Store Cards Dropping Like Dominos

[Anonymous]

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@kdm31091 wrote:

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

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@kdm31091 wrote:

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

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i'm with you - makes sense. i'm going to close out my vs, hsn and jcp cards.
as for my apping currently scheduled for march 4th - should i delay closing the cards? or should i close the cards right now and not worry about it? or close the cards right now and delay the apping?

[kdm31091]

Well, I think if the card's limit is only 500, you can close it without worry. That would affect your utilization in such a miniscule amount it's not really worth stressing over IMO. The problem comes with closing larger limits cards as far as blows to util.

[Firefly_1984]

I've been very well-behaved in the store card department. I found that I never used my JCP store card that much after I got it, so it was closed 2 years ago.  My Firestone is far more useful. Can't beat the 6 months no interest. Far too easy to pay off in that amount of time, even when brakes are involved. ha!

[taxi818]

Congrats. on getting rid of the fat. the problem i have is my 3 sct cards. all comenity. adds up to 10k in limits. im not dumping as a good cusion.

5k on jcrew. 2500 on overstock. and 2500 on king size. just too easy to pad my util. ooh well.

[LS2982]

My store cards are too old to close, never close out cards that have a long history.

[Anonymous]

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@LS2982 wrote:
My store cards are too old to close, never close out cards that have a long history.

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Define "Long"

[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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but what if I close and get another card?

[LS2982]

I would say at least 3 years. I'm sure there are people here that would say longer but there's really no point in closing them they can only help you not hurt you you've already taken the INQ and new acct score hit

[taxi818]

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@Anonymous wrote:

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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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but what if I close and get another card?

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Closing and getting new card will hurt you AAOA. So kind of pointless. It just depends. 

[Anonymous]

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@taxi818 wrote:

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@Anonymous wrote:

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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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but what if I close and get another card?

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Closing and getting new card will hurt you AAOA. So kind of pointless. It just depends. 

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oh, then I need to reevaluate my next credit step.