topic Re: I want to cancel these cards (any suggestions) in Credit Cards

I want to cancel these cards (any suggestions)

Anonymous — Mon, 02 Mar 2009 19:55:11 GMT

I have 3 cards that I want to cancel and I have no need for. #1 Orchard. #2 Target #3 Wal Mart. Orchard is over 1 yr old and Target and Wal Mart will be a yr old in April. I never use them and I have to remind my self to use them every now and then. Its to much of a hassle to keep a card alive that I never use.

Question after 1 yr of reporting is it OK to close?

Re: I want to cancel these cards (any suggestions)

Anonymous — Mon, 02 Mar 2009 20:18:22 GMT

As long as none of them have balances it should be okay to close any of them at any time. However, it will help your AAoA to keep them open and sock drawered.

Do you have any small recurring fees perhaps (like score watch)? I tend to let various recurring fees charge to my infrequently used accounts to keep them reporting active. Score Watch goes on one, XBox Live, on another, and so on.

Re: I want to cancel these cards (any suggestions)

Anonymous — Mon, 02 Mar 2009 21:09:54 GMT

Thanks,

I thought about that. Charging something small each month on Orchard but i feel it served it purpose and time to move on, And for Target and Wal Mart i just dont want them and i feel they will close them for inactivaty if i dont use them.

Will keeping them open for longer than 1 yr help with score? Or is 1 yr long enough?

Re: I want to cancel these cards (any suggestions)

Paxx — Mon, 02 Mar 2009 22:07:34 GMT

I don't have a gas card or any reward card at this time as I am still in the rebuilding stage so I use my Wal-Mart card for gas only. You get .03 off per gallon if you use the card so I figure I'll save a few pennies when I get gas (and every little bit helps on my budget!) and keep the card active while it ages. if you're in a similar situation you may want to keep the Wal-Mart card around while while it ages more and until you can make up for the potential drop in utilization.

Message Edited by Paxx on 03-02-2009 02:07 PM

Re: I want to cancel these cards (any suggestions)

Anonymous — Mon, 02 Mar 2009 22:12:38 GMT

I have a Chevron card that is used at least every other week for fuel. And i wont close Wal Mart or Target til they are 1 yr old in April. I would like to know if they is any additional reason to keep them open after they hit 1 yr old? Other that AAOA?

If i wont see a score increase after 1 yr i dont see a reason to keep 3 cards alive that i will never use...

I hope this makes sence.

Re: I want to cancel these cards (any suggestions)

KingAdrock — Mon, 02 Mar 2009 23:11:03 GMT

Generally store cards don't get closed for inactivity; at least it's nowhere near as often as a true CC. If you use them once or twice a year that's probably enough.

Re: I want to cancel these cards (any suggestions)

GST2008 — Mon, 02 Mar 2009 23:56:23 GMT

The score increase you are mentioning would be more of a long term move. You should see a small to moderate increase as well when they do hit a year. On my CRs, there is a box regarding account age. Whenever I have opened a new account in the past, it has moved the little descriptor box from good to not so good or even bad. I would assume that as it hits the year, as long as you aren't seeking new credit, that box will change and this should effect your immediate score. I'm not sure on this, but I do think you also get some type of points for your AAOA and there is always the utility to consider. Similarly, if they are reporting as 0, there is some other ratio regarding accounts with balances vs. 0 balance accounts that effects another element of your score.

I also have several cards that I don't really use, but keep open for these reasons. I just try to make a purchase in the middle of the month once a month or every other month and then pay the purchase off immediately so it never reports a balance. I've switched the cards to paperless statements and just do it online (cuts down the clutter since I don't really use them).

Re: I want to cancel these cards (any suggestions)

Anonymous — Tue, 03 Mar 2009 01:07:23 GMT

That makes sense thanks

Re: I want to cancel these cards (any suggestions)

Anonymous — Tue, 03 Mar 2009 22:44:43 GMT

@KingAdrock wrote:
Generally store cards don't get closed for inactivity; at least it's nowhere near as often as a true CC. If you use them once or twice a year that's probably enough.

HAH! Tell that to WFNNB/Victoria's Secret! My wife opened an account with them in April, 2000, didn't use the card after an initial purchase, and they closed it by September, 2000. Less than 6 months.

Re: I want to cancel these cards (any suggestions)

upinflagstaff — Wed, 04 Mar 2009 00:21:04 GMT

I'm sure they closed her account to offer the CL to my wife as a CLI.

Re: I want to cancel these cards (any suggestions)

Anonymous — Wed, 04 Mar 2009 04:43:57 GMT

@upinflagstaff wrote:
I'm sure they closed her account to offer the CL to my wife as a CLI.

Lol.....cute

Re: I want to cancel these cards (any suggestions)

PayingTheBills — Wed, 04 Mar 2009 05:02:28 GMT

Do we see a score increase for every anniversary we keep out cards open, or only the first year? I know keeping them open longer helps AAoA, but I was wondering if there was an extra bump, as my BoA CC is about to hit the 5 year mark.