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Super Contributor
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Registered: ‎09-18-2007
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Should I start closing some cards?

Should I start closing some cards? I have some cards with low limits and AF. I am thinking if I should start closing them. 

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Registered: ‎06-09-2011
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Re: Should I start closing some cards?

I'm sure others will disagree, but I think that as soon as you get better cards, any low-limit AF cards should be the first to go.

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Re: Should I start closing some cards?

I'm in favor of closing them if you've moved on to greener pasture


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Established Contributor
Posts: 656
Registered: ‎07-17-2007
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Re: Should I start closing some cards?

I believe in keeping cards forever, except if they have an AF. But you can always call and ask if they'll waive the AF. If they do, sockdrawer it and try again next year. If not, kick em to the curb and don't look back. :smileyhappy:

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Re: Should I start closing some cards?

That depends. What cards do you have open, what are their annual fees and limits? What is the total of your reported balances?

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Re: Should I start closing some cards?


concorduser wrote:

Should I start closing some cards? I have some cards with low limits and AF. I am thinking if I should start closing them. 


Whats your files look like?? AAoA good? If everything is kosher I would toss the AF low limit cards.




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Re: Should I start closing some cards?

[ Edited ]

I agree that you should close those with AF if you no longer need/use them.  I also, however, don't think there is any reason to close cards that don' thave an AF, even if you don't use them ever.

 

Edit:  Some people will say "well, it stays on your report for 10 years after you close it, so you might as well close if you don't use it."  I don't get the logic behind this.  What happens after 10 years?  Do 10 year old accounts help your score the same as 15 year old accounts?  I doubt it.

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Re: Should I start closing some cards?


ptr2593 wrote:

I agree that you should close those with AF if you no longer need/use them.  I also, however, don't think there is any reason to close cards that don' thave an AF, even if you don't use them ever.



+1




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New Contributor
Posts: 158
Registered: ‎06-04-2011
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Re: Should I start closing some cards?

I only close a card if its super high interest and very low limit.

I keep the low limit cards I do have open still for internet purchases.

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Established Member
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Registered: ‎02-06-2012
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Re: Should I start closing some cards?


AndyK wrote:

I'm sure others will disagree, but I think that as soon as you get better cards, any low-limit AF cards should be the first to go.


I agree, espcially if you started with a credit building/rebuilding cards like Orchard/HSBC.  My plan is to start rebuilding with my Orchard and then when I get approved for 2 other cards with higher credit limits I will close the Orchard.  Orchard doesn't go with you, it's just to help you get started.


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