topic Re: Closing cards help/advice in Credit Cards

Closing cards help/advice

Skye12329 — Thu, 29 Jan 2015 09:27:59 GMT

So i once everything is paid off i am thinking about closing out like 6 of my cards since i dont ever use them and the limits are low. It wont be for like 6 months before they get closed or however long it takes to pay down debt.

Closing:

Slate - November 2014 (600)

Elan - January 2011 or 2010 (2000)

QS1 - May 2013 (2500)

Target - December 2013 (400)

Sears - September 2013 (1300)

BBY - January 2013 (600)

Leaving open my other cards:

Discover - July 2014 (4000)

Freedom - June 2014 (4000)

CSP - August 2014 (5000)

I really dont need the closing cards list nor do i use them, i understand they would stay on my report for 10 years but would you recommend closing or leaving open? Why? I am still thinking about adding an Amex to my list. Also might add Barclay Ring because i would want a new MC and 8% APR is nice.

Re: Closing cards help/advice

Revelate — Thu, 29 Jan 2015 09:01:40 GMT

Keep Slate ($0 AF and BT is never a bad thing to have available when needed) or QS1 depending on needs (can you PC that to regular QS?), pickup Amex; can dump the rest in my opinion. 5 cards is a good place to be both from rewards mix and FICO purposes.

Re: Closing cards help/advice

Skye12329 — Thu, 29 Jan 2015 09:09:08 GMT

@Revelate wrote:
Keep Slate ($0 AF and BT is never a bad thing to have available when needed), pickup Amex; can dump the rest in my opinion. 5 cards is a good place to be both from rewards mix and FICO purposes.

Well it only has a $600 limit...but do they offer more BT offers on this card if kept open like after its Into APR?

Edited: Well i guess i should have said QS MC - No AF so its not causing any costs.

Re: Closing cards help/advice

Anonymous — Thu, 29 Jan 2015 09:04:38 GMT

If it's past the 0% APR period I would not keep it especially with a limit that low. Move that $600 to another Chase card and close.

Re: Closing cards help/advice

Skye12329 — Thu, 29 Jan 2015 09:07:40 GMT

@Anonymous wrote:
If it's past the 0% APR period I would not keep it especially with a limit that low. Move that $600 to another Chase card and close.

Thats what i was thinking too, it still has 0% for like a year or something like that. Currently the limit is technically 1600 because i moved 1k of CSP to it to complete a BT. However once its promo is done move its CL to CSP again and close.

Re: Closing cards help/advice

Anonymous — Thu, 29 Jan 2015 09:11:00 GMT

+1 good thinking....I just fail to see the point of a Slate approval for less tha $1,000 since it is primarily a BT card. Chase sometimes, lol.

Re: Closing cards help/advice

takeshi74 — Thu, 29 Jan 2015 14:34:06 GMT

@Skye12329 wrote:
I really dont need the closing cards list nor do i use them, i understand they would stay on my report for 10 years but would you recommend closing or leaving open?

It's not a one-size-fits-all matter so what I or others recommend isn't necessarily relevant. I don't keep cards open that are of no use to me. Other people have different credit management strategies and you need to choose the approach that aligns with your own needs/wants/etc.

I can only say consider the info in this thread and calculate the impact to utilization to aid you in your decision making:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Do you have specific concerns not addressed by that thread?

@Revelate wrote:
Keep Slate ($0 AF and BT is never a bad thing to have available when needed)

Here's one example of the subjective nature of this. I had no need for my Slate. No AF and BT may not be a bad thing but I closed mine.

@Anonymous wrote:
I just fail to see the point of a Slate approval for less tha $1,000 since it is primarily a BT card. Chase sometimes, lol.

Limits aren't set based on how much the consumer needs to BT (or spend). Limits are always based on credit and income. If those support a $1K limit or less then that's what one will get.

Re: Closing cards help/advice

NRB525 — Thu, 29 Jan 2015 14:59:47 GMT

@Skye12329 wrote:
So i once everything is paid off i am thinking about closing out like 6 of my cards since i dont ever use them and the limits are low. It wont be for like 6 months before they get closed or however long it takes to pay down debt.

Closing:
Slate - November 2014 (600) I'm not aware this has any follow on / later BT offers of 0%, so I would close.
Elan - January 2011 or 2010 (2000) Don't recognize, I would close
QS1 - May 2013 (2500) This is the No AF version? Given my very positive experience with CapOne over the years, I would keep open. Not a bad CL what is the APR?
Target - December 2013 (400) If this is closed, can you ever open another Target card? Not that it's a huge consideration, but $400 is 400, right
Sears - September 2013 (1300) Probably high APR, should close. I still have a Sears on my TU from 1985 I think. It's been closed for 20+ years.
BBY - January 2013 (600) If a store card, close (I don't recognize)

Leaving open my other cards:
Discover - July 2014 (4000)
Freedom - June 2014 (4000)
CSP - August 2014 (5000)

I really dont need the closing cards list nor do i use them, i understand they would stay on my report for 10 years but would you recommend closing or leaving open? Why? I am still thinking about adding an Amex to my list. Also might add Barclay Ring because i would want a new MC and 8% APR is nice.