Should I keep or cancel my department store cards?

Razeus · ‎08-28-2012

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?

jsickz32 · ‎08-28-2012

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)

Razeus · ‎08-28-2012

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.

mmmagique · ‎08-28-2012

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.

In the garden until May 2022!!

Creditaddict · ‎08-28-2012

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!

webhopper · ‎08-28-2012

@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.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!

webhopper · ‎08-28-2012

@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.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!

Razeus · ‎08-28-2012

@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.

Creditaddict · ‎08-28-2012

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.