topic Re: Need advice! Please move if u see wrong topic in Credit Cards

Need advice! Please move if u see wrong topic

Anonymous — Thu, 06 Aug 2015 02:33:51 GMT

I have six credit cards aging back to 2010 in order.
2010-Capital one platinum-100/750
2010-U.S. Bank-0/300
2010-Capital one quicksilver- 0/500
2012-Lowes-0/500
2012-Walmart-0/800
2012-Target-0/200
& just yesterday approved for Amex 3,500

I was hoping that I could close U.S. Bank, lowes, Walmart,& target & combine my capital 1 cards just keep the platinum from 2010 & not ding my credit. Is this possible? Also, would it look bad if it shows closed accounts on my credit.

My reasoning is I do not will not ever shop at Walmart it was a while back, they offered it and I took it just cause but I never step foot in there. Same with lowes nothing against them but I hardly ever go there. Target is a useless cl, & so is us bank it seems. Not to mention now that I got Amex I feel like I'm in the big leagues with you guys. Store cards seem to be unnecessary.

Re: Need advice! Please move if u see wrong topic

Anonymous — Thu, 06 Aug 2015 03:03:28 GMT

If you follow the forums you know that Wal Mart and Lowes are serviced by Synchrony Bank and offer good chances for high limits.

Do not close them. Do a chat and get the limits raised. If you religiously do what is suggested on this forum you can get Wal Mart much higher. Mine is 14 months old and I have a $6000 limit. You have to get high limits to boost your scores.

I detest Wal Mart's low pay policies but I will play the game, EVERYBODY needs health and beauty aids or a few token grocery items every few months.

Get Lowes raised too and get a cli on Quicksilver plus apply for a Venture card.

Target is tight on cli's but call them too.

DO NOT CLOSE ANY CARDS! Work them for cli's, use them a little and beef up your profile. Your age of accounts is 5 years. Follow what we all are doing on this forum and you'll have super high scores in no time.

What are your current Fico 8's?

Re: Need advice! Please move if u see wrong topic

Anonymous — Thu, 06 Aug 2015 03:04:40 GMT

Walmart will also allow you to do cash over with no cash advance fees, if you ever needed that. My neighbor loves the Walmart cash over feature when her little ones need some quick money for school lunches.

Re: Need advice! Please move if u see wrong topic

Anonymous — Thu, 06 Aug 2015 03:05:48 GMT

Feel free to close any store cards that don't work for you, but do so in a planful way and after careful consideration. They will continue to report positive for 10 years after closing.

Re: Need advice! Please move if u see wrong topic

Anonymous — Thu, 06 Aug 2015 03:12:02 GMT

Swampy99 Swampy99 Established Contributor
8:03 PM
If you follow the forums you know that Wal Mart and Lowes are serviced by Synchrony Bank and offer good chances for high limits.

Do not close them. Do a chat and get the limits raised. If you religiously do what is suggested on this forum you can get Wal Mart much higher. Mine is 14 months old and I have a $6000 limit. You have to get high limits to boost your scores.

I detest Wal Mart's low pay policies but I will play the game, EVERYBODY needs health and beauty aids or a few token grocery items every few months.

Get Lowes raised too and get a cli on Quicksilver plus apply for a Venture card.

Target is tight on cli's but call them too.

DO NOT CLOSE ANY CARDS! Work them for cli's, use them a little and beef up your profile. Your age of accounts is 5 years. Follow what we all are doing on this forum and you'll have super high scores in no time.

What are your current Fico 8's?
Ex 678 Eq 685 TU 640-hasn't updated.
That's very good advice, I'm kind of a creeper so I just read around and see what everyone else does and says but in a hypothetical situation if I don't use these cards often at all wouldn't it look worse if a creditor closes it due to not using it then me closing it myself? 😕 read that they close unused cards on a few threads

Re: Need advice! Please move if u see wrong topic

Anonymous — Thu, 06 Aug 2015 03:14:11 GMT

@Anonymous wrote:

That's very good advice, I'm kind of a creeper so I just read around and see what everyone else does and says but in a hypothetical situation if I don't use these cards often at all wouldn't it look worse if a creditor closes it due to not using it then me closing it myself? 😕 read that they close unused cards on a few threads

Don't close ALL of your oldeest cards, only those you really decide don't meet your needs anymore.

Re: Need advice! Please move if u see wrong topic

Anonymous — Thu, 06 Aug 2015 03:16:39 GMT

Don't close ALL of your oldeest cards, only those you really decide don't meet your needs anymore.

Target and U.S. Bank. How's that sound?

Re: Need advice! Please move if u see wrong topic

takeshi74 — Thu, 06 Aug 2015 13:42:07 GMT

@Anonymous wrote:
Also, would it look bad if it shows closed accounts on my credit.

This thread is linked in the Helpful Threads sticky and should be part of your considerations in your decision.

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

You also need to consider whether you can and will actively monitor any accounts that you choose to sock drawer for fraud -- among other considerations including your own specific preferences, priorirites and goals.

@Anonymous wrote:
DO NOT CLOSE ANY CARDS!

Do not rely on oversimplifcations like this. If, after understanding the impact of each decision you decide that you want to keep all cards open then certainly do so but this is not a one-size-fits-all matter despite how proponents of the meme make it out to be. I do not keep cards open that are of no use to me.

Certainly consider the impact to your AAoA but if you're worried over AAoA it's really the new accounts that will bring it down.

@Anonymous wrote:
if I don't use these cards often at all wouldn't it look worse if a creditor closes it due to not using it then me closing it myself? 😕 read that they close unused cards on a few threads

Does not matter. Impact the same whether you choose to close an account or they close it due to inactivty. See the link I provided above.

@Anonymous wrote:
read that they close unused cards on a few threads

Varies by creditor. If you're concerned about closure due to inactivity then verify with each of your creditors what their specific policies are and then use that to determine how to meet minimum activity requirements.

Re: Need advice! Please move if u see wrong topic

Anonymous — Thu, 06 Aug 2015 14:30:08 GMT

I haven't tried it, but you might try for a CLI on US Bank using this link. What I've read here is that if you request $1500 or less, it's a SP.

https://www2.usbank.com/cgi_w2/cfm/credit/usb_cards/manage/usb_card_chg_main.cfm?Page=Limit

I'd wait until the AmEx reports.

I'd probably close Target if you don't use it. They ARE finally starting to do some CLI's, but it still generally remains small relative to others. BUT you get the 5% off at the register. If you shop at Target and don't charge over $200 in one trip, I'd keep it. I'd also update your income on their site (if it's gone up) and you might at least see a little bump. They review and dole out CLI's monthly.