Should you ever close a credit card?

[NRB525]

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@bigpoppa09 wrote:

im closing my cap one secured card next year its done its job 500 limit 200 mine 300 theres its my lowest limit when creditors pull your report and see that they know its a rebuilder card im with the other poster my starting limits. may be better and it wont hurt my UTIL.

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Do you already have a Capital One Quicksilver no AF card to replace it? Is there no graduation to unsecured for the same card? For Capital One, it seems best to keep one of their cards in your wallet, in case you want to app in the future. Others, who closed all their CapOne cards, seemed to have trouble getting back in with new apps such as Venture.

[Anonymous]

i closed my cap1 platinum in june or july and had nothing from them then apped for QS and venture tuesday and got them both.

[takeshi74]

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@humes wrote:

Should you ever close a credit card?

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That's up to each person to determine based on the objective info while also taking into account subjective matters such as an indidivual's specific needs/wants/goals/preferences/priorities.

I close out any card that is of no use to me.

There are those that keep everything open.  There are those that keep everything with no AF open.  You have to figure out where your preferences lie as no single apporach is one-size-fits-all despite how some tend to present them.  Also take a look at the Closing Credit Cards thread linked in the Helpful Threads sticky in this subforum.

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@humes wrote:

I have a credit card that has dropped my credit limit by over $6500 over the past 3 years. They recently dropped it and there was less than $100 between my credit limit and my balance. I have enough money to pay this credit card off and I was thinking about closing it. Would it negatively affect my credit score?

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If they're balance chasing you then you probably have issues that you need to address with your credit.  I'd worry over that more than whether or not to close this one account.

The Closing Credit Cards thread will help you to assess impact though it's impossible to tell you that you'll see an impact of X points.

[Anonymous]

I have only closed 2 credit cards but doing so had very minor impact on my credit score. 

I had a Chase Southwest Rapid Rewards Plus card then a year later got the Chase Southwest Rapid Rewards Premier card. A few months later, I get an offer to upgrade my Plus card to the Premier, which I did. Therefore, I had two Premier cards. I closed the newest one (after transferring that CL to other Chase CC's). 

Other card I closed was a BoA Alaska Airlines card, which they are known to approve people for multiple times. So I applied/got approved for a second Alaska Airlines card only a few months after my first one. Once I received the bonus miles for that (not even 3 months later), I again transferred the CL to other BoA cards and closed the newest one. 

Both times closing a credit card gave a small increase in my credit score. 

As far the bank balance chasing you.. that seems scary. I have a somewhat opposite experience from you. I have the AmEx SPG credit card which I was consistently using about 50% of the CL but paid off the statement balance in full every single month. I've had this card a year now. Two months ago, I let a balance carry over and after that, AmEx automatically increased my CL by $1,000. 

[Open123]

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@humes wrote:

I have a credit card that has dropped my credit limit by over $6500 over the past 3 years. They recently dropped it and there was less than $100 between my credit limit and my balance. I have enough money to pay this credit card off and I was thinking about closing it. Would it negatively affect my credit score?

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Here's what I would do.

1.  Transfer the entire balance to a 0% promo, if possible.

2.  If not possible, then pay off and close the card, unless you have a 0% or a very low APR of less than 3%.

Paying and closing the card won't negatively affect your score more than what has already occured with the balance chasing.

Good luck!

[pizza1]

ok, Im confused. The only mention of a CCC here is Cap1. Did Cap1 balance chase you??

Who the heck is the CCC you are talking about that did the chasing?!

[Cmikul]

This sounds like Wells Fargo

[bodyboy1]

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@Cmikul wrote:

This sounds like Wells Fargo

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>   there person/robot ask a Question!>?    i ask a question..    they never respond...  others ask a question about who, what, ect!  &  You , Me , We take what they say At face value (liars!)  horrible credit reports <>(some)people don't tell the truth..  & then Wonder Why, the lender wants them shut down (balance chasing)   credit report problems that need to be fixed & bills need to be paid! <>Not to Mention Answering Question & telling the truth.    (i'm not Talking about just 1 person)  " in general"

[bodyboy1]

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@bodyboy1 wrote:

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@Cmikul wrote:

This sounds like Wells Fargo

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>   there person/robot ask a Question!>?    i ask a question..    they never respond...  others ask a question about who, what, ect!  &  You , Me , We take what they say At face value (liars!)  horrible credit reports <>(some)people don't tell the truth..  & then Wonder Why, the lender wants them shut down (balance chasing)   credit report problems that need to be fixed & bills need to be paid! <>Not to Mention Answering Question & telling the truth.    (i'm not Talking about just 1 person)  " in general"

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> "THE" person/Robot

[Anonymous]

i think the reason the person/robot never answers your question is because they don't know what you're trying to say... is it just me or what but idk what you're trying to say dude. sorry.