Credit Cards Center Credit cards from our partners
Reply
Valued Contributor
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
Posts: 15,442
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! Smiley Happy




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
Posts: 2,758
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: 640, TU08: 636, EQ: No idea. 01/31/2016. Last App: 01/01/16.

Zero percent financing is where the devil lives...
Senior Contributor
Posts: 3,345
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
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
Posts: 15,442
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
Posts: 15,442
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
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
Posts: 15,442
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
Posts: 2,295
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 16.75k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 12k Sally Mae5.5k Sams Club MC 10k, Paypal Extras MC 6k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5k, Walmart 10k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 11k and a nice stack of store cards.
Last APP/HP 4/22/2015

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.