@longtimelurker wrote:
@Closingracer99 wrote:
@takeshi74 wrote:
@Jansroom726 wrote:Should I close a few accounts?
As with every thread on this topic, use this info (linked in the Helpful Threads sticky in this subforum) and your specific needs/wants to determine your answer.
http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true
You can't rely on polling others -- especially since so many myFICO'ers will just say "keep open if no AF" while it's really up to you to determine if that approach is relevant to you. If you have specific questions we can certainly address those but we can't tell you anything meaningful with just a list of cards.
@Closingracer99 wrote:There is literally no need to close counts unless they have an AF .....they do and will util % since you have less credit available to you ......unless your going to app for 15 cards no reason to close cards ....
It's literally up to the individual to make the decision based on the individual's situation, goal, priorities and preferences. If one is concerned about utilization then one should do the math before and after to determine the impact to utilization to aid in decision making. While closing does impact utilization the impact will vary and the importance of the impact to utilization versus other considerations will vary as well.
This is not a one-size-fits-all matter and you can't simply assume that your approach universally applies to everyone. You can certainly argue for your stance on a topic but make sure you're clearly delineating between subjective and objective matters (no matter what topic you're discussing). E.g.:
There is literally no need to close counts unless they have an AF .....they do and will util % since you have less credit available to you ......unless your going to app for 15 cards no reason to close cards ....versus
I don't see a need to close any card without an AF since closing a card will increase utilization due to having less available credit.
The former statement incorrectly assumes that no one could ever have any other considerations that would weigh in on the matter. The latter indicates what your specific considerations and priorities are without trying to present them as the only factual option available.
There really isn't a need to if there is no AF . If you want to close it that is up to you exclusively but there is no reason to . The bank will close it for you if you don't use it after. A period of time . It's an open line of credit no need to close it because their is no guarantee you'll get a card you want to replace it . It doesn't harm you to keep it open and not use it. Just no need to close lines of credit imo unless you really don't feel the desire to check your account but a lot send texts or email about daily balances or big purchases .
my point was there is no actual need to close accounts but if you want to that is your choice ..
But this is just a reiteration. If I am concerned about fraud, or I don't want a "closed by credit grantor" notation on the report, or I am concerned about having too many cards with an issuer etc, these are "actual needs" just as much as the "need" to keep them open for utilization or whatever.
Closed by creditor means nothing if it is fully paid
