topic Re: Should I close these small limit cards? in Credit Cards

Should I close these small limit cards?

Nolan34 — Mon, 09 Nov 2015 12:24:41 GMT

Looking over my credit report this weekend and saw some small limit card wondering if I should close it. If I do close them I was wonder what (good or bad) it could do to my FICO scores. Go up? Go down?

Any insight would be great

#1 First Premier Card CL $350 (probably a no brainer)

Opened around 2007

No lates

$0 Balance

#2) Sunoco Gas Card

Opened August 2013

No Lates

$0 Balance

#3) BonTon

Opened February 2015 (Shopping Cart Trick)

No Lates

$0 Balance

#4) Eddie Bauer

Opened July 2015 (Shopping Card Trick)

No Lates

$0 Balance

Re: Should I close these small limit cards?

Creditaddict — Mon, 09 Nov 2015 13:04:31 GMT

@Nolan34 wrote:
Looking over my credit report this weekend and saw some small limit card wondering if I should close it. If I do close them I was wonder what (good or bad) it could do to my FICO scores. Go up? Go down?

Any insight would be great

#1 First Premier Card CL $350 (probably a no brainer)
Opened around 2007
No lates
$0 Balance

#2) Sunoco Gas Card
Opened August 2013
No Lates
$0 Balance

#3) BonTon
Opened February 2015 (Shopping Cart Trick)
No Lates
$0 Balance

#4) Eddie Bauer
Opened July 2015 (Shopping Card Trick)
No Lates
$0 Balance

Have you taken your BonTon to $30k? I'd keep it then!

Close First Premier for sure.

If you don't have any use for Eddie Bauer and Sunoco then no issue with closing them.

If your overall utility doesn't change much from the closures then you should see no score decrease.

Re: Should I close these small limit cards?

takeshi74 — Mon, 09 Nov 2015 13:23:31 GMT

@Nolan34 wrote:
If I do close them I was wonder what (good or bad) it could do to my FICO scores. Go up? Go down?

Any insight would be great

See the Closing Credit Cards thread linked in the Helpful Threads sticky in this subforum.

Re: Should I close these small limit cards?

Anonymous — Mon, 09 Nov 2015 13:25:57 GMT

@Nolan34 wrote:
Looking over my credit report this weekend and saw some small limit card wondering if I should close it. If I do close them I was wonder what (good or bad) it could do to my FICO scores. Go up? Go down?

Any insight would be great

#1 First Premier Card CL $350 (probably a no brainer)
Opened around 2007
No lates
$0 Balance

#2) Sunoco Gas Card
Opened August 2013
No Lates
$0 Balance

#3) BonTon
Opened February 2015 (Shopping Cart Trick)
No Lates
$0 Balance

#4) Eddie Bauer
Opened July 2015 (Shopping Card Trick)
No Lates
$0 Balance

I can't really tell you what the effect will be. If these are your only four cards, then you will probably have a large negative effect. If you have others with reasonable limits, and these are all small limits, you could have no effect.

Provided that you have other cards that you actually use:

1) Defintiely close First Premier. Do that now. Get it in writing. Then cut the card into little bits and light it on fire. Maybe burn some sage around it as well. Once that is done, holy water.

2-4) If you shop at them, keep them. If not, close them. There are much better gas cards out there than Sunoco, provided you have the scores to get them. If not, and you actually use Sunoco, keep it for a bit. BonTon and Eddie Bauer are probably more straight forward axes for you. If you haven't shopped there since you got the card, give it the axe. If you have, maybe it has use and you should keep it open, even if it has a toy limit.

tl;dr: If you use the card, keep it open. If you don't, close it. And get rid of First Premier.

Re: Should I close these small limit cards?

thelethargicage — Mon, 09 Nov 2015 13:31:37 GMT

You have our permission to close all those cards--they are all junk anyway.

Re: Should I close these small limit cards?

Nolan34 — Mon, 09 Nov 2015 13:38:32 GMT

I should've explained more that I have larger CL card such as Navy Federal, Am Ex, Citi & Bank of America.

I was wanting to see if closing these small CL cards would have any harm

Re: Should I close these small limit cards?

Anonymous — Mon, 09 Nov 2015 13:44:29 GMT

@Anonymous wrote:
@Nolan34 wrote:
Looking over my credit report this weekend and saw some small limit card wondering if I should close it. If I do close them I was wonder what (good or bad) it could do to my FICO scores. Go up? Go down?

Any insight would be great

#1 First Premier Card CL $350 (probably a no brainer)
Opened around 2007
No lates
$0 Balance

#2) Sunoco Gas Card
Opened August 2013
No Lates
$0 Balance

#3) BonTon
Opened February 2015 (Shopping Cart Trick)
No Lates
$0 Balance

#4) Eddie Bauer
Opened July 2015 (Shopping Card Trick)
No Lates
$0 Balance

I can't really tell you what the effect will be. If these are your only four cards, then you will probably have a large negative effect. If you have others with reasonable limits, and these are all small limits, you could have no effect.

Provided that you have other cards that you actually use:
1) Defintiely close First Premier. Do that now. Get it in writing. Then cut the card into little bits and light it on fire. Maybe burn some sage around it as well. Once that is done, holy water.
2-4) If you shop at them, keep them. If not, close them. There are much better gas cards out there than Sunoco, provided you have the scores to get them. If not, and you actually use Sunoco, keep it for a bit. BonTon and Eddie Bauer are probably more straight forward axes for you. If you haven't shopped there since you got the card, give it the axe. If you have, maybe it has use and you should keep it open, even if it has a toy limit.

tl;dr: If you use the card, keep it open. If you don't, close it. And get rid of First Premier.

Okay, I officially laughed out loud!

Re: Should I close these small limit cards?

Anonymous — Mon, 09 Nov 2015 13:45:51 GMT

@Nolan34 wrote:
I should've explained more that I have larger CL card such as Navy Federal, Am Ex, Citi & Bank of America.

I was wanting to see if closing these small CL cards would have any harm

I say close them. If you don't use them, why keep them?

Re: Should I close these small limit cards?

Anonymous — Mon, 09 Nov 2015 18:35:12 GMT

@Nolan34 wrote:
Looking over my credit report this weekend and saw some small limit card wondering if I should close it. If I do close them I was wonder what (good or bad) it could do to my FICO scores. Go up? Go down?

Any insight would be great

#1 First Premier Card CL $350 (probably a no brainer)
Opened around 2007
No lates
$0 Balance

#2) Sunoco Gas Card
Opened August 2013
No Lates
$0 Balance

#3) BonTon
Opened February 2015 (Shopping Cart Trick)
No Lates
$0 Balance

#4) Eddie Bauer
Opened July 2015 (Shopping Card Trick)
No Lates
$0 Balance

Get rid of those subprime cards. It's time to step up your game. A la AMEX, Discover, Store cards are not good for credit scores.

Re: Should I close these small limit cards?

Anonymous — Mon, 09 Nov 2015 18:37:17 GMT

It shouldn't do much in the way of harm, a temporary drop MAYBE.

I'll be doing the same with closing anything $1000 or below.

Re: Should I close these small limit cards?

Anonymous — Mon, 09 Nov 2015 18:41:29 GMT

Pass the Holy Water for all of us...we all probably have or had a First Premier or

something like it.