Credit Cards

[tempusfugit123]

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. 

[visorboy1974]

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.  

[CruzImperial]

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

[tempusfugit123]

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.

[visorboy1974]

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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.

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

[tempusfugit123]

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

[CruzImperial]

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