topic Re: Need advice on closing a card in Credit Cards

Need advice on closing a card

SpecFile — Fri, 06 Dec 2019 18:41:15 GMT

Wyndham Rewards Visa that I’ve had for 5 years. No longer stay at Wyndham properties and the card has an AF. CL is $15.4 K. It’s been sitting in the sock drawer and I charge 10 bucks on it every month to keep it alive. Will closing this card have a significant impact on my file? Just can’t justify the $69 AF. Any advice would be appreciated.

Re: Need advice on closing a card

FinStar — Fri, 06 Dec 2019 18:44:46 GMT

Is this your only Barclays card? Is this your oldest account?

Closing the account will not have no negative effects with your AAoA as it will still factor for up to 10 years with the rest of your profile. The impact will only be evidenced once it drops off your CRs. How's your overall utilization?

Re: Need advice on closing a card

Anonymous — Fri, 06 Dec 2019 18:46:18 GMT

Just close it. There won't be a hit on your credit unless the loss of the line bumps your utilization up since the card will remain on your credit report for up to 10 years.

ETA: Fin beat me to it lol

Re: Need advice on closing a card

SpecFile — Fri, 06 Dec 2019 18:58:10 GMT

@FinStar wrote:
Is this your only Barclays card? Is this your oldest account?

Closing the account will not have no negative effects with your AAoA as it will still factor for up to 10 years with the rest of your profile. The impact will only be evidenced once it drops off your CRs. How's your overall utilization?

Thanks for the reply. UTI is at 1% overall and this is not my oldest card.

Re: Need advice on closing a card

SpecFile — Fri, 06 Dec 2019 18:59:45 GMT

@Anonymous wrote:
Just close it. There won't be a hit on your credit unless the loss of the line bumps your utilization up since the card will remain on your credit report for up to 10 years.

ETA: Fin beat me to it lol

I was thinking along the same lines but wanted to be sure. Thanks!!

Re: Need advice on closing a card

FinStar — Fri, 06 Dec 2019 19:01:18 GMT

@SpecFile wrote:
@FinStar wrote:
Is this your only Barclays card? Is this your oldest account?

Closing the account will not have no negative effects with your AAoA as it will still factor for up to 10 years with the rest of your profile. The impact will only be evidenced once it drops off your CRs. How's your overall utilization?
Thanks for the reply. UTI is at 1% overall and this is not my oldest card.

If closing the card won't have any impacts to your overall utilization and you have no other Barclays cards to reallocate the CL, then it makes sense to close it.

Re: Need advice on closing a card

SpecFile — Fri, 06 Dec 2019 19:08:39 GMT

@FinStar wrote:
@SpecFile wrote:
@FinStar wrote:
Is this your only Barclays card? Is this your oldest account?

Closing the account will not have no negative effects with your AAoA as it will still factor for up to 10 years with the rest of your profile. The impact will only be evidenced once it drops off your CRs. How's your overall utilization?
Thanks for the reply. UTI is at 1% overall and this is not my oldest card.
If closing the card won't have any impacts to your overall utilization and you have no other Barclays cards to reallocate the CL, then it makes sense to close it.

That’s my only card with Barclays. Thank you for the advice. Will be closing.