topic Re: Close accounts or no? in Credit Cards

Close accounts or no?

jason0618 — Mon, 20 Jul 2015 15:40:02 GMT

I'm getting to the point where i think it might be in my best interest to close some of my credit card accounts. Take a look and see what you guys think I should do to best leverage my scores...

Kohls card. $0/$300 limit. Had account about five months
NFCU nrewards secured $0/$1000 have had account just over 3 years
NFCU cash rewards $2500/$3000 have had account about six months
Barclay Apple card $0/2000 just turned one year old
Barclay rewards $1100/$1700 just turned one year old
Cap one qs1 $0/300 about two months
Credit one $0/600 had about 18 months.

Of these, credit one sucks the most. They have not really done anything except cost me $9 a month. The others are ok, but I'm nervous about having that many open lines to keep track of. Should I close one? Two?

Re: Close accounts or no?

kdm31091 — Mon, 20 Jul 2015 15:49:48 GMT

Close apple and credit one, no brainers there.

Your QS and nfcu cash rewards surpass your barclay rewards so really theres no need to keep that either. Depending how simple you wanna get, even the cash rewards and QS are basically the same thing right? Choose one or the other.

Also you dont need the secured card anymore. Close it.

You have lots of overlap cards IMO and easy ones to close

Re: Close accounts or no?

jason0618 — Mon, 20 Jul 2015 15:55:52 GMT

If I close the apple one, should I try to have them combine the credit line with my reward card? Or does that not really matter?

Re: Close accounts or no?

Anonymous — Mon, 20 Jul 2015 16:11:03 GMT

@jason0618 wrote:
If I close the apple one, should I try to have them combine the credit line with my reward card? Or does that not really matter?

Yes.

Re: Close accounts or no?

Anonymous — Mon, 20 Jul 2015 18:10:12 GMT

Yeah, Barclays is usually good about letting you combine, but you'll need to have both at zero balance to do it, I believe.

I'd axe Kohls, and obviously Credit One. I don't get the point of store cards unless you're trying to build credit or if you're making a huge purchase and can benefit from the sign up discount. With that limit and open date, send it to the shredder.

Re: Close accounts or no?

jason0618 — Mon, 20 Jul 2015 20:15:14 GMT

What about navy federal? I'm closing my secured card now, but should I ask them to combine secured and unsecured credit line, and if so, am I better off calling to ask, or sending a secure message from the website?

Re: Close accounts or no?

Anonymous — Mon, 20 Jul 2015 22:12:10 GMT

they won't combine secured and unsecured limits but use the $1,000 to pay your barclay rewards card and pay it off to combine your limits with barclay

Re: Close accounts or no?

Anonymous — Tue, 21 Jul 2015 00:08:42 GMT

@jason0618 wrote:
What about navy federal? I'm closing my secured card now, but should I ask them to combine secured and unsecured credit line, and if so, am I better off calling to ask, or sending a secure message from the website?

I have no experience with NFCU so couldn't tell you, the PP above me is probably right though... however what I can say is that phone support tends to be better than web support for those types of requests. Web support ,more often than not, tends to respond with "canned lines".

I'd hang on to your NFCU Unsecured though, they're a good institution and they are known to give nice increases.

Re: Close accounts or no?

Anonymous — Tue, 21 Jul 2015 01:19:58 GMT

Just get rid of Credit One.You still are rebuilding and need to fatten your file. Can you get that secured card unsecured and get your money back.It's been 3 years.

Re: Close accounts or no?

gwizdak24 — Tue, 21 Jul 2015 01:47:27 GMT

You got some great advice.
Close credit one! Nfcu secured! Use that to pay the Barclays! Combine then close Apple!
Work on building nfcu, cap 1 and possibly kohl's. They have potential!

Re: Close accounts or no?

Anonymous — Tue, 21 Jul 2015 01:56:03 GMT

half that advice was mine ha people must love me today! i will sign autographs laters dear people

Re: Close accounts or no?

Anonymous — Tue, 21 Jul 2015 02:31:00 GMT

@Anonymous wrote:
half that advice was mine ha people must love me today! i will sign autographs laters dear people

when i grow up, i wanna be just like you

Re: Close accounts or no?

Anonymous — Tue, 21 Jul 2015 02:35:41 GMT

i am on fire all day!!! haha. it's okay tomorrow i will screw someone's world up by accident telling them the complete and utter wrong thing to do then all their accounts close and the FBI shows up an hour later... whoops.

Re: Close accounts or no?

Anonymous — Tue, 21 Jul 2015 02:36:15 GMT

YOLO....

Re: Close accounts or no?

Anonymous — Tue, 21 Jul 2015 06:18:09 GMT

The answer to your question is that yes you should. Why? Because you find the cards useless to your needs. No reason to keep a card open if you never use it and have no intention of using it.

Re: Close accounts or no?

Anonymous — Tue, 21 Jul 2015 06:48:26 GMT

Close anything that costs you money to keep and anything you have not used recently.

Re: Close accounts or no?

jason0618 — Sat, 25 Jul 2015 16:58:38 GMT

Closed a few of them. Jared is already reporting as closed. That didn't take long at all.

Re: Close accounts or no?

Anonymous — Sat, 25 Jul 2015 19:47:40 GMT

they didn't want you. lol jk

Re: Close accounts or no?

Anonymous — Sat, 25 Jul 2015 20:06:15 GMT

Jason, did you take a hit from closing them?

Re: Close accounts or no?

jason0618 — Sat, 31 Oct 2015 13:40:46 GMT

Late response, but no hit. My score actually went up a little.