Reply
Established Contributor
SwiftTone
Posts: 1,026
Registered: ‎02-27-2012
0

Re: my plan...

I think you have a serious case of credit ADHD. It screens that you just can't leave you current cards alone and always have to be either opening or closing cards. Just sit back and enjoy gardening those cards man. Sometimes doing nothing is more beneficial than doing something.
BCE: $0/$11,200, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$12,500, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 734
EX FICO(AMEX) - 712
Contributor
Bobert22
Posts: 236
Registered: ‎01-20-2013
0

Re: my plan...

@afbar

 

what the majority of people (myself included) are suggesting is that even though you don't use the card or go to that specific store that issued the store card to you, doesn't mean you should close it as this will most likely negatively impact your credit report and score.

 

First of all, it will most likely increase your credit to debit ratio which is a big chunk of your credit score. There's no point in closing a credit card that doesn't have an annual fee, as that credit card's history and and CL will help your score and utilization ratios. 

 

And in regards to you acquiring the new Chase Sapphire Preferred "metal" card, there's always going to be something better. And I'm sure whenever there's going to be a new titanium or aluminum card etc. you're probably going to want one, especially if it has some nice perks and an attractive APR rate. 

Capital One 2006--$5,000 ||| AMEX Macy's 2008--$2,300 ||| Kohl's 2009-- $1,000 ||| JCP 2010-- $1,000 ||| Walmart Discover 2010-- $5,000 ||| Sears 2011 -- $3,600 ||| Sears 2011 -- $3,500 ||| Chase Freedom 2012--$7,500 ||| Discover IT 2013 -- $4,000
||| Chase Sapphire Preferred 2013 -- $10,000

SCORES: EQ FICO: 787, EX FAKO: 801, TU FICO: 790 (Lender Pull)
Valued Contributor
afbar1114
Posts: 2,179
Registered: ‎01-09-2012
0

Re: my plan...

I understand what your saying but I don't want my report to say closed by lender if I don't use them. I have no jewelry so it's useless to buy cleaning stuff to keep it open. I can keep BBY open maybe buying iTunes every few months

In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Valued Contributor
afbar1114
Posts: 2,179
Registered: ‎01-09-2012
0

Re: my plan...

I know what everyone is saying just some cards like cap1 will close

In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
0

Re: my plan...


afbar1114 wrote:
I understand what your saying but I don't want my report to say closed by lender if I don't use them. I have no jewelry so it's useless to buy cleaning stuff to keep it open. I can keep BBY open maybe buying iTunes every few months

if you want, best buy is doing 85 dollars for 100 dollars (itunes gift cards) 

today only (daily deal)

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Valued Contributor
afbar1114
Posts: 2,179
Registered: ‎01-09-2012
0

Re: my plan...

Yea right now I have like $70 on my iTunes lol

In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Valued Contributor
afbar1114
Posts: 2,179
Registered: ‎01-09-2012
0

Re: my plan...

Ok so if I keep cards open and never use them at all will bank close them and will it hurt me?

In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30
Moderator
Revelate
Posts: 9,487
Registered: ‎12-30-2011
0

Re: my plan...

[ Edited ]

afbar1114 wrote:
Ok so if I keep cards open and never use them at all will bank close them and will it hurt me?

FICO it won't hurt, and it may help depending how long the cards are open for.  Future underwriting / manual reviews you'll get various opinions on the matter.  

 

TBH I think for store cards it probably doesn't matter... "Why did you stop using card XYZ", "Because I wasn't shopping there" would be a pretty simple answer on a recon if anyone did ask, but for any national lender I doubt it'd ever even come up.  There are probably millions of credit users which get some of their store cards closed due to inactivity, it's not likely to be a problem looked at from that perspective; also I think certain store cards (like Kay's) know that it's not a frequent everyday type of event for the majority of people to use their cards, and as such they'll probably be willing ot keep it open longer but that's a SWAG.

 

That said, personally I am in the camp of closing cards that aren't being used if you can't drop a charge on them once in a while to keep them active, but I make certain to keep an occasional charge on all of my tradelines even the ones (DCU secured / USAA MC in my case) which sit idle the vast majority of the times.  I'd probably err on the side of closing a national bank card if I couldn't maintain it open, but this is very much my opinion only and has no basis in fact, accuracy, or possibly even reality.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Valued Contributor
afbar1114
Posts: 2,179
Registered: ‎01-09-2012
0

Re: my plan...


Revelate wrote:

afbar1114 wrote:
Ok so if I keep cards open and never use them at all will bank close them and will it hurt me?

FICO it won't hurt, and it may help depending how long the cards are open for.  Future underwriting / manual reviews you'll get various opinions on the matter.  

 

TBH I think for store cards it probably doesn't matter... "Why did you stop using card XYZ", "Because I wasn't shopping there" would be a pretty simple answer on a recon if anyone did ask, but for any national lender I doubt it'd ever even come up.  There are probably millions of credit users which get some of their store cards closed due to inactivity, it's not likely to be a problem looked at from that perspective; also I think certain store cards (like Kay's) know that it's not a frequent everyday type of event for the majority of people to use their cards, and as such they'll probably be willing ot keep it open longer but that's a SWAG.

 

That said, personally I am in the camp of closing cards that aren't being used if you can't drop a charge on them once in a while to keep them active, but I make certain to keep an occasional charge on all of my tradelines even the ones (DCU secured / USAA MC in my case) which sit idle the vast majority of the times.  I'd probably err on the side of closing a national bank card if I couldn't maintain it open, but this is very much my opinion only and has no basis in fact, accuracy, or possibly even reality.

 


OK thanks for the info so when cap1 is paid ill close it since its cap1. store cards that i will/can/maybe use ill try and use every so often and if they close it o well it will be a $0 BAL and not a baddie for once in my life. I mean jared jave me a $1400 auto CLI last month after i broke up with my cheating GF....what a time to get a CLI. BBY is still very up in the air becasue i can not get a CLI on that card because its a plan B...is it still a SP? I also recently had to get a ford credit card becasue i needed about $1500 of work done and i didnt have my chase cards in mind at all because i never apped for them. Kohls will stay open because i will always need clothes and when i get  30% off its great. but my main go to cards are Freedom United and CSP. AMEX green will be closed this year since it has such a high APR and keeping zync.

 

discover will stay as will BoA 

 


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

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}