topic Re: Closing Walmart/Capital rewards card in Credit Cards

Closing Walmart/Capital rewards card

Keyluv44 — Tue, 18 Feb 2020 19:22:07 GMT

Hey there to everyone, looking for advice on this Walmart card now Walmart/CapOne Rewards card. Little background is I got this card around 2014. Credit wasnt great so SL was 300. Never ever changed even with good payment history...just that my badies (including student loans deferred) on my report at the time kept my scores low. I understand that now. Fast forward to 2018 in preparation for buying a home I started paying off old collections, bring credit cards low ( had high usage only paying bare min payments). In the process of paying small cards to zero like walmart, amazon (650 limit), khols (300),..... Walmart (160) and Amazon (440) dropped limits because of the high usage and what i payed left me at a high ratio again! I have since bought my first home of course scores went up paid off cards....applied for new credit etc. My ultimate question is should I close Walmart/Amazon/Khols due to the zero chance of CLI on these cards? Walmart/Amazon opened in 2014 no lates...Khols 2015 no lates. Walmart and Khols at zero balance. Right now I have navy fed sig rewards 15k Discover IT 1500 overstock 1.5k ikea visa 550 target 2800 Paypay 2800 RTG 1000 AofoA is 14years AAofA is 7years Your advice is greatly appreciated keyluv44

Re: Closing Walmart/Capital rewards card

Anonymous — Tue, 18 Feb 2020 19:55:10 GMT

Since you have a good arsenal of cards, I think you'd be fine to close those cards. You're not the only one considering closing your Cap1 cards either, so am I. However, unlike you I don't have many cards to do that yet.

Anyway, back to you. If you do decide to close those cards, they'll remain on your CR's for 10 years. And as long as their in good standing, that's even better, so I wouldn't worry.

Re: Closing Walmart/Capital rewards card

Keyluv44 — Tue, 18 Feb 2020 20:03:21 GMT

Awesome Thank you so much! I wanted to closed them for so long but worried about the hit. It definitely needs to be done!

Re: Closing Walmart/Capital rewards card

AverageJoesCredit — Tue, 18 Feb 2020 21:54:00 GMT

Im really suprised those cards still have low limits considering their age .

Being Walmart is now Cap One, the only way i see it getting cli is heavy usage but even then its Cap One. Might be better applyong for a new card. If you dont feel comfortable with them you can close them as they will report up to 10 years or more.

Seeing you have Navy, i bet you get a monster second cc limit that will really help your utilization

Re: Closing Walmart/Capital rewards card

pinkandgrey — Tue, 18 Feb 2020 22:56:39 GMT

Definitely close away. You don't need those with their tiny limits.

Good luck and congrats on all your progress!

Re: Closing Walmart/Capital rewards card

Keyluv44 — Tue, 18 Feb 2020 23:38:49 GMT

Thanks. I definitely dont mind the accounts being on my report as i have always been in good standing with them. As for NavFed and purchase of new home I am sure I will have to make some Payments on my home and the card since i did make use of the card for new appliances and balance transfer. I only opened it in November so im going to sit and pay it down before asking or applying for more credit.

Re: Closing Walmart/Capital rewards card

gingerflower — Tue, 18 Feb 2020 23:52:52 GMT

Most definitely apply for a second Nfcu Cc...I believe the second Cc gives a higher SL