topic Re: What Credit Cards have you closed and Why? in Credit Cards

What Credit Cards have you closed and Why?

M_Smart007 — Sat, 15 Feb 2020 19:10:56 GMT

I am sure this has been discussed many times here, but I am just curious.

My goal here is to learn more. And to help others learn.

I do not want this to be a lender bashing party. & Please be "FSR" about those who are rebuilding.

Just some Honest reasons for closing your cards?

To Many?

Won't Grow?

Don't Use them?

Nerfed?

Other Reasons?

Do you feel if you have a few low limit cards, that it hurts your chances of getting higher limit cards?

I will start off with Closing a card last night, Cap1 Walmart MC,

I do not use it, Low limit, It won't grow and I have to many cards.

Thank you all

Re: What Credit Cards have you closed and Why?

Anonymous — Sat, 15 Feb 2020 19:20:15 GMT

I closed Indigo after 10 months. It was a kickstart card to jump my scores up. In the ten months I had it, I got Disco IT, two Amex cards, and two Comenity cards. Served its purpose and I moved on as I had definitely exceeded it at that point.

Re: What Credit Cards have you closed and Why?

Anonymous — Sat, 15 Feb 2020 19:37:16 GMT

I haven't closed a card since 2009. It was a Capital One No Hassle card. I really don't know why I did it. Because I opened another Capital One No Hassle card shortly thereafter lol. Lost the history, which was reset to 2009.

Now that I think of it, could have been a bunch of spend coming and I wanted a 0% APR on purchases.

I closed a UPromise Citi card in 2003. I realized, I couldn't really pay much tuition with rewards when my kids went to college. The 529 wasn't something that would become large from rewards earnings. I didn't even try to move the CL to my Citi Platinum Select.

I closed everything down in 2001 during a divorce, then reopened a few after divorce finalized. They were mostly joint account cards.

In 2001, I opened a Juniper Bank credit card because I got an offer in the mail and it was a clear green card that looked cool. That wore off and the fact it wasn't a well-known bank, I closed it. I think someone made a com,ent about it (Juniper Bank?? Who's that??).

Re: What Credit Cards have you closed and Why?

Anonymous — Sat, 15 Feb 2020 19:38:26 GMT

Over time I have closed several cards, mainly because either:

1) AF outweighs the benefit I would now get

2) While free, can't see I would use again

Examples include Amex Gold card (closed early 1980s, so not the same card as now), various Citi American Airlines cards, JP Morgan Select, various replacements for Sallie Mae. Others I try to PC

Re: What Credit Cards have you closed and Why?

Gunnerboy — Sat, 15 Feb 2020 19:48:02 GMT

AMEX Traditional Gold Card

Cardholder since '93, watched AF creep up from $75 to $125. AMEX bugged me for years to switch to the PRG, but I wasn't into reward-points yet. No incentive to use the card, I finally closed it, but regret decision almost immediately. Two weeks later, I app'd for the refreshed Gold.

Chase Sapphire Preferred

Plan was to hit SUB with vacation spend, but had to change plans due to work-scheduling, plus simultaneous SUB-spending on AMEX Gold. Ended up not hitting CSP SUB (I know, bad planning). Partially funded vacation with UR points, while using abroad. Really liked the card for the looks. Canceled once the AF hit, due to not getting positive expected value.

Re: What Credit Cards have you closed and Why?

Mv350 — Sat, 15 Feb 2020 19:47:39 GMT

Awesome topic Smart!

I just closed my ex-secured Wells Fargo platinum Visa card that had a $300 limit this morning.They refused my request for CLI. I never used it anymore, I have my WF student visa that I use at Costco/Costco gas.

The card took 33 months to graduate, and 300 bucks doesn't hurt my utilization all that much, one less card to worry about.

Next one that'll get the axe is the QS1 if I can't PC, or they don't waive the AF again.

Re: What Credit Cards have you closed and Why?

KLEXH25 — Sat, 15 Feb 2020 19:54:36 GMT

I closed my $500 Capital One QS card after I got my PPMC with an $8,000 SL. The Cap1 card was a bucketed Platinum card that I had PC'd, and even though it was my "oldest" card (by 4 months), I knew it wouldn't get any spend compared to my new higher limit cards. Some people suggested to SD it but I honestly didn't even want to think about it. It also felt like a blemish compared to my higher cards, so the decision was easy for me.

Re: What Credit Cards have you closed and Why?

wasCB14 — Sat, 15 Feb 2020 20:02:27 GMT

2016 PRG - I had Schwab Platinum, CSP (now CFU), and EDP (now ED) at the time of closure. It felt superfluous in terms of rewards and perks.

2017 Sallie Mae - nerf plus a test (when I was clinging to the notion of wanting to keep all no-AF cards open) to see how I'd feel about other closures.

2017 Brooks Brothers store card - I was moving and went from 2 local-ish stores to 0. The benefits I got from having the card (as opposed to just being on the email list) were largely limited to in-store shopping.

2019 Aviator Red - I got it for the SUB. I'd have kept it if they let me downgrade, but they wouldn't.

Closures I've thought about:

QS - was a $500 SUB Savor, PCed at 11.5 months. Card is locked and I may eventually close it. Helps my utilization a little for now with my still-significant balances in no-fee Amex Plans.

Arrival - mediocre rewards, but it does offer PIN functionality, so it will likely stay for now, kept minimally active.

Bonvoy Brilliant - may close or downgrade. A lot of my travel is to visit family or to go to non-chain locations, so I don't use hotel points very quickly. Seems a waste to pay a big AF with a lot of unused points.

DC - I don't really like TYs and don't need a perk-nerfed 2% card. But I'm logging into Citi anyway for Costco, and I'm learning a little more about Plastiq...though so far I don't see much use for it even for that.

Re: What Credit Cards have you closed and Why?

Green456 — Sat, 15 Feb 2020 20:06:43 GMT

@M_Smart007 wrote:

I am sure this has been discussed many times here, but I am just curious.

My goal here is to learn more. And to help others learn.
I do not want this to be a lender bashing party. & Please be "FSR" about those who are rebuilding.

Just some Honest reasons for closing your cards?

To Many?
Won't Grow?
Don't Use them?
Nerfed?
Other Reasons?

Do you feel if you have a few low limit cards, that it hurts your chances of getting higher limit cards?

I will start off with Closing a card last night, Cap1 Walmart MC,
I do not use it, Low limit, It won't grow and I have to many cards.

Thank you all

Wells Fargo Platinum Card

- My oldest credit line

- I closed it because I wanted to end my relationship with Wells Fargo for multiple reasons

- Wells Fargo did not want to product change the card into something useful

Chase Amazon Card 5% Card

- My 2nd oldest credit line

- I wanted to consolidate my accounts

- Chase would not let me product change into different credit card

- I actually saved money by spending less on Amazon

Citi DC

- I wanted to consolidate my accounts

- Card also lost a lot of benefits last year

Fort Knox FCU 5% Gas Card

- I wanted to consolidate my accounts

- Outdated website and support

- I don't spend enough on gas to make it worthwhile

Kay's

- I wanted to consolidate my accounts

- No cash back benefit

Current Credit Cards

- BoA Cash Rewards

- BoA Travel Rewards

- Chase Unlimited

- US Bank Cash+

- US Bank 365

Really most of the credit cards were closed because I wanted to consolidate accounts. I closed few because I didn't want to maintain relationship due to various reasons.

Now I am mostly interested in SUB chasing. There has to be really good reason to keep a credit card. Which is really what happened with US Bank Cash+. The $20 per month I get for utilities and cell phone spending makes it hard for me to justify account closure.

I have zero regrets about closing any of the above credit cards. Even my oldest credit lines, which I did over 1 year ago. My score did not drop a point.

Re: What Credit Cards have you closed and Why?

Anonymous — Sat, 15 Feb 2020 20:04:27 GMT

I closed Ollo when I got approved for AMEX and Disco in 2018. I only opened the card to use as a springboard to better ones.

I canceled the AMEX BCE right after approval for giving me a small limit as well.

I closed CareCredit and B&H to get my Sync exposure down when the first few total shut down posts went up.

Other than that, I've never closed a card before unless you count the forced closure of Kohl’s, Best Buy, and Amazon when I filed for BK. They all had $0 balances.

Re: What Credit Cards have you closed and Why?

GApeachy — Sun, 16 Feb 2020 17:39:39 GMT

As I pick up a higher limit card I close a lower limit card; avoiding the utl. penalty. If I get the lower limits off my open revolvers I think it helps raise the average of limits and perhaps the next sl I apply for. Maybe? maybe not? -but so far it seems to be working....that or I'm a lucky duck.

Re: What Credit Cards have you closed and Why?

Anonymous — Sat, 15 Feb 2020 20:11:17 GMT

I closed Credit One 2 years post discharge when I was approved for cards from NFCU and PenFed.

Early in my rebuild I also applied from some terrible subprime card that gave me a $250 limit and came with $129 in fees already on it. I must have just been antsy to even apply for it. They thankfully didn't make me pay the fee.

Prior to my BK, I closed a Chase card that raised my interest rate to 29.99% in an AA move. I never had a late payment with them or any other creditors at that time and they did it simply because my util was thru the roof with over $100k owed. They said I "appeared to be in financial distress" (which YES, of course I was) but I was still trying to figure out a way out of things at that time and the interest rate hike was really kicking me when I was already down.

I'll take their new checking account bonus whenever I can get it, but I'm otherwise done with that institution for good.

Re: What Credit Cards have you closed and Why?

AverageJoesCredit — Sat, 15 Feb 2020 20:40:16 GMT

Closed my Fingrrhut once i got better cards. Closed all my Comenity store cards since i didnt really need the uti padding plus once the Ex dumped me like yesterdays ..... what was i going to use a high apr Jewelery store card for? Lol

My biggest regerts though was closing my Penfed Promise and Chase Amazon too early ive been blacklisted from them ever since

Re: What Credit Cards have you closed and Why?

Ficoproblems247 — Sat, 15 Feb 2020 20:40:34 GMT

I haven't yet, but I'm going to close my Gold Delta AMEX once it hits 13 months. The plan is to have the BCP by then so I'll be able to move the limit over to there. I've come to realize that I value cash back cards over points and am going to go with an all cash back arsenal once I've achieved all my goal cards.

Re: What Credit Cards have you closed and Why?

Anonymous — Sat, 15 Feb 2020 20:43:40 GMT

@AverageJoesCredit wrote:
Closed my Fingrrhut once i got better cards. Closed all my Comenity store cards since i didnt really need the uti padding plus once the Ex dumped me like yesterdays ..... what was i going to use a high apr Jewelery store card for? Lol

My biggest regerts though was closing my Penfed Promise and Chase Amazon too early ive been blacklisted from them ever since

Yeah, I heard both the Penfed and Chase Amazon cards could be easily converted to a Popular Bank credit card of your choice.

Just kidding.

Re: What Credit Cards have you closed and Why?

Revelate — Sat, 15 Feb 2020 20:47:53 GMT

Most of mine closures except arguably the Orchard tradeline were a result of stupid decisions on my part: either not needing them in the first place or letting them go deliquent.

My first credit card was gotten as a thing to be able to rent cars; secured BOFA, went 60D late on some meaningless charge that I thought I had paid and closed back in 2010.

I only really got serious about credit nearly 2 years later and since then:

Orchard -> Capital 1: second card of my build (after another BOFA secured to restart), $59 AF as I recall that I couldn't get removed so bye.
Walmart: I hated the Synchrony reporting idiosyncracies and when trying to just keep the card active annoyed me, bye.
Chase IHG: I suck with co-branded cards, like legitimately. AF for benefits I wasn't using, bye.
JCB Makurai: not only was I late they cancelled the product.
Citi Costco: another cobrand, another fail. Never got to using Costo as I planned
Marriot Brilliant: another cobrand, another fail. Recurring theme with me =/.

Anyway that's my laundry list of stupidity when it comes to my credit card portfolio: I'm thinking of just closing some others that aren't really used, but lender diversity.

Re: What Credit Cards have you closed and Why?

Green456 — Sat, 15 Feb 2020 21:44:44 GMT

@AverageJoesCredit wrote:
Closed my Fingrrhut once i got better cards. Closed all my Comenity store cards since i didnt really need the uti padding plus once the Ex dumped me like yesterdays ..... what was i going to use a high apr Jewelery store card for? Lol

My biggest regerts though was closing my Penfed Promise and Chase Amazon too early ive been blacklisted from them ever since

PenFed blacklisted me before giving me any credit cards

Re: What Credit Cards have you closed and Why?

TekkenQQ7 — Sat, 15 Feb 2020 22:07:01 GMT

I closed my SDFCU and Affinity (secured ) at one year mark after getting better cards, soon I will be closing my Ollo, quicksilver ( original platinum ) if I don't get any CLI and last BBVA if I don't get any .

Re: What Credit Cards have you closed and Why?

Anonymous — Sat, 15 Feb 2020 22:09:37 GMT

Merrick - I simply outgrew the need for them, once i had Prime Lenders under my belt. It didn't help that this account had an AF, which didn't make it worth keeping it open and SD'd. I also had a much lower limit than 90% of my current cards.

Cap One/Orchards - It became clear that it was bucketed and couldn't get much growth, not to mention had an AF. Wasn't interested in 3 HP to get a new unbucketed account with them. Even after the conversion from plat to QS.

USB Fred Meyer Rewards - Duplicant account caused by a store clerk's mistake during a promotion. Said they could request a CLI instead of new account since I already held the card. Happend years ago when i didn't moniter my CR like today. lol

Since they told me no PC could be done I closed it, I don't need two of the exact same card.

Amex Delta Gold - This is on the to do list for this month as I just haven't been able to utilize it the way i had thought/planned.

Citi AAdvantage - While not a closure, it would have been if was unable to PC it to DC Card. I switched to the BIZ version.

Re: What Credit Cards have you closed and Why?

AverageJoesCredit — Sat, 15 Feb 2020 22:12:04 GMT

@Anonymous wrote:
@AverageJoesCredit wrote:
Closed my Fingrrhut once i got better cards. Closed all my Comenity store cards since i didnt really need the uti padding plus once the Ex dumped me like yesterdays ..... what was i going to use a high apr Jewelery store card for? Lol

My biggest regerts though was closing my Penfed Promise and Chase Amazon too early ive been blacklisted from them ever since
Yeah, I heard both the Penfed and Chase Amazon cards could be easily converted to a Popular Bank credit card of your choice.

Just kidding.

Ouch🥴😁