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Hi,
My total credit card debt is now $5,500 on one BOA credit card. I have worked diligently rebuilding my credit. My FICO is 769. It was 789 but applied for a credit card last week and it dropped that many points. My question is I have a Target card with a limit of $200 which has not been raised since I got it eight years ago despite phone calls. I have all the major credit cards with $144,000 credit limit total. Should I close out the Target Card? Also should I close out a $2,000 limit no reward U.S. Bank card I will not use because no advantage of doing so. I have another U.S.Bank card with a $10,000 limit but it is a no reward card as well. My other cards are all cash back of at least 2-3% and a PenFed I use for gas only that is 5. Thank you for all your help in getting to the place I'm finally at but really need answers on closing out some cards. Happy Holidays to all of you!!!
@suzeeh wrote:Hi,
My total credit card debt is now $5,500 on one BOA credit card. I have worked diligently rebuilding my credit. My FICO is 769. It was 789 but applied for a credit card last week and it dropped that many points. My question is I have a Target card with a limit of $200 which has not been raised since I got it eight years ago despite phone calls. I have all the major credit cards with $144,000 credit limit total. Should I close out the Target Card? Also should I close out a $2,000 limit no reward U.S. Bank card I will not use because no advantage of doing so. I have another U.S.Bank card with a $10,000 limit but it is a no reward card as well. My other cards are all cash back of at least 2-3% and a PenFed I use for gas only that is 5. Thank you for all your help in getting to the place I'm finally at but really need answers on closing out some cards. Happy Holidays to all of you!!!
If they are no AF cards just sock drawer them until the lender closes them for lack of use.
In general, you should close can card that you don't use. The US Bank card is the perfect example. However, if you actually shop at Target, it might be useful to keep the card to get the discount.
@suzeeh wrote:Hi,
My total credit card debt is now $5,500 on one BOA credit card. I have worked diligently rebuilding my credit. My FICO is 769. It was 789 but applied for a credit card last week and it dropped that many points. My question is I have a Target card with a limit of $200 which has not been raised since I got it eight years ago despite phone calls. I have all the major credit cards with $144,000 credit limit total. Should I close out the Target Card? Also should I close out a $2,000 limit no reward U.S. Bank card I will not use because no advantage of doing so. I have another U.S.Bank card with a $10,000 limit but it is a no reward card as well. My other cards are all cash back of at least 2-3% and a PenFed I use for gas only that is 5. Thank you for all your help in getting to the place I'm finally at but really need answers on closing out some cards. Happy Holidays to all of you!!!
IMHO keep them all open, use them now & then just to keep them active.