topic Re: Wanting to get rid of 4 cards, maybe 5. in Credit Cards

Wanting to get rid of 4 cards, maybe 5.

Creditin — Mon, 11 Apr 2022 15:29:08 GMT

Hi everybody,

I'm in the bucket with three Cap1 to wit: QS 1k, Platinum .6k and Walmart run-of the- mill .7k.

Every month I get the same reply: not enough use and this cards are not approved for CLIs.

Discover It: 3.5k also bucketed: not enough usage. Too many open accounts (1 of 13).

I'm not willing to buy CLIs spending money. Specially without benefits.

I have 2k financed @0.%. Util 4%. Never late, always pay more than double the minimum.

Fico 9 (778). Fico 9 Bankcard (791) Maybe they don't know that?. Or they don't care.

Wallethub knows exactly how much I own, Including interest rate and when the promotion ends.

The last one is iffy. Sam's club MC. Gives me 5% gas. 4.5k CL. DW has 18k CL. (AU)

This last one is iffy. Because I want to apply for CareCredit on my name. I'm no spring chic.

I will apply from my dentist office for higher SL. Maybe Mother Synch wouldn't like that.

Either way, DW has 20k CL with them. (AU). But I understand is not forever.

Life is very random. The fact that we have been together for 33 years,

doesn't mean that we will be together for the next 33 minutes.

If it was you, what would you do.

Thank you for your kind replies.

Cheers.

Re: Wanting to get rid of 4 cards, maybe 5.

SDMarik — Mon, 11 Apr 2022 15:35:07 GMT

What specifically are you trying to accomplish by closing 5 cards? Are you trying to close like cards from the same issuer and combine the CL on to one? Are you trying to limit the number of reporting accounts for the sake of a more favorable care credit approval?

Re: Wanting to get rid of 4 cards, maybe 5.

Bradac56 — Mon, 11 Apr 2022 16:19:16 GMT

Closing accounts will lower your overall CL and will be factored into near future apps with most lenders as closed accounts are closed accounts no matter which side does it.

I am a bit confused on the "I'm not willing to buy CLIs spending money." statement. The entire point of getting credit cards is to utilize the credit the lenders gave you. If you are not willing to use it, they will be unwilling to raise the limits as padding unused credit is a red flag to all but the most aggressive lenders who tend to do AA claw backs regularly.

Re: Wanting to get rid of 4 cards, maybe 5.

Creditin — Mon, 11 Apr 2022 17:56:29 GMT

@SDMarik wrote:
What specifically are you trying to accomplish by closing 5 cards? Are you trying to close like cards from the same issuer and combine the CL on to one? Are you trying to limit the number of reporting accounts for the sake of a more favorable care credit approval?

@SDMarik Cap1 is a lost cause. I called today trying to consolidate the platinum to the QS to no avail. I have 2.3k TL in the 3. Including Wally.

So no love lost. I'll close these 3 for sure. I almost never buy at Wally anyway. And DW has it.

The Disco is 3.5k CL. This one will affect the the Util a little. Still will be under 4%. So long.

In a way, I think I'll get a better Sl for the CareCredit line without those. Now, the Sam's is from Synch. 4K.

That will be the 5th, and I don't know if it will affect my CareCredit app.

What is your opinion?.

Re: Wanting to get rid of 4 cards, maybe 5.

Creditin — Mon, 11 Apr 2022 17:57:32 GMT

@Bradac56 wrote:
Closing accounts will lower your overall CL and will be factored into near future apps with most lenders as closed accounts are closed accounts no matter which side does it.

I am a bit confused on the "I'm not willing to buy CLIs spending money." statement. The entire point of getting credit cards is to utilize the credit the lenders gave you. If you are not willing to use it, they will be unwilling to raise the limits as padding unused credit is a red flag to all but the most aggressive lenders who tend to do AA claw backs regularly.

@Bradac56. Exactly my point. I will never be a good customer for Cap1 or Disco. Total CL lost will be less than 5%.

I have to be shuffling charges as it is in the other cards. I don't have the brunt of the house expenses.

I give her an X amount according to our incomes. And she pays the bills.

However, I want to have some credit because of the possibility of the 33 minutes.

Will my credit look better without those small CLs?. Or they will always be considered part of my file.

Thank you for your reply.

Cheers.

Re: Wanting to get rid of 4 cards, maybe 5.

SDMarik — Mon, 11 Apr 2022 17:59:56 GMT

@Creditin wrote:
@SDMarik wrote:
What specifically are you trying to accomplish by closing 5 cards? Are you trying to close like cards from the same issuer and combine the CL on to one? Are you trying to limit the number of reporting accounts for the sake of a more favorable care credit approval?
@SDMarik Cap1 is a lost cause. I called today trying to consolidate the platinum to the QS to no avail. I have 2.3k TL in the 3. Including Wally.
So no love lost. I'll close these 3 for sure. I almost never buy at Wally anyway. And DW has it.
The Disco is 3.5k CL. This one will affect the the Util a little. Still will be under 4%. So long.
In a way, I think I'll get a better Sl for the CareCredit line without those. Now, the Sam's is from Synch. 4K.
That will be the 5th, and I don't know if it will affect my CareCredit app.
What is your opinion?.

I'm not sure I understand the benefit of closing the cards, you are better off leaving them open and reporting zero balances. They all seem to be no AF cards, so leaving them reporting "paid as agreed" every month will be better for you in the long run. If you apply for a new credit line, I belive it is more favorable for a lender to see a larger available credit with lower usage.

I Might be missing something here, but just keep them all, go ACZEO and then apply for the care credit. Why sacrifice 5 on time payments on your file every month? If these were all cards with an annual fee, then sure. But I honestly do not see any benefit here in closing these cards.

If your concern is that in the event of that "33 minutes" becoming a reality, you are worried about someone running up spend on your cards they have access to, then that is a different story entirely.

Re: Wanting to get rid of 4 cards, maybe 5.

FinStar — Mon, 11 Apr 2022 18:12:11 GMT

@Creditin wrote:
@SDMarik wrote:
What specifically are you trying to accomplish by closing 5 cards? Are you trying to close like cards from the same issuer and combine the CL on to one? Are you trying to limit the number of reporting accounts for the sake of a more favorable care credit approval?
@SDMarik Cap1 is a lost cause. I called today trying to consolidate the platinum to the QS to no avail. I have 2.3k TL in the 3. Including Wally.
So no love lost. I'll close these 3 for sure. I almost never buy at Wally anyway. And DW has it.
The Disco is 3.5k CL. This one will affect the the Util a little. Still will be under 4%. So long.
In a way, I think I'll get a better Sl for the CareCredit line without those. Now, the Sam's is from Synch. 4K.
That will be the 5th, and I don't know if it will affect my CareCredit app.
What is your opinion?.

@Creditin

Unfortunately, Capital One does not combine accounts nor reallocate limits. That practice ended long ago. So, if you do not want to deal with the maintenance of these 3 Capital One accounts, then close them. Why stress about it if it's not yielding meaningful results? It's unlikely they will increase the limits if they're in a specific tranche. Review this link for more info associated with Capital One and ABS:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-why-some-subprime/m-p/5083619

Just keep in mind, if you close any of them, there will be no impact to AAoA as the closed accounts will still factor into scoring metrics until they drop off your CRs -- anywhere up to ~10 years (give or take). The only immediate impact would be the loss of the available credit on those that you close.

I would keep Discover and Sam's Club. You can always check the CareCredit pre-qualification portal to see the odds of approval on that one. Applying at a facility doesn't really increase the odds of a higher SL, btw. SLs are determined by creditworthiness, income, etc., not by the origin of an application.

Re: Wanting to get rid of 4 cards, maybe 5.

SDMarik — Mon, 11 Apr 2022 18:31:27 GMT

Just to piggy back on my last reply, is there really no benifit to leaving them open and reporting? From my understanding your on time payment percentage is calculated as paid/total, so if someone does miss a payment down the road sometime would it be less impactful if it was 1 out of 300 reported payments as opposed to one out of 75?

Re: Wanting to get rid of 4 cards, maybe 5.

FinStar — Mon, 11 Apr 2022 18:42:40 GMT

@SDMarik wrote:
Just to piggy back on my last reply, is there really no benifit to leaving them open and reporting? From my understanding your on time payment percentage is calculated as paid/total, so if someone does miss a payment down the road sometime would it be less impactful if it was 1 out of 300 reported payments as opposed to one out of 75?

If the account is closed in good standing, the metrics already calculate positive tradeline history. What's the point of keeping accounts that no longer serve a purpose for an individual? Simpler is better for some folks (i.e. less stress), and based on the grievances the OP has shared, there is no absolute benefit if accounts just sit there with no usage (i.e. no additional payment percentage to calculate on months where there is no activity). If the OP can obtain other or better tradelines (or grow the existing ones they wish to keep), it's not like the payment history doesn't get factored going forward.

Re: Wanting to get rid of 4 cards, maybe 5.

SouthJamaica — Mon, 11 Apr 2022 18:42:55 GMT

@Creditin wrote:
Hi everybody,
I'm in the bucket with three Cap1 to wit: QS 1k, Platinum .6k and Walmart run-of the- mill .7k.
Every month I get the same reply: not enough use and this cards are not approved for CLIs.
Discover It: 3.5k also bucketed: not enough usage. Too many open accounts (1 of 13).
I'm not willing to buy CLIs spending money. Specially without benefits.
I have 2k financed @0.%. Util 4%. Never late, always pay more than double the minimum.
Fico 9 (778). Fico 9 Bankcard (791) Maybe they don't know that?. Or they don't care.
Wallethub knows exactly how much I own, Including interest rate and when the promotion ends.
The last one is iffy. Sam's club MC. Gives me 5% gas. 4.5k CL. DW has 18k CL. (AU)
This last one is iffy. Because I want to apply for CareCredit on my name. I'm no spring chic.
I will apply from my dentist office for higher SL. Maybe Mother Synch wouldn't like that.
Either way, DW has 20k CL with them. (AU). But I understand is not forever.
Life is very random. The fact that we have been together for 33 years,
doesn't mean that we will be together for the next 33 minutes.
If it was you, what would you do.
Thank you for your kind replies.
Cheers.

1. Since you have lots of other cards, and very low utilization, I don't see any problem in dropping the low limit cards that are giving you angst. But if they don't have annual fees, I probably wouldn't bother closing them, but would just let them linger.

2. I'm not a fan of the Care Credit card, or of Synchrony.

Re: Wanting to get rid of 4 cards, maybe 5.

Creditin — Mon, 11 Apr 2022 19:52:15 GMT

So I prequalified to Care Credit for 9.2k. 26.99APR!!!! Althought I know they have different plans

if you spend 200 or more.

I put 10,000 in work from my dentist. Which is right if I go ahead with it.

Do I bite??.

Re: Wanting to get rid of 4 cards, maybe 5.

SUPERSQUID — Mon, 11 Apr 2022 19:52:35 GMT

Personally i would hold onto that 6k platinum and try to upgrade it to quicksilver 1.5 cash back. i would also hold onto the discover 3.5k, those rotating categories are gold at 5 pct and they regularly offer specials on zero bt's and purchases, 3.5 is useful for that.

just my 2 cents

Re: Wanting to get rid of 4 cards, maybe 5.

FinStar — Mon, 11 Apr 2022 19:54:40 GMT

@SUPERSQUID wrote:
Personally i would hold onto that 6k platinum and try to upgrade it to quicksilver 1.5 cash back. i would also hold onto the discover 3.5k, those rotating categories are gold at 5 pct and they regularly offer specials on zero bt's and purchases, 3.5 is useful for that.
just my 2 cents

I believe the Platinum is .6K (or $600), not $6K from their op. @Creditin can clarify.

Re: Wanting to get rid of 4 cards, maybe 5.

FinStar — Mon, 11 Apr 2022 19:59:58 GMT

@Creditin wrote:
So I prequalified to Care Credit for 9.2k. 26.99APR!!!! Althought I know they have different plans
if you spend 200 or more.
I put 10,000 in work from my dentist. Which is right if I go ahead with it.
Do I bite??.

APR is irrelevant if you PIF and/or if you use any of their 6/12/18/24 extended promotional plans, don't max the account and pay as agreed to avoid retroactive finance charges -- the decision is up to you. You can also use CareCredit in a variety of places besides medical or veterinary care providers. Walgreens and Walmart are some examples (read the T&Cs). Moreover, the CC can eventually qualify for the MasterCard upgrade (currently by invitation only) .

Re: Wanting to get rid of 4 cards, maybe 5.

krit — Mon, 11 Apr 2022 20:10:27 GMT

I closed a couple of store cards and a couple of Cap1 cards due to their tiny limits and almost non-existent growth. I didn't want cards with very small limits on my reports and I don't regret it. I'd keep that Discover, though, and any others that are growing nicely.

Re: Wanting to get rid of 4 cards, maybe 5.

AverageJoesCredit — Mon, 11 Apr 2022 20:27:46 GMT

@Creditin wrote:
@SDMarik wrote:
What specifically are you trying to accomplish by closing 5 cards? Are you trying to close like cards from the same issuer and combine the CL on to one? Are you trying to limit the number of reporting accounts for the sake of a more favorable care credit approval?
@SDMarik Cap1 is a lost cause. I called today trying to consolidate the platinum to the QS to no avail. I have 2.3k TL in the 3. Including Wally.
So no love lost. I'll close these 3 for sure. I almost never buy at Wally anyway. And DW has it.
The Disco is 3.5k CL. This one will affect the the Util a little. Still will be under 4%. So long.
In a way, I think I'll get a better Sl for the CareCredit line without those. Now, the Sam's is from Synch. 4K.
That will be the 5th, and I don't know if it will affect my CareCredit app.
What is your opinion?.

Imo , Discover can be raised if you actually use it. Discover no longer really just gives cli just to give . No or low usage will help keep the card where it is. Cap One cards with 6 or 7k limits are not necessarily buckeyes and again, using them would only help ones cause in increasing limits. I disagree that having unused credit, ie using for padding or util buffer throws red flags. This isn't a fraud situation and many people use their credit from time to time not necessarily everyday so getting a flag for that is not something to worry about. Not using the credit at all and then asking for a cli might cause the to take notice because you are actively seeking more credit.

Closing other accounts in hopes of getting a better sl out of Sync isn't really necessary as you will be approved based on your profile not by which cards or limits you might have.

Re: Wanting to get rid of 4 cards, maybe 5.

FinStar — Mon, 11 Apr 2022 20:38:04 GMT

@AverageJoesCredit wrote:
@Creditin wrote:
@SDMarik wrote:
What specifically are you trying to accomplish by closing 5 cards? Are you trying to close like cards from the same issuer and combine the CL on to one? Are you trying to limit the number of reporting accounts for the sake of a more favorable care credit approval?
@SDMarik Cap1 is a lost cause. I called today trying to consolidate the platinum to the QS to no avail. I have 2.3k TL in the 3. Including Wally.
So no love lost. I'll close these 3 for sure. I almost never buy at Wally anyway. And DW has it.
The Disco is 3.5k CL. This one will affect the the Util a little. Still will be under 4%. So long.
In a way, I think I'll get a better Sl for the CareCredit line without those. Now, the Sam's is from Synch. 4K.
That will be the 5th, and I don't know if it will affect my CareCredit app.
What is your opinion?.

Imo , Discover can be raised if you actually use it. Discover no longer really just gives cli just to give . No or low usage will help keep the card where it is. Cap One cards with 6 or 7k limits are not necessarily buckeyes and again, using them would only help ones cause in increasing limits. I disagree that having unused credit, ie using for padding or util buffer throws red flags. This isn't a fraud situation and many people use their credit from time to time not necessarily everyday so getting a flag for that is not something to worry about. Not using the credit at all and then asking for a cli might cause the to take notice because you are actively seeking more credit.

Closing other accounts in hopes of getting a better sl out of Sync isn't really necessary as you will be approved based on your profile not by which cards or limits you might have.

There are decimals with the limits the OP provided .6 and .7. Buckeyes? 😁 I thought that was an Ohio thing 😵‍💫

@Creditin-- just for clarification on a couple responses, are those limits on Platinum and Walmart CCs above or below $1,000?

Re: Wanting to get rid of 4 cards, maybe 5.

Creditin — Mon, 11 Apr 2022 20:58:43 GMT

Total credit limit is 2300. 1K, .6 and .7.

Re: Wanting to get rid of 4 cards, maybe 5.

SDMarik — Mon, 11 Apr 2022 21:02:48 GMT

Makes sense, for some reason I was always under the impression that the more accounts currently reporting positive payment history the better. I guess that's the point of the forums here, learn something new everyday!

Re: Wanting to get rid of 4 cards, maybe 5.

SDMarik — Mon, 11 Apr 2022 21:05:55 GMT

@Creditin wrote:
So I prequalified to Care Credit for 9.2k. 26.99APR!!!! Althought I know they have different plans
if you spend 200 or more.
I put 10,000 in work from my dentist. Which is right if I go ahead with it.
Do I bite??.

It really depends on the rest of your financial picture, if you need it then it makes sense. However, if it's the apr that concerns you, you can always try for a different pre-qual on a card with a lower rate. FNBO can be pretty generous with their starting limits and maybe you get a lower apr.