Hello Everyone,
Been a long time reader here. First, let me say that I have used a lot of information on this site to better my credit. I was a 590 five years ago and as of last week I am now 730 (according to Wells Fargo)! A huge thanks to all of you here.
My question is when do you cancel a card you no longer use. The reason I ask is because this year I finally went back to my banks and told them that I had been a good customer for the past years with them and that with my new job I needed to have some higher limits on credit (my new job requires me to buy things and get reimbursed which can go upwards of $1,000 in a week).
Here is what I have, its limit and a description.
Bank of America - $1,000 - Started as a Secured card at $300 in Early 2008
Orchard Bank - $720 - Now Capitial One (or will be this summer) - Started in Early 2008
Capital One Platinum - $750 - Started in 2009
Capital One Cash Back - $2000 - Started 2013 - I received this card because when I called Cap One to increase my Platinum card they said they usually didn't do higher limits on the card I had and if I was going to use the card for reimbursements thru work that I might as well get some Cash Back.
US Air Barclays Card - $1900 - Started 2013 - I received this card because I was one of those guys who got roped in for a free flight earlier this year.
Wells Fargo Rewards - $3000 - Started 2013 - I received this card because I went into Wells Fargo to change my bank accounts from another bank. I explained everything to the personal banker there and he recommeded a package setup (I am sure he made a nice comission on me 
).
So I now have 6 cards. All of them up to date, none past due or near their limits. The ones I do use get paid in full most every month (sometimes I carry a balance if I bought something big like a TV or more recently a new computer). Would you cancel any of them or just put the cards in the freezer and let them sit there?
Thanks again!
Hi, welcome to the forums and congrats on your rebuilding journey.
Most here would tell you, if your card has an AF and you do not use it....cancel it.
Is more or less a personal choice, if you do not use them over a period of time the lender is probably going to close them for you.
I like to keep lines open, just in case of an emergency, and to help with my UTL.
*8/10/13
Have you attempted the traditional (and non-traditional) CLI request processes discussed on these boards for your cards opened prior to 2013?
It is definitely a personal decision, but before closing anything with no AF, I would make sure you exhaust all avenues for CLI. That is, assuming the low limit is the only thing making you want to close the card.
It is definitely a personal decision, but before closing anything with no AF, I would make sure you exhaust all avenues for CLI. That is, assuming the low limit is the only thing making you want to close the card.
@BillyMD wrote:Hello Everyone,
Been a long time reader here. First, let me say that I have used a lot of information on this site to better my credit. I was a 590 five years ago and as of last week I am now 730 (according to Wells Fargo)! A huge thanks to all of you here.
My question is when do you cancel a card you no longer use. The reason I ask is because this year I finally went back to my banks and told them that I had been a good customer for the past years with them and that with my new job I needed to have some higher limits on credit (my new job requires me to buy things and get reimbursed which can go upwards of $1,000 in a week).
Here is what I have, its limit and a description.
Bank of America - $1,000 - Started as a Secured card at $300 in Early 2008 Call back door number ask for CLI
Orchard Bank - $720 - Now Capitial One (or will be this summer) - Started in Early 2008 Just wait till they convert to Crap
Capital One Platinum - $750 - Started in 2009 Call back door number and ask for higher limit
Capital One Cash Back - $2000 - Started 2013 - I received this card because when I called Cap One to increase my Platinum card they said they usually didn't do higher limits on the card I had and if I was going to use the card for reimbursements thru work that I might as well get some Cash Back.
US Air Barclays Card - $1900 - Started 2013 - I received this card because I was one of those guys who got roped in for a free flight earlier this year.
Wells Fargo Rewards - $3000 - Started 2013 - I received this card because I went into Wells Fargo to change my bank accounts from another bank. I explained everything to the personal banker there and he recommeded a package setup (I am sure he made a nice comission on me
So I now have 6 cards. All of them up to date, none past due or near their limits. The ones I do use get paid in full most every month (sometimes I carry a balance if I bought something big like a TV or more recently a new computer). Would you cancel any of them or just put the cards in the freezer and let them sit there?
Thanks again!
You dont have to cancel a card just because they have a low limit. Only cancel card come with annual fees without any benefit ( Such a toy limit card when u start rebuilding) Rememeber closed account stay up to 10 years on your credit report.
Add some more prime card as American Express, Discover, U.S Bank.....etc......Find something you like and some u would used the most for the rewards structure........****Do this only if you no plan for a new mortgate or car loan in a new future ****
Starting Score: 560
@sandman2435 wrote:
Now I have a good question as well:..I have a bunch of cards that I want to cancel as well, I have WAY!! than plenty of avalable credit and really have no need for over 300K of credit..Im done rebuilding and I don't carry any balances...I plan to get rid all all my GE backed cards..Except SAMs Club Discover and Care Credit,I have 4 USAA Accounts..Will Close 2 of them, 3 Barclays ,Will Close 2 of them..And a bunch others I will close out..All I plan to keep are , Chase ,Citi,NFCU, Penfed, And Amex..The rest I will close..My oldest account is 23 years and my AAoA is 8 years..
You may be able to move limits from the two USAA accounts that you want to close over to the 2 USAA accounts that you plan on keeping. You should keep the oldest two accounts from USAA.
You may be able to do the same with Barclays.
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
I didn't know that about USAA. I don't like their cc. It doesn't graduate. You have to keep a two year CD and no so CLI. Any way another reason to close cards is to prevent fraud. The more cards you have out there the more likely something will fall through the cracks. Those cards don't really help your cs so if you can't get a CLI I'd be fine with closing them. Also u may be able to open the same card in a year if you find out u miss it. Then you'd
probably get a sign up bonus as well.