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Super Contributor
concorduser
Posts: 6,025
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. 

Established Contributor
AndyK
Posts: 913
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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Guava
Posts: 767
Registered: ‎04-08-2011
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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
KingAdrock
Posts: 656
Registered: ‎07-17-2007
0

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:

Frequent Contributor
JustMe77
Posts: 275
Registered: ‎05-27-2009
0

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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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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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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Valued Contributor
ptr2593
Posts: 1,486
Registered: ‎08-14-2011
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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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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
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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




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
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New Contributor
MrGoat
Posts: 158
Registered: ‎06-04-2011
0

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
kel_be
Posts: 141
Registered: ‎02-06-2012
0

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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