topic Re: Need Help - Should I close cards or keep them open? in Credit Cards

Need Help - Should I close cards or keep them open?

Anonymous — Sat, 21 Apr 2012 01:58:38 GMT

Currently:

Well lots of good cards with high limits - overall around 40k in open limits. I just don't like to post openly everything in my wallet

I want to know which ones I should close, if not all.

Capital One - 750 limit (will never move I guess)

Orchard - Hate but oldest rebuilder - 800 limit

Best Buy Rewards - 1100

Paypal - 150 (lol)

Would it hurt my overall to close all 4? I did lose out on the Barclay's ring deal because yea, 1) I had too much credit - although most are at 0 balance and 2) they really did not like chase for some reason.

Re: Need Help - Should I close cards or keep them open?

Anonymous — Sat, 21 Apr 2012 02:08:03 GMT

As long as you keep 3 open credit card accounts and your utilization isn't raised significantly, your score won't be affected much. They'll likely stay on your reports for 10 years and continue to affect average age of accounts and show their payment history. If you don't want to worry about them, you'll likely be fine by just closing them.

Re: Need Help - Should I close cards or keep them open?

Anonymous — Sat, 21 Apr 2012 02:09:12 GMT

I think you are in a fine position to close these unwanted cards. The impact on your util will be negligible since you have a lot of available credit relative to the small lines you want to close. Closed cards will continue to contribute positively to your AAoA for 10 years. I was in a similar position last year and decided to close all the cards I outgrew after building good credit. It's a lot easier for me to keep track of a few cards than a whole collection and I feel I have simplified my life greatly!

Re: Need Help - Should I close cards or keep them open?

webhopper — Sat, 21 Apr 2012 02:12:05 GMT

I agree with the first two posters, these cards aren't helping you much anymore and they will continue to report positive history even after you close them!

Re: Need Help - Should I close cards or keep them open?

Anonymous — Sat, 21 Apr 2012 02:14:52 GMT

@Anonymous wrote:
I think you are in a fine position to close these unwanted cards. The impact on your util will be negligible since you have a lot of available credit relative to the small lines you want to close. Closed cards will continue to contribute positively to your AAoA for 10 years. I was in a similar position last year and decided to close all the cards I outgrew after building good credit. It's a lot easier for me to keep track of a few cards than a whole collection and I feel I have simplified my life greatly!

Thanks, I wish there was a like button. Trying to keep track of when the cost of having the card are going to show up on some of them drives me nuts and just having these things hanging around bugs me all at 0 balance. I just want to email them, close it, because I hate the fight on the phone

Re: Need Help - Should I close cards or keep them open?

Anonymous — Sat, 21 Apr 2012 02:19:20 GMT

@Anonymous wrote:

@Anonymous wrote:
I think you are in a fine position to close these unwanted cards. The impact on your util will be negligible since you have a lot of available credit relative to the small lines you want to close. Closed cards will continue to contribute positively to your AAoA for 10 years. I was in a similar position last year and decided to close all the cards I outgrew after building good credit. It's a lot easier for me to keep track of a few cards than a whole collection and I feel I have simplified my life greatly!
Thanks, I wish there was a like button. Trying to keep track of when APR's are going to show up on some of them drives me nuts and just having these things hanging around bugs me all at 0 balance. I just want to email them, close it, because I hate the fight on the phone

Very true! Be sure to check all 3 credit reports a couple months after closing those accounts to make sure what is reporting is what should be reporting. A supposedly closed account of mine was being reported as open with TU and needed fixing.

Re: Need Help - Should I close cards or keep them open?

Anonymous — Sat, 21 Apr 2012 02:31:51 GMT

Thanks, just sent 2 emails to orchard and capital one to close the cards. I don't even know my login for Paypal - need to figure that out.

Still thinking about Best Buy rewards

Re: Need Help - Should I close cards or keep them open?

webhopper — Sat, 21 Apr 2012 02:38:06 GMT

@Anonymous wrote:
Thanks, just sent 2 emails to orchard and capital one to close the cards. I don't even know my login for Paypal - need to figure that out.

Still thinking about Best Buy rewards

I keep my Best Buy card and use it to buy turbo tax every yr LOL... its got 4 yrs of history... my AAoA is 5 yrs, so ya its less than my average account age, but not by much.

Re: Need Help - Should I close cards or keep them open?

webhopper — Sat, 21 Apr 2012 02:39:40 GMT

Your Best Buy card actually has a decent limit, I would leave it open... Mine is stuck in the Tier B, meaning that it will never graduate above a $600 limit. fine by me, I don't plan on financing anything big from that store on a card. That's just not how I roll these days.

Re: Need Help - Should I close cards or keep them open?

bichonmom — Sat, 21 Apr 2012 02:46:23 GMT

@Anonymous wrote:
Currently:
Well lots of good cards with high limits - overall around 40k in open limits. I just don't like to post openly everything in my wallet

I want to know which ones I should close, if not all.
Capital One - 750 limit (will never move I guess)
Orchard - Hate but oldest rebuilder - 800 limit
Best Buy Rewards - 1100
Paypal - 150 (lol)

Would it hurt my overall to close all 4? I did lose out on the Barclay's ring deal because yea, 1) I had too much credit - although most are at 0 balance and 2) they really did not like chase for some reason.

Isn't PayPal w/GEMB? They're generally pretty good w/CLIs w/a SP. I'd give them a call for a CLI before closing.

Re: Need Help - Should I close cards or keep them open?

Anonymous — Sat, 21 Apr 2012 13:17:14 GMT

Lol I agree on hitting up PayPal for an increase. Tell them to match your best buy card or you will be giving them a taste of a closing.