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Frequent Contributor
tempusfugit123
Posts: 387
Registered: ‎02-06-2008
0

To Close or not to close....

I have a couple accounts that arent going nowhere and have cards in the future Im trying to replace them with. My app spree is set 2 years from now. My question is should I keep the accounts open until then or should I close them now to show that I need credit later. The accounts I want to close are a Nationwide Visa and Bank of America card both opened 5 years with no increase or love. Im willing to take the hit. I have closed 5 accounts already. 

Valued Contributor
visorboy1974
Posts: 1,132
Registered: ‎05-17-2010
0

Re: To Close or not to close....

I'd advise that you leave them open until you secure some bigger limits.  If you have an app spree set for 2 years from now, be patient and take a wait and see attitude with everything in your portfolio.  

 

 

Established Contributor
CruzImperial
Posts: 867
Registered: ‎07-04-2012
0

Re: To Close or not to close....

It's better to keep them open so they age...no reason to close them if there are no AF involved. 

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Frequent Contributor
tempusfugit123
Posts: 387
Registered: ‎02-06-2008
0

Re: To Close or not to close....

Both cards have annual fees up to about $60. Nationwide said no matter what ill be stuck at a 1k limit and if I wanted more I would need to reapply for a new account. Bank of America says in order for them to do anything with my account even removing the annual fee they would have to pull my credit. It took me years to be eligible for a product change with them as well and I've been stuck at $500 for years. In the future I want to add better cards but don't want to look like I dont need the credit. I feel like with my credit I'm going no where with them I guess.
Valued Contributor
visorboy1974
Posts: 1,132
Registered: ‎05-17-2010
0

Re: To Close or not to close....


tempusfugit123 wrote:
Both cards have annual fees up to about $60. Nationwide said no matter what ill be stuck at a 1k limit and if I wanted more I would need to reapply for a new account. Bank of America says in order for them to do anything with my account even removing the annual fee they would have to pull my credit. It took me years to be eligible for a product change with them as well and I've been stuck at $500 for years. In the future I want to add better cards but don't want to look like I dont need the credit. I feel like with my credit I'm going no where with them I guess.

Annual fees change the ballgame a lot.  If you're paying for something that's not beneficial to you, then close those suckers!  :smileyhappy:

Frequent Contributor
tempusfugit123
Posts: 387
Registered: ‎02-06-2008
0

Re: To Close or not to close....

Thanks visorboy! Yes, $59 year for a $500 limit card with no benefits and 23% APR isnt looking great compared to my Discover. 

Established Contributor
CruzImperial
Posts: 867
Registered: ‎07-04-2012
0

Re: To Close or not to close....

As long as you still keep at least 2 CCs open, then no problemo in closing the accounts that do not benefit you.

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |

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