topic Re: Should I close Card? in Credit Cards

Should I close Card?

Madyun1982 — Thu, 12 Sep 2019 15:46:32 GMT

Hello everyone..
I have a Neiman Marcus card. Nov would be 2 years that I've had the card. It sits around 14,000. I rarely use the card.. And I honestly think Neiman Marcus customer service sucks.. Lol I've had 2 packages stolen and it's always a hassle to get it rectified. I could never understand why they wouldn't require a signature if the item is over a certain amount.. Sorry for the rant.. Just wondering how would it affect my credit score if I closed it?
I have the following cards
Capital one AU 9,000
Capital one 1,250
Discover 2,200
Discover 14,500
Walmart 5,000
Target 2,600
Uber Visa 3,500
PayPal extras 2,000
NFCU 1,500
Penfed 5,000
1 personal loan
If anymore data points are needed just let me know. Thank you in advance

Re: Should I close Card?

RSX — Thu, 12 Sep 2019 15:50:55 GMT

Any AF on it? If yes, and you aren’t going to use it, close it

if No AF, then throw it in a drawer. It is your second highest card, so I would wait until you have a number of other cards hit the $10k CL, before closing it

it will affect your Util if you are carrying any balances right now. Do the math. You can see if it will raise your util %

but I just received the same advice for a Barclays I never use. No AF. No harm in keeping it

Re: Should I close Card?

Madyun1982 — Thu, 12 Sep 2019 15:55:55 GMT

@RSX
Thank you.. Its no AF on it. So I guess I'll SD it like you suggested.. I only have a balance on my Discover card 14,500 I'm carrying 300 balance.. 0%apr until May 2020

Re: Should I close Card?

RSX — Thu, 12 Sep 2019 16:20:12 GMT

So you are in good shape util wise.

I would start trying for CLI on your lower cards. Once you make up that $14k plus the $9k on the AU, then if you or they close it (for lack of use), then it won’t matter

you want some room to be able to use a BT if necessary and if you want to be removed from the AU if they start using that card

Re: Should I close Card?

AverageJoesCredit — Thu, 12 Sep 2019 16:53:13 GMT

Closing it only affects your score if it affects your utilization. It has a nice limit so it helps util padding but only you can know whether you dont mind it in sd or not. Not the end of the world if you hold onto it for awhile, just remember to keep an eye out on it for fraud purposes and throw a small charge on it every couple months.

Re: Should I close Card?

Madyun1982 — Thu, 12 Sep 2019 17:16:39 GMT

Thanks.. I'll just SD it and Run a small lipstick purchase on it every 6 mos or so.. But I'll make sure I'll do it in store.. Their packages never seem to arrive at my door😂

Re: Should I close Card?

Anonymous — Thu, 12 Sep 2019 19:25:43 GMT

Yeah just SD it. With cards that I don't use I run a transaction on them once a year and it's enough to keep them open and going.

Re: Should I close Card?

pinkandgrey — Fri, 13 Sep 2019 00:40:37 GMT

I know people will say to SD it. But if you WON’T use it in the future, I would most definitely close it. Unless you absolutely need utilization padding, there’s no point keeping a useless card around.

I closed literally half of my cards when I determined that I didn’t want them anymore. My score wasn’t impacted much at all and I felt much better lol.

Good luck!

Re: Should I close Card?

AverageJoesCredit — Fri, 13 Sep 2019 01:12:28 GMT

I dont know Pinkie, when your credit card has such a personal name, i think sding is only fair. How do you think Card would feel about being closed from one's life?

Re: Should I close Card?

RSX — Fri, 13 Sep 2019 15:06:12 GMT

I suggested keeping it because it is one of 2 high CL for the OP

if it was 5k or under I would have suggested to close it

I think the best path is to get the other CL’s up, then close it

otherwise the other CL’s May not grow to very much. I have been reading threads that say, that other companies will follow suit if you have a higher limit on a card

Re: Should I close Card?

pinkandgrey — Fri, 13 Sep 2019 15:21:38 GMT

@AverageJoesCredit wrote:
I dont know Pinkie, when your credit card has such a personal name, i think sding is only fair. How do you think Card would feel about being closed from one's life?

You’re completely right, @AverageJoesCredit . I didn’t stop for a second to consider the card’s feelings.

Re: Should I close Card?

AverageJoesCredit — Fri, 13 Sep 2019 15:51:47 GMT

Eh hem, it's name is Card! Capitol C Thanks for understanding

Re: Should I close Card?

pinkandgrey — Fri, 13 Sep 2019 22:46:54 GMT

@AverageJoesCredit wrote:
Eh hem, it's name is Card! Capitol C Thanks for understanding

I hate myself.

Re: Should I close Card?

AverageJoesCredit — Fri, 13 Sep 2019 22:56:11 GMT

@pinkandgrey wrote:
@AverageJoesCredit wrote:
Eh hem, it's name is Card! Capitol C Thanks for understanding
I hate myself.

Now now, Cardashian you aren't