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Valued Contributor
afbar1114
Posts: 2,179
Registered: ‎01-09-2012
0

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
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

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! :smileyhappy:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
tcbofade
Posts: 2,403
Registered: ‎09-26-2011
0

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...


Current Scores: EX 682 (FCR) TU08: 641 Wally.11/14/14
Last app 05/29/2014.
Being held hostage in the garden until further notice...
Zero percent financing is where the devil lives...
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

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!

Valued Contributor
afbar1114
Posts: 2,179
Registered: ‎01-09-2012
0

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
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

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.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

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??




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
afbar1114
Posts: 2,179
Registered: ‎01-09-2012
0

Re: closing walmart

[ Edited ]

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
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

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




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Valued Contributor
jamesdwi
Posts: 1,947
Registered: ‎09-16-2011
0

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 & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.

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