topic Re: Closing accounts in Credit Cards

Closing accounts

corymcd88 — Tue, 19 Apr 2016 13:52:23 GMT

I'm looking to close some old accounts or just don't use and let the bank close them for non use.

Sams club Store - $8.000 (Don't need anymore as Sams takes all cards now)

Walmart MC - $12.000 (I don't buy that much online from Walmart to see a value in 3%)

Sportman's guide - $4.500 ( I don't buy much from them for a benefit)

Capital one - $ 4.300 (Very greedy will not lower the APR 25,99 % and had the account for 6 years)

JCP MC - $10.000 (Just don't buy that much from JCP)

A lot of thies accounts are not bad to keep I'm trying to only use a small number of cards the more cards you have more you need to remember to pay and could for get to pay.

Re: Closing accounts

Anonymous — Tue, 19 Apr 2016 14:17:28 GMT

I agree about managing too many cards

I closed 3 last week. Got some more to go too.

Re: Closing accounts

Anonymous — Tue, 19 Apr 2016 15:40:35 GMT

I just closed 4 cards last week, so I know what you're going through!

It's harder in your case because your cards have much higher limits opposed to the cards that I closed. But let's look at it this way... If you don't need the available credit to keep your utilization in check (I'm sure you know that they'll still report as positive accounts for many more years), there are a few I'd eliminate.

Sams club - Useless for anything other than it's high limit. You can't use it anywhere other than Walmart or Sams. And by the look of the cards in your sig, you have cards that are much more beneficial to be using.

Walmart - I would keep this one open, over the Sams card. You have the financing available to you, 24 month financing is a nice thing to have. You never know when it may come in handy. Plus it's an actualy CC, not limited to 2 stores.

Sportsman - You don't use it, the limit is relatively low compared to the rest of your limits, I'd cut it.

Capital One - I'm assuming it's platinum, which I see as the entry level score building card. You've gotten out of it what it's worth. It serves you no purpose anymore, and has a relatively low limit to many of your other cards. I would close it, or try to PC it to a Venture/QS.

JCP - Meh, it's an MC, it has a good limit, but if you never use it, and the rewards are lack luster, I'd probably axe it.

Re: Closing accounts

Anonymous — Tue, 19 Apr 2016 15:47:27 GMT

Excellent decision. I am in the process of evaluating all my cards and prioritizing them for value.

Re: Closing accounts

kdm31091 — Tue, 19 Apr 2016 15:50:21 GMT

Out of the list, I honestly wouldn't bat an eye about closing any of them. The Walmart card's only really benefit is financing and the 3% which aren't worth much if you don't buy much from them. Sportman's and JCP are the same situation. Really no benefit unless you are a regular customer.

Capital One is probably never going to lower that APR for you so if that's a problem I'd move on. You have plenty of other decent cards with large limits; no need to waste time with the cards you listed. I'd close them.

Re: Closing accounts

takeshi74 — Tue, 19 Apr 2016 18:56:01 GMT

@corymcd88 wrote:
A lot of thies accounts are not bad to keep I'm trying to only use a small number of cards the more cards you have more you need to remember to pay and could for get to pay.

It's up to you to determine how many accounts you can responsbily manage. If you need to close accounts to properly manage them then close them. Don't rely on popular opinion to determine what you need to do.

@corymcd88 wrote:
Capital one - $ 4.300 (Very greedy will not lower the APR 25,99 % and had the account for 6 years)

It's not about greed or how old the account is. APR is determined based on what your credit profile qualifies for. Whether or not a reduction is possible may also depend on the creditor's policy and the specific product as well.

Re: Closing accounts

corymcd88 — Tue, 26 Apr 2016 02:15:06 GMT

@kdm31091 wrote:
Out of the list, I honestly wouldn't bat an eye about closing any of them. The Walmart card's only really benefit is financing and the 3% which aren't worth much if you don't buy much from them. Sportman's and JCP are the same situation. Really no benefit unless you are a regular customer.

Capital One is probably never going to lower that APR for you so if that's a problem I'd move on. You have plenty of other decent cards with large limits; no need to waste time with the cards you listed. I'd close them.

I do go and buy from Walmart a lot just not much online.

Re: Closing accounts

corymcd88 — Tue, 26 Apr 2016 02:18:02 GMT

@takeshi74 wrote:
@corymcd88 wrote:
A lot of thies accounts are not bad to keep I'm trying to only use a small number of cards the more cards you have more you need to remember to pay and could for get to pay.
It's up to you to determine how many accounts you can responsbily manage. If you need to close accounts to properly manage them then close them. Don't rely on popular opinion to determine what you need to do.

@corymcd88 wrote:
Capital one - $ 4.300 (Very greedy will not lower the APR 25,99 % and had the account for 6 years)
It's not about greed or how old the account is. APR is determined based on what your credit profile qualifies for. Whether or not a reduction is possible may also depend on the creditor's policy and the specific product as well.

BOA from 20,99% to 10,24% Opened 2012

AMEX 24,99% to 9,24% Opened 2011

I think that it is greed my FICO's 795 to 808.

Re: Closing accounts

B335is — Tue, 26 Apr 2016 06:20:49 GMT

If you have no use for them you might as well close them. I had a $15k Sams MC I closed last year and it was easier to let go of than I thought it would be. I might close my Walmart card in the near future as well. It was actually my highest limit for awhile and possibly helped with new applications, so it's servers it's purpose.

Re: Closing accounts

CreditMagic7 — Tue, 26 Apr 2016 06:29:31 GMT

Likewise.

Time away from HP new accounts is better helping me to pinpoint then choose certain cards no longer of any real use.

The first to go are always the high APR one's.