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Should I close accounts?

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Anonymous
Not applicable

Should I close accounts?

I am about 2 months post BK (ch7).

 

The first cards I was able to get after that were via the shopping cart trick. I got a simplybe card and a jd marisota card (Both plus size women stores).

I only accepted the offers because I was happy someone was giving me a chance to rebuild. But basically the only thing I buy from them is socks for my wife to wear at work, or sneakers for work.

 

Both accounts have been open slightly over 1 month.

 

Would it do harm to my credit to close the first account (simplybe) and leave the other card open for the footwear purchases?

Or should I keep it and just try to find something on there to buy every once in a while. The issue is that my wife is a size 2 so theres nothing for her on their site. But I dont want to close the account if I will harm my scores.

 

Currently FICO

EQ 573

TU 544

EX 571

 

please advise

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Should I close accounts?


@Anonymous wrote:

I am about 2 months post BK (ch7).

 

The first cards I was able to get after that were via the shopping cart trick. I got a simplybe card and a jd marisota card (Both plus size women stores).

I only accepted the offers because I was happy someone was giving me a chance to rebuild. But basically the only thing I buy from them is socks for my wife to wear at work, or sneakers for work.

 

Both accounts have been open slightly over 1 month.

 

Would it do harm to my credit to close the first account (simplybe) and leave the other card open for the footwear purchases?

Or should I keep it and just try to find something on there to buy every once in a while. The issue is that my wife is a size 2 so theres nothing for her on their site. But I dont want to close the account if I will harm my scores.

 

Currently FICO

EQ 573

TU 544

EX 571

 

please advise


Just leave them open and sock drawer them. Let the lender close them from lack of use down the road.

Message 2 of 6
pipeguy
Senior Contributor

Re: Should I close accounts?


@Anonymous wrote:

I am about 2 months post BK (ch7).

 

The first cards I was able to get after that were via the shopping cart trick. I got a simplybe card and a jd marisota card (Both plus size women stores).

I only accepted the offers because I was happy someone was giving me a chance to rebuild. But basically the only thing I buy from them is socks for my wife to wear at work, or sneakers for work.

 

Both accounts have been open slightly over 1 month.

 

Would it do harm to my credit to close the first account (simplybe) and leave the other card open for the footwear purchases?

Or should I keep it and just try to find something on there to buy every once in a while. The issue is that my wife is a size 2 so theres nothing for her on their site. But I dont want to close the account if I will harm my scores.

 

Currently FICO

EQ 573

TU 544

EX 571

 

please advise


Given your recent  Chapter 7 and the fact you have already taken the HP if I were you I'd keep the cards open for as long as it takes to get approved for a bank card or two and I don't mean Credit One or First Premier or any other vulture card just because it says V/MC. Capital One has been known to offer recently discharged folks a basic Mastercard - even with a $29 or $59 AF it's a decent stepping stone. 

 

You might want to read up in the Bankruptcy forum/section and follow the advice of those that have worked their way back. 

Message 3 of 6
Anonymous
Not applicable

Re: Should I close accounts?


@pipeguy wrote:

@Anonymous wrote:

I am about 2 months post BK (ch7).

 

The first cards I was able to get after that were via the shopping cart trick. I got a simplybe card and a jd marisota card (Both plus size women stores).

I only accepted the offers because I was happy someone was giving me a chance to rebuild. But basically the only thing I buy from them is socks for my wife to wear at work, or sneakers for work.

 

Both accounts have been open slightly over 1 month.

 

Would it do harm to my credit to close the first account (simplybe) and leave the other card open for the footwear purchases?

Or should I keep it and just try to find something on there to buy every once in a while. The issue is that my wife is a size 2 so theres nothing for her on their site. But I dont want to close the account if I will harm my scores.

 

Currently FICO

EQ 573

TU 544

EX 571

 

please advise


Given your recent  Chapter 7 and the fact you have already taken the HP if I were you I'd keep the cards open for as long as it takes to get approved for a bank card or two and I don't mean Credit One or First Premier or any other vulture card just because it says V/MC. Capital One has been known to offer recently discharged folks a basic Mastercard - even with a $29 or $59 AF it's a decent stepping stone. 

 

You might want to read up in the Bankruptcy forum/section and follow the advice of those that have worked their way back. 


I didnt take HP for those two cards as I got them via the shopping cart trick.......I read the bankruptcy section but figured since this was a more credit card related questions I would post here. thanks though

Message 4 of 6
Anonymous
Not applicable

Re: Should I close accounts?


@Anonymous wrote:

@Anonymous wrote:

I am about 2 months post BK (ch7).

 

The first cards I was able to get after that were via the shopping cart trick. I got a simplybe card and a jd marisota card (Both plus size women stores).

I only accepted the offers because I was happy someone was giving me a chance to rebuild. But basically the only thing I buy from them is socks for my wife to wear at work, or sneakers for work.

 

Both accounts have been open slightly over 1 month.

 

Would it do harm to my credit to close the first account (simplybe) and leave the other card open for the footwear purchases?

Or should I keep it and just try to find something on there to buy every once in a while. The issue is that my wife is a size 2 so theres nothing for her on their site. But I dont want to close the account if I will harm my scores.

 

Currently FICO

EQ 573

TU 544

EX 571

 

please advise


Just leave them open and sock drawer them. Let the lender close them from lack of use down the road.


sounds like a plan!

how long does it take for them to do that and will that hurt my scores?

Message 5 of 6
Anonymous
Not applicable

Re: Should I close accounts?


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

I am about 2 months post BK (ch7).

 

The first cards I was able to get after that were via the shopping cart trick. I got a simplybe card and a jd marisota card (Both plus size women stores).

I only accepted the offers because I was happy someone was giving me a chance to rebuild. But basically the only thing I buy from them is socks for my wife to wear at work, or sneakers for work.

 

Both accounts have been open slightly over 1 month.

 

Would it do harm to my credit to close the first account (simplybe) and leave the other card open for the footwear purchases?

Or should I keep it and just try to find something on there to buy every once in a while. The issue is that my wife is a size 2 so theres nothing for her on their site. But I dont want to close the account if I will harm my scores.

 

Currently FICO

EQ 573

TU 544

EX 571

 

please advise


Just leave them open and sock drawer them. Let the lender close them from lack of use down the road.


sounds like a plan!

how long does it take for them to do that and will that hurt my scores?


Not likely to affect scores at all. Some lenders may let the accounts lay idle for years.

Message 6 of 6
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