topic Re: should i close my bestbuy visa card in Credit Cards

should i close my bestbuy visa card

Anonymous — Thu, 16 Jun 2016 04:09:54 GMT

I have a citi bestbuy card which i never use.will it effect my credit score if i close the card?

I applied for the card in nov 2015 to buy a laptop but ended up buying it with another card as my application went for a manual review.

i have a very short history

bofa opened jan 2015

discover opened aug 2015

bestbuy opened nov 2015

chase and amex opened mar 2016

my total credit limit is 25000 and utilization is around 7%.

my bestbuy card has a limit of $2000

Re: should i close my bestbuy visa card

jeffm4688 — Thu, 16 Jun 2016 05:10:52 GMT

The only effect the card will have on your credit is the hit to utilization as it will go up slightly overall. Other than that there it will positivly impact your score for 10 more years since it's closure date.

I'd consider keeping it though (do you never shop at bestbuy?) it does have 5% cashback, and seldom has 10% with no annual fee.

Re: should i close my bestbuy visa card

Anonymous — Thu, 16 Jun 2016 05:27:50 GMT

Personally I would just keep it. It's Best Buy and It's Citi. Unless you really feel like closing it.

Re: should i close my bestbuy visa card

Anonymous — Thu, 16 Jun 2016 05:56:27 GMT

Right, feelings always triumph over reasoning.

If the account does no harm to you, there is no reason to decrease your overall credit limit that will harm your credit score through utilization, that is if you do carry a balance month to month.

Re: should i close my bestbuy visa card

Anonymous — Thu, 16 Jun 2016 08:43:51 GMT

You have a short but good history....
It is a good card...you don't have to use it
P.S.
Come X - mas...you might regret closing the card...might be some great credit card holder deals
Don't rush...no hurries..

Re: should i close my bestbuy visa card

AverageJoesCredit — Thu, 16 Jun 2016 12:04:40 GMT

Agree with all above. Noce card to have. Mine started at 2000 i have it now up to 6000. Plus mine is a visa sig for what that worth. Also like stated above its from Citi and at least to me with good use helps open the door to other Citi cards

Re: should i close my bestbuy visa card

Anonymous — Thu, 16 Jun 2016 12:13:41 GMT

I'd suggest to consider the pros and cons of closing vs. not closing over a two week period. Write down on a sheet of paper the pros and the cons on both sides, and consider them carefully. If the pros outweigh the cons, keep it open. Only you can really determine the benefits to you of this specific card. Everyone's pros and cons sheet would be a bit different.

It sounds as if you've had the card for 7 months with no use for it, so you may be leaning more heavily in the direction of closing based on experience. It also has a smaller credit limit, so it's a negligible trade line to close. These are just some aspects to consider.

If it does not immediately impact your utilization, it can be considered a candidate for closure. Personally I'm glad I have closed several Visas because it opened up opportunities to add better rewards cards to my profile.

Creating and maintaining your credit profile is about streamlining as well - eliminating cards you don't really use and that have no benefit to you, and considering other, more beneficial cards in their place.

Re: should i close my bestbuy visa card

takeshi74 — Thu, 16 Jun 2016 14:40:11 GMT

@Anonymous wrote:
should i close my bestbuy visa card

Decide based on your needs/wants and not on people telling you whether or not they would keep it open. It's up to you to determine if any card suits your requirements.

@Anonymous wrote:
I have a citi bestbuy card which i never use.will it effect my credit score if i close the card?

It won't effect it but it can affect it.

Seriously, though, see the Closing Credit Cards thread linked in the Helpful Threads sticky.

@Anonymous wrote:
my total credit limit is 25000 and utilization is around 7%.

my bestbuy card has a limit of $2000

...and then do the math to determine the impact to your revolving utilization from closing it. If you're at 7% it probably won't have much impact is my guess.

Re: should i close my bestbuy visa card

Anonymous — Thu, 16 Jun 2016 16:30:32 GMT

I am sorry i dint mention the whole story.

when my application went into manual review they did a phone verification and approved me for the card. After i recieved the card i activated it and tried to use it but it failed.

So i called them and they told me they needed some additional information and asked me to send copys of my id proof and address proof.I faxed them those and they tell me for address verification they will send some document by mail.I waited for a month and called them back as i did not recive anything in the mail.The same thing happend thrice till now.I tell them i did not recieve anything throug mail and they tell me they will send it again but i don't recieve it.

Re: should i close my bestbuy visa card

Berk — Thu, 16 Jun 2016 17:01:01 GMT

@Anonymous wrote:
You have a short but good history....
It is a good card...you don't have to use it
P.S.
Come X - mas...you might regret closing the card...might be some great credit card holder deals
Don't rush...no hurries..

Yep, I use mine once a year at Christmas because of the sales and financing. I've had the card for a number of years now and would never think of closing it. Its nice having 18 months to pay the bill.

Re: should i close my bestbuy visa card

Anonymous — Thu, 16 Jun 2016 17:20:44 GMT

@Anonymous wrote:
I am sorry i dint mention the whole story.

when my application went into manual review they did a phone verification and approved me for the card. After i recieved the card i activated it and tried to use it but it failed.
So i called them and they told me they needed some additional information and asked me to send copys of my id proof and address proof.I faxed them those and they tell me for address verification they will send some document by mail.I waited for a month and called them back as i did not recive anything in the mail.The same thing happend thrice till now.I tell them i did not recieve anything throug mail and they tell me they will send it again but i don't recieve it.

I'd call and ask for a supervisor. Tell them to straighten the mess out immediately while you're on the phone. If they don't comply then I'd close the account on the same call.

Re: should i close my bestbuy visa card

RonM21 — Fri, 17 Jun 2016 00:08:54 GMT

Do what you need based on your preference. But if you call and this thing keeps going round and round and they seem to lack good service, then I'd probably close it.