just pointing out that I didn't need it for the rewards. The 3500 wasn't meant to be a complaint, although it may have seemed that way. I meant that I won't be losing much in available credit and the limit is out of place with the amount of money I usually spend each month. I do realise that Discover is really great for some people and that's great. Perhaps I really should close it to free up credit for them
.
It did seem more like you were inclined to close because of the line, which is why my reply reflected the suggestion to engage the product to get a higher line. It is a pretty common reason for people to close. Discover is one of the industry leaders and always looking to innovate. One day they might launch a 1.5% or 2% card, so I think it is worthy relationship to retain and there's no AF. Your choice
mxp114, I agree with you 100%!!
@Ron1 wrote:Ray,
Sorry to hear it again!!!
I thought you were going to keep the Discover card. They gave you CLI about a few weeks ago. Your scores might drop for a couple of months. I think you should be ok.
Ron.
It's really not a big deal to me Ron. I have been looking at my portfolio as of late and have been closing cards that do not provide value to me.
Even after cutting the "dead weight" I will still have well over $200k in open credit. And, since we have no CC debt, a $10.5k CL loss is no big deal.
@mxp114 wrote:It did seem more like you were inclined to close because of the line, which is why my reply reflected the suggestion to engage the product to get a higher line. It is a pretty common reason for people to close. Discover is one of the industry leaders and always looking to innovate. One day they might launch a 1.5% or 2% card, so I think it is worthy relationship to retain and there's no AF. Your choice
Perhaps you're right. It's doing nothing but build history anyway, so no harm in keeping it open.
@enharu wrote:Sorry to hijack the thread for a bit.
Navigate, which cashback sites do you normally use?
I know for 3rd party sites there's ebates, evrewards, topcashback and fatwallet. Are there any sites that you would recommend?
Thanks!
I usually go to cashbackholic.com and find out which site is the highest there. Bigcrumbs.com and befrugal.com are two really good websites that I use a lot.
@NewtoCredit80 wrote:
Well closing a non annual fee card is a bad play in my book. Just sd it. Lender diversification is required in credit cards also. Never love a credit card company too much because they are business not human beings. They would cut your limits when you might be in need. SD a card and let the lender close it due to inactivity is a better option for your Aaoa also.
I fully agree with the not liking one certain company too much. I have about 30 or so cards, so I have no problem with diversity.
@RockinRay wrote:
@Ron1 wrote:Ray,
Sorry to hear it again!!!
Ron.
It's really not a big deal to me Ron. I have been looking at my portfolio as of late and have been closing cards that do not provide value to me.
Even after cutting the "dead weight" I will still have well over $200k in open credit. And, since we have no CC debt, a $10.5k CL loss is no big deal.
Can someone explain to me where this myth came from that your scores will drop for a few months if you close CC's? For some people with a UTIL problem yes but every person on here who has talked about closing CC's carry little or no balance. I had over 15 accounts when I closed three of my USAA cards 3 months ago and it didn't hurt my scores one bit. If you have a ton of open credit, no CC debt and don't want to check on a million accounts for fraud or changes there is nothing wrong with closing CC accounts.
@unc0mm0n1 wrote:
@RockinRay wrote:
@Ron1 wrote:Ray,
Sorry to hear it again!!!
Ron.
It's really not a big deal to me Ron. I have been looking at my portfolio as of late and have been closing cards that do not provide value to me.
Even after cutting the "dead weight" I will still have well over $200k in open credit. And, since we have no CC debt, a $10.5k CL loss is no big deal.
Can someone explain to me where this myth came from that your scores will drop for a few months if you close CC's? For some people with a UTIL problem yes but every person on here who has talked about closing CC's carry little or no balance. I had over 15 accounts when I closed three of my USAA cards 3 months ago and it didn't hurt my scores one bit. If you have a ton of open credit, no CC debt and don't want to check on a million accounts for fraud or changes there is nothing wrong with closing CC accounts.
I haven't seen that particular claim much (just from Ron twice in two days!) but many feel that closing cards, particularly those without AF, is a Bad Thing. I think it's
a) personal preference, between the minimalist viewpoint ("If I don't need it why keep it") vs the pragmatic ("It doesn't hurt and can help") view
b) Where you are in your credit cycle. Early on it makes sense to retain every bit of hard-earned CL. Later, as with OP, it doesn't matter if the total CL is 200K or 300K..., with low utilization hardly any will be used, so it falls back to personal preference.