topic Re: Should I close CC?? in Credit Cards

Should I close CC??

Anonymous — Tue, 23 Apr 2019 13:50:18 GMT

I want to make the best possible decision. But I don’t have enough knowledge to act yet.

Please help.

I have 4 CC

Savor - 12k limit
(Opened February 2019)

Furniture Store Card - 5k limit
(Opened January 2019)

Capital One Quicksilver - 600 limit
(Opened May 2016)

Local Credit Union CC Secured - 1500 limit (Opened June 2017)

I am also listed as an authorized user on 2 CC,

1. 16 years old
2. 11 years old.

My question is, should I close my secured CC as I don’t need it at all, and small limit.
As well as close my Quicksliver Card because of low limit and no need for it.

Would that hurt me all that much considering I have long lines on history with the authorized user accounts?

Re: Should I close CC??

simplegirl — Tue, 23 Apr 2019 14:07:08 GMT

I wanna say it would mess with your AAOA since they are your oldest accounts and your actual accounts are very recent so it could affect you negatively but I would wait for others to chime in.

Re: Should I close CC??

Anonymous — Tue, 23 Apr 2019 14:21:38 GMT

Personally, I would close the secured card and get your deposit back.
As for the QS... lower limit yes but still workable. I'd keep that open and have 3 credit cards in your name.

Re: Should I close CC??

simplynoir — Tue, 23 Apr 2019 14:31:09 GMT

@Anonymous wrote:
Personally, I would close the secured card and get your deposit back.
As for the QS... lower limit yes but still workable. I'd keep that open and have 3 credit cards in your name.

+1 No need to put up money for a card since you have better options now.

Re: Should I close CC??

HeavenOhio — Tue, 23 Apr 2019 15:50:26 GMT

I'd hang onto three cards in your own name. If the secured card won't graduate to unsecured, I'd close it and keep the others.

I'd hang onto the Capital One card because it's the oldest card in your name.

Re: Should I close CC??

pinkandgrey — Tue, 23 Apr 2019 16:13:00 GMT

I would close both. AAoA won’t be affected for many years. The starter cards likely won’t grow much and will serve you no purpose. Even if AAoA were an issue, I would still close them lol. I don’t like useless cards loitering in my wallet.

Re: Should I close CC??

Gollum — Tue, 23 Apr 2019 16:34:35 GMT

@Anonymous wrote:
I want to make the best possible decision. But I don’t have enough knowledge to act yet.

Please help.

I have 4 CC

Savor - 12k limit
(Opened February 2019)

Furniture Store Card - 5k limit
(Opened January 2019)

Capital One Quicksilver - 600 limit
(Opened May 2016)

Local Credit Union CC Secured - 1500 limit (Opened June 2017)

I am also listed as an authorized user on 2 CC,

1. 16 years old
2. 11 years old.

My question is, should I close my secured CC as I don’t need it at all, and small limit.
As well as close my Quicksliver Card because of low limit and no need for it.

Would that hurt me all that much considering I have long lines on history with the authorized user accounts?

I suggest closing the furniture store card (it's a store card, and I think if you have at least one major card, credit reports look better without store cards) and the Quicksilver card (it seems to be a starter card, and your Savor card from the same bank is not a starter card).

I hardly know anything about authorized (AU) user accounts, so I don't know how the AU accounts effect your age of accounts. I suggest keeping the credit union secured card: its age is only 13 months different than the Quicksilver card (which I suggested you close), and the credit union will probably eventually let you unsecure their card or let you replace it with a better card from them.

Re: Should I close CC??

AverageJoesCredit — Tue, 23 Apr 2019 17:02:45 GMT

Not true a credit report looks better without store cards.

Also Op, try not to depend on AU cards even with long history. Not every lender puts weight on those so its best to continue establishing credit in your own name

Re: Should I close CC??

Anonymous — Tue, 23 Apr 2019 17:26:56 GMT

Thank you for all the feedback guys. Keep the options coming. I’ll take all the feedback/expertise I can get.

It may be important to note, I’d like to open 1-2 cards in the near future. Don’t know how much that may make a difference in this decision making.

Just to be clear.... store card, good or bad to have on credit file?
It is no interest for 4 years. Currently 55% utilization. ($2,600)

Re: Should I close CC??

rbentley — Tue, 23 Apr 2019 17:43:05 GMT

@Anonymous wrote:
Thank you for all the feedback guys. Keep the options coming. I’ll take all the feedback/expertise I can get.

It may be important to note, I’d like to open 1-2 cards in the near future. Don’t know how much that may make a difference in this decision making.

Just to be clear.... store card, good or bad to have on credit file?
It is no interest for 4 years. Currently 55% utilization. ($2,600)

Absolutely keep the store card. It does NOT look bad on your credit reports. You are getting 4 years at no interest. That is a great deal. Lots of people have great credit and store cards (especially from a furniture store) because of great financing, like you have.

Re: Should I close CC??

Anonymous — Tue, 23 Apr 2019 18:44:59 GMT

Store cards are only a negative in insurance scoring.

Honestly I wouldn’t close anything until you have your new cards. You don’t exactly have a lot of credit so those cards are thickening your file.