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closing walmart

Valued Contributor

closing walmart

i have no more use for my walmart card so i may be closing it soon as it is my newest card .....utl will not take a big hit and still be blow 23% 


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Message 1 of 57
56 REPLIES
Mega Contributor

Re: closing walmart


afbar1114 wrote:

i have no more use for my walmart card so i may be closing it soon as it is my newest card .....utl will not take a big hit and still be blow 23% 


Really?

 

pssst....................(free TU FICO score every month)....................

 

Now go SD it and think of a different card to close! Smiley Happy




EQ FICO 548 3/3/16
Message 2 of 57
Senior Contributor

Re: closing walmart

Yeah, what he said.

 

The card has no annual fee, and if you don't carry a balance, you'll never pay a penny in interest.

 

I'd keep the card just for the free TU score...


Gardening since 10 Jan 2018. Gardening until I hit 700 or 15 April. Whichever comes first. Smiley Tongue
Zero percent financing is where the devil lives...
10/01/17 Fico8 scores: EX 660, EQ 647, TU 663
01/01/18 Fico8 scores: EX 655, EQ 661, TU 650
Message 3 of 57
Senior Contributor

Re: closing walmart

Maybe you should read this post:

 

http://ficoforums.myfico.com/t5/Credit-in-the-News/Top-5-tips-for-a-tiptop-credit-score/m-p/1296713/...

 

1. Don't close credit card accounts to improve your credit score. You might have a good reason to shutter your account -- you don't want to pay an annual fee, you're concerned about identity fraud, or you want to reduce the temptation to overspend -- but don't do it for the sole purpose of raising your credit score.

 

One factor in your credit score is your utilization, which is the ratio of balances owed compared to the credit limits on revolving accounts such as credit cards. Utilization is calculated for each credit card you have and across all of your cards. The lower your utilization, the better for your credit score. Closing a credit card account that has a zero balance excludes that credit limit from the overall utilization calculation, which can make your utilization increase and in turn, lower your score.

 

For the same reason, it's also a bad idea to ask for lower credit limits on your credit cards if your goal is to improve your score. Doing so can only push your utilization higher.

Tip: If you must close a credit card account but want to keep your score high, pay down balances on other accounts to mitigate the effect.



~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 4 of 57
Valued Contributor

Re: closing walmart

capital one?

i just figured that if i close walmart ill have more major cards then store cards or just about even


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Message 5 of 57
Mega Contributor

Re: closing walmart


bichonmom wrote:

Maybe you should read this post:

 

http://ficoforums.myfico.com/t5/Credit-in-the-News/Top-5-tips-for-a-tiptop-credit-score/m-p/1296713/...

 

1. Don't close credit card accounts to improve your credit score. You might have a good reason to shutter your account -- you don't want to pay an annual fee, you're concerned about identity fraud, or you want to reduce the temptation to overspend -- but don't do it for the sole purpose of raising your credit score.

 

One factor in your credit score is your utilization, which is the ratio of balances owed compared to the credit limits on revolving accounts such as credit cards. Utilization is calculated for each credit card you have and across all of your cards. The lower your utilization, the better for your credit score. Closing a credit card account that has a zero balance excludes that credit limit from the overall utilization calculation, which can make your utilization increase and in turn, lower your score.

 

For the same reason, it's also a bad idea to ask for lower credit limits on your credit cards if your goal is to improve your score. Doing so can only push your utilization higher.

Tip: If you must close a credit card account but want to keep your score high, pay down balances on other accounts to mitigate the effect.




+1

 

I don't think closing just to try to raise scores is really a good idea at all even with util. in the mix. There's gotta be a legit reason to close accounts.




EQ FICO 548 3/3/16
Message 6 of 57
Mega Contributor

Re: closing walmart


afbar1114 wrote:

capital one?

i just figured that if i close walmart ill have more major cards then store cards or just about even


Why are you in a rush to close accounts??




EQ FICO 548 3/3/16
Message 7 of 57
Valued Contributor

Re: closing walmart


LS2982 wrote:

afbar1114 wrote:

capital one?

i just figured that if i close walmart ill have more major cards then store cards or just about even


Why are you in a rush to close accounts??


because i have to many... im not looking to raise score right now...just getting my finances on track...i go to walmart like 2-3 times a year....not worth me having it right now...i also think i have too many cards. i plan on keeping bby because cap1 is buying it and what are my chances of getting a 1k limit with them 


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Message 8 of 57
Mega Contributor

Re: closing walmart


afbar1114 wrote:

LS2982 wrote:

afbar1114 wrote:

capital one?

i just figured that if i close walmart ill have more major cards then store cards or just about even


Why are you in a rush to close accounts??


because i have to many... im not looking to raise score right now...just getting my finances on track...i go to walmart like 2-3 times a year....not worth me having it right now...i also think i have too many cards. i plan on keeping bby because cap1 is buying it and what are my chances of getting a 1k limit with them 


List the cards that you have




EQ FICO 548 3/3/16
Message 9 of 57
Valued Contributor

Re: closing walmart


tcbofade wrote:

Yeah, what he said.

 

The card has no annual fee, and if you don't carry a balance, you'll never pay a penny in interest.

 

I'd keep the card just for the free TU score...


+1 

 

and don't forget you can get free cash advances at walmarts  just buy a pack of gum put on the card.... select amount of cash you want back...  you can go to the service desk and return the gum if you like ;-) 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 10 of 57