Store Cards Dropping Like Dominos

[CreditMagic7]

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@anybodii wrote:

I thought the whole goal of credit was the collect all the store cards...like pokemon!  :-\... much agreed that SOME store cards are crappy, but there are a few.. okay maybe one.. that I like, Lowes card, offers 5% off right at the register, Lowes shall stay.

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Exceptions for most of us yes with useful benefits, Home Depot, Lowes, then the retail side, Macys, Bloomies etc. Does FICO and/or Bankcard lenders assess them as equal or less in weight with scoring? I would venture a guess not so much but their LIMITS maybe?

Anyone care to share the comparisons from their experiences IF ANY?

[joltdude]

Depending on which Amazon card.. if its the chase version, you could merge the limit with your Freedom......

[Anonymous]

 congrats on trimming some credit fat!

you know you're hungry when you think about domino's pizza instead of actual dominos while reading this forum title, excuse me while I go order some pizza for dinner.

[Anonymous]

It's actually the store card and I just cancelled it a while back.  The Walmart card is next.  Probably not this month but next, need groceries first and I can't even touch $400 in groceries.  I'm actually mulling over Sallie Mae to replace both Wally and Amazon but that might be a while, my scores are still a little on the low side thanks to utilization. 

[Anonymous]

I'm the poster boy for getting caught up in the shopping cart trick craziness - oooh! i got approved! and it'll help my utilization cuz i'll never use it!

oops

anyways, i asked just a couple days ago on another thread about closing them out and was told not to bother aaoa was already dropped and it wouldnt help to close.

as you can see in my timeline, I have a bunch of toy cards. I use a few, like lowe's, target (people underrate the free shipping - bought a king size bed from their website, used gift cards for 95% of purchase, put the rest on the redcard. still got 5% off the total amount, plus they waived the ship surcharge) banana republic etc. 

But I have the HSN card and victoria's secret cards, which i might NEVER use. The Jared card I applied for and got a 3000 limit just because at the time my highest limit was like 1100.

If I closed them out tomorrow, what effect, if any, would it have on my credit. I am gearing up for a mini app spree, as I intend to refinance my car loan for a better rate and apply for a couple decent rewards cards. so short term implications are as important as the long term ones for me. 

my sig is up to date with cards and limits.

any suggestions are appreciated

[Anonymous]

I have a Sterling Jewelers card (Kay, JB Robinson, Ostermen, etc) that has a $7600 limit with a $500 balance. I've had the card since 2000 or 2001. I'm going to be paying it off either this month or next. Is it worth keeping?

[Anonymous]

should I close my Best Buy now that I have Freedom and BCE?

[kdm31091]

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@Anonymous wrote:

should I close my Best Buy now that I have Freedom and BCE?

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They're not really the same thing, but if you aren't getting significant benefit or use out of Best Buy I see no shame in dropping it, although it has a pretty decent limit so your util is gonna be affected. You could SD it, wait until you get CLI on your BCE, and then close it at that point, to help soften the util blow, instead of closing it now.

[Anonymous]

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@kdm31091 wrote:

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@Anonymous wrote:

should I close my Best Buy now that I have Freedom and BCE?

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They're not really the same thing, but if you aren't getting significant benefit or use out of Best Buy I see no shame in dropping it, although it has a pretty decent limit so your util is gonna be affected. You could SD it, wait until you get CLI on your BCE, and then close it at that point, to help soften the util blow, instead of closing it now.

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That's why I'd hate to close that jewelry card. It's a $7600 limit, that'd be a pretty big hit on util to close. Maybe I'll just keep it and use it for the occasional DW birthday.

[kdm31091]

I am usually all for "close it if it's useless to you" but the big exception is when it would be a huge blow to your utilization because that can be damaging. In that case, I suggest SD the unwanted card until you can get some CLIs on other cards. Then you can more easily close the unwanted card without a big utilization blow.

That's my problem w/ Amazon Visa. I'm not keeping it long term, but I don't want to kill it too soon because it's a large limit. If I can get a good BCE boost later on in the spring, the Amazon will be done. I have no interest in a card that I know for a fact will never have a lower APR. Just not my thing, even though I don't typically carry balances