Re: Too many cards - which one to close?
01-20-2013 09:51 AM
Wait, let me get this straight: everyone is talking about whether or not to close a card because you don't want to use and maintain it, because if you don't use and maintain the card they'll close it?
Am I the only one who thinks closing your card so they don't close your card... is completely absurd?
Close, except for the fact that no-one is saying that!
The discussion is: should I close the card?
Several people say "No, always keep cards open" To keep it open, you may need to buy things on it every now and then. If you don't, it might get closed.
So my points were: a) Should you really care if the card is closed (by you or them) and b) If you should care, what is the cost of keeping it open vs benefit.
"Account closed by grantor" doesn't look as good as if it's closed by you, however that only matters for a manual review by a living person. But even then it's not a big deal. With the kind of AA CCCs have been throwing around in the last few years, underwriters see that every day. If you get turned down for that reason, I'd say you were on thin ice to begin with and it was simply the final straw that broke the camel's back.
Personally I see little benefit to closing a card ever, unless it has an AF. While you do need to buy something once in a while to keep it active you don't have to be all that meticulous about it. People tend to recommend every 3-4 months, but that's really if you want to totally guarantee it won't be closed.