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Should I keep or cancel my department store cards?

Frequent Contributor

Should I keep or cancel my department store cards?

My total CL's with all current cards is $5700, which includes my 2 VISA's of $1800 and the rest of it is department store cards (it seems department store cards are easy to get).

 

I've recently got approvals for better CC's for a total of $16,000 with Discover, AMEX and Chase, obviously exceeding my current line up.

 

Here are the department store cards:

 

Best Buy (CapOne, 10+ years, $1500 CL) - 0% financing, but I have all the appliances and electronics I need at my age, perhaps another TV for the home one day.

Firestone (CFNA, 7+years, $900 CL) - 0% financing when I or the wife need new tires, but they are overpriced, best if I shop around and just use my savings

Jared's (unknown, 8 months, $1500 CL) - used this once to help pay for an engagement ring, don't see myself using this card again

 

For my current Visa's, I know I'll be closing down Cap One due to the annual fee they continue to charge me and somehow can't "upgrade" me to a different card without a HP on a new app.  

 

Any thoughts are suggestions about outright cancelling these 3 cards?

 

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
8 REPLIES
Valued Contributor

Re: Should I keep or cancel my department store cards?

If they dont have any afs just SD them, they are not hurting you. Close the cap1 one since it has an af and you dont use
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Frequent Contributor

Re: Should I keep or cancel my department store cards?

Help me with acronyms.  SD?  I don't want to run in the situation where i have too much credit available to me, that's why I'm asking about closing.

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
New Contributor

Re: Should I keep or cancel my department store cards?

SD= sock drawer. Just put them away and use them once a year or so for a small purchase. Lots of store cards are good about growing with you and don't generally have an annual fee.

Epic Contributor

Re: Should I keep or cancel my department store cards?

SD = Sock Drawer

 

What you should do is log onto Best Buy and ask for a CLI (Should be instant and SP = Soft Pull)

Best Buy Store Card is very good about CLI every 6 months as long as you are not on B plan, which I don't think B even goes to $1500 so you must be A!

Moderator Emeritus

Re: Should I keep or cancel my department store cards?


Razeus wrote:

My total CL's with all current cards is $5700, which includes my 2 VISA's of $1800 and the rest of it is department store cards (it seems department store cards are easy to get).

 

I've recently got approvals for better CC's for a total of $16,000 with Discover, AMEX and Chase, obviously exceeding my current line up.

 

Here are the department store cards:

 

Best Buy (CapOne, 10+ years, $1500 CL) - 0% financing, but I have all the appliances and electronics I need at my age, perhaps another TV for the home one day.

Firestone (CFNA, 7+years, $900 CL) - 0% financing when I or the wife need new tires, but they are overpriced, best if I shop around and just use my savings

Jared's (unknown, 8 months, $1500 CL) - used this once to help pay for an engagement ring, don't see myself using this card again

 

For my current Visa's, I know I'll be closing down Cap One due to the annual fee they continue to charge me and somehow can't "upgrade" me to a different card without a HP on a new app.  

 

Any thoughts are suggestions about outright cancelling these 3 cards?

 


I would keep everything open and install the cards in your sock drawer...  If you do decide to close cards, I would definately keep the firestone account open, do not close the Firestone account.

 

Does your Best Buy card have an annual fee?  If it does, I would call and see if you can upgrade or dowgrade to a non-annual fee card.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Moderator Emeritus

Re: Should I keep or cancel my department store cards?


webhopper wrote:

Razeus wrote:

My total CL's with all current cards is $5700, which includes my 2 VISA's of $1800 and the rest of it is department store cards (it seems department store cards are easy to get).

 

I've recently got approvals for better CC's for a total of $16,000 with Discover, AMEX and Chase, obviously exceeding my current line up.

 

Here are the department store cards:

 

Best Buy (CapOne, 10+ years, $1500 CL) - 0% financing, but I have all the appliances and electronics I need at my age, perhaps another TV for the home one day.

Firestone (CFNA, 7+years, $900 CL) - 0% financing when I or the wife need new tires, but they are overpriced, best if I shop around and just use my savings

Jared's (unknown, 8 months, $1500 CL) - used this once to help pay for an engagement ring, don't see myself using this card again

 

For my current Visa's, I know I'll be closing down Cap One due to the annual fee they continue to charge me and somehow can't "upgrade" me to a different card without a HP on a new app.  

 

Any thoughts are suggestions about outright cancelling these 3 cards?

 


I would keep everything open and install the cards in your sock drawer...  If you do decide to close cards, I would definately keep the firestone account open, do not close the Firestone account.

 

Does your Best Buy card have an annual fee?  If it does, I would call and see if you can upgrade or dowgrade to a non-annual fee card.


I would personally keep the best buy card open and in your sock drawer. I use mine once per year to buy at least one christmas present or tax software. 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Frequent Contributor

Re: Should I keep or cancel my department store cards?


webhopper wrote:

Razeus wrote:

My total CL's with all current cards is $5700, which includes my 2 VISA's of $1800 and the rest of it is department store cards (it seems department store cards are easy to get).

 

I've recently got approvals for better CC's for a total of $16,000 with Discover, AMEX and Chase, obviously exceeding my current line up.

 

Here are the department store cards:

 

Best Buy (CapOne, 10+ years, $1500 CL) - 0% financing, but I have all the appliances and electronics I need at my age, perhaps another TV for the home one day.

Firestone (CFNA, 7+years, $900 CL) - 0% financing when I or the wife need new tires, but they are overpriced, best if I shop around and just use my savings

Jared's (unknown, 8 months, $1500 CL) - used this once to help pay for an engagement ring, don't see myself using this card again

 

For my current Visa's, I know I'll be closing down Cap One due to the annual fee they continue to charge me and somehow can't "upgrade" me to a different card without a HP on a new app.  

 

Any thoughts are suggestions about outright cancelling these 3 cards?

 


I would keep everything open and install the cards in your sock drawer...  If you do decide to close cards, I would definately keep the firestone account open, do not close the Firestone account.

 

Does your Best Buy card have an annual fee?  If it does, I would call and see if you can upgrade or dowgrade to a non-annual fee card.


Why do you say that about Firestone?

 

No BB doesn't charge an annual fee.

 

I guess I'll keep these in my SD so they can have their private party.

My Wallet:
AMEX Platinum | Discover It $20.3k | Chase Sapphire Reserved $16k | Chase United $12k | AMEX SimplyCash Plus Business $11.6k | AMEX Schwab $9k | AMEX BCEP $8.2k | Citi Costco Anywhere Visa $8k | Chase Amazon Visa $8k | Chase Sapphire Preferred $7k | Chase Freedom $5k | Citi Simplicity $5k | Paypal Extras Platinum $5k | Wells Fargo $5k | Citi Best Buy $4.2k | Citi Visa Signature $3k | Care Credit $3k
Epic Contributor

Re: Should I keep or cancel my department store cards?

You can just let Firestone sit and it will go inactive but otherwise I can't think of a good argument to keep it as other poster stated, the CL may not even be reporting and probably not going to make a real difference on your score to close or keep.