topic Re: Should I close a card that's less than 6mos old? in Credit Cards

Should I close a card that's less than 6mos old?

Carloscda40 — Thu, 01 Apr 2021 20:31:28 GMT

It's a Surge card I paid in full. Served it's purpuse for the holidays.

Would it have any adverse afftects on my credit?

Re: Should I close a card that's less than 6mos old?

Slabenstein — Thu, 01 Apr 2021 20:46:44 GMT

We'd probably need a fuller picture of your profile to really advise, but you generally want to keep a card open at least a year. Unless they've already started hitting you with monthly fees, I'd keep it open until shortly before the next annual fee would be charged and close it then. But depending on what the rest of your profile is like there probably wouldn't be much downside to closing it now if you wanted to.

Re: Should I close a card that's less than 6mos old?

pinkandgrey — Thu, 01 Apr 2021 21:50:43 GMT

This is an area where I always swim against the current.

If you don't want or need the card, close it. It will stay on your report for many years anyway. That's just my personal preference, though. I care more about simplicity and my own peace of mind than maximizing a few score points.

Do what works for you and good luck!

Re: Should I close a card that's less than 6mos old?

Aim_High — Thu, 01 Apr 2021 22:15:49 GMT

It mainly depends on profile, utilization and SUBs.

With a thick, aged, profile and many older cards, closing a newer card would probably have little effect. With a young, thinner profile (for example if this one of only two or three cards) it might be better to keep it open for awhile.
If this credit limit is helping your overall utilization due to high balances on other cards, be careful about how closing it could impact your utilization rates and therefore, your credit score.
If you claimed a SUB by opening this account, be aware that closing it early may be frowned upon by not only this lender but others than do a manual review of your profile. This probably doesn't apply to the SURGE card but I'm offering it as general advice. For example, some lenders like AMEX have been known to claw back SUBs or may mark you as a SUB-chaser for future cards. Also, in a manual review, a different lender may be leary of a credit profile that has opened and closed a lot of accounts in their early stages, in part due to possible SUB-seeking behavior. The 12-month+ guideline for not closing accounts is based more on SUBs than anything else.

Absent any of the above factors, you should be fine to close it. As @pinkandgrey pointed out, the account will continue to report for credit age on your accounts for a long time and if it's no longer useful to you, there probably isn't a problem closing it at six months.

Re: Should I close a card that's less than 6mos old?

Horseshoez — Thu, 01 Apr 2021 22:57:17 GMT

I closed a card last year after only 6-weeks because I didn't like it. Yeah, my scores suffered a few points, but they quickly rebounded when I opened a new card to replace it with.

Re: Should I close a card that's less than 6mos old?

Anonymous — Thu, 01 Apr 2021 23:04:25 GMT

I agree with @pinkandgrey with the caveat that if the card is from a lender you want to do business with in the future, I would keep it a year. If not, put two in its chest, one in its head, and don't look back.

Re: Should I close a card that's less than 6mos old?

pinkandgrey — Fri, 02 Apr 2021 12:19:33 GMT

@Anonymous wrote:
I agree with @pinkandgrey with the caveat that if the card is from a lender you want to do business with in the future, I would keep it a year. If not, put two in its chest, one in its head, and don't look back.

@Anonymous The CC Assassin

Re: Should I close a card that's less than 6mos old?

Anonymous — Fri, 02 Apr 2021 12:36:55 GMT

@pinkandgrey Lol I haven't killed too many yet but there's a contract out on my worthless $700 CapOne. Likely the hit will take place this month. @GApeachy is the card killer. She doesn't mess around. Rewards not cutting it? Rep was a jerk on the phone? Found a better one? Don't like the SL?

BLAM.

Next.

Re: Should I close a card that's less than 6mos old?

GApeachy — Fri, 02 Apr 2021 13:01:45 GMT

@Anonymous wrote:
@pinkandgrey Lol I haven't killed too many yet but there's a contract out on my worthless $700 CapOne. Likely the hit will take place this month. @GApeachy is the card killer. She doesn't mess around. Rewards not cutting it? Rep was a jerk on the phone? Found a better one? Don't like the SL?

BLAM.

Next.

😁.....well not the "Rep" part but I've thought about it.

Re: Should I close a card that's less than 6mos old?

pinkandgrey — Fri, 02 Apr 2021 13:19:28 GMT

@GApeachy

Finally, someone I can look up to.