topic Re: Is it Better to Close or Let Close? in Credit Cards

Is it Better to Close or Let Close?

BrokaToe — Sun, 24 Feb 2013 02:20:36 GMT

So I was wondering, from a credit report stand point. Does it look better to creditors if you have a tradeline that was cancelled due to inactivity, or does it look better if you requested to close the tradeline?

I was thinking about closing my Buckle card because I never use it. So I was wondering if I should just hang on to it and let them close it, or if I should request it to be closed. I guess since there is no annual fee it wouldn't matter, but I wanted to make sure if it were looked at any differently depending on how the tradeline was closed.

It's served it's purpose in helping me rebuild. Thinking Cap1 will be next as soon as the AF comes due again.

Thanks for any help in this.

Re: Is it Better to Close or Let Close?

myjourney — Sun, 24 Feb 2013 02:25:38 GMT

As far as the CAP 1 many people are having the AF removed as well as add rewards through the EO you may wish to also go that route

@BrokaToe wrote:
So I was wondering, from a credit report stand point. Does it look better to creditors if you have a tradeline that was cancelled due to inactivity, or does it look better if you requested to close the tradeline?

I was thinking about closing my Buckle card because I never use it. So I was wondering if I should just hang on to it and let them close it, or if I should request it to be closed. I guess since there is no annual fee it wouldn't matter, but I wanted to make sure if it were looked at any differently depending on how the tradeline was closed.

It's served it's purpose in helping me rebuild. Thinking Cap1 will be next as soon as the AF comes due again.

Thanks for any help in this.

Re: Is it Better to Close or Let Close?

BrokaToe — Sun, 24 Feb 2013 02:49:40 GMT

@myjourney wrote:
As far as the CAP 1 many people are having the AF removed as well as add rewards through the EO you may wish to also go that route

How are they doing that, through e-mail, phone call? You're talking the executive offices right? I forgot to mention the Cap1 is secured.

Re: Is it Better to Close or Let Close?

myjourney — Sun, 24 Feb 2013 03:06:53 GMT

You can read through some of the threads as far as the secured cards but its all done via email and im sending you the info

Re: Is it Better to Close or Let Close?

BrokaToe — Sun, 24 Feb 2013 03:08:59 GMT

Awesome, thanks a bunch!

Re: Is it Better to Close or Let Close?

myjourney — Sun, 24 Feb 2013 03:14:07 GMT

@BrokaToe wrote:
Awesome, thanks a bunch!

Sent via PM.............Good Luck

Re: Is it Better to Close or Let Close?

BrokaToe — Sun, 24 Feb 2013 03:17:40 GMT

@myjourney wrote:
@BrokaToe wrote:
Awesome, thanks a bunch!
Sent via PM.............Good Luck

Great, Thank You! I will post an update, how long did it take you to get a response on the situation?

As for Closing the Buckle card, still wondering if I should close it or let it close, anyone have thoughts on that?

Re: Is it Better to Close or Let Close?

myjourney — Sun, 24 Feb 2013 03:35:45 GMT

emailed on a thursday

they called me monday

CLI posted to acct. thursday

called me on friday to confirm the changes they had made to my accounts (2)

As for closing the other accounts either by you or issuer im hoping someone answers that question as well im interested too. I personally don't believe in closing an accounts..unless it has extensive fees associated with it

Re: Is it Better to Close or Let Close?

lecorps4fun — Sun, 24 Feb 2013 03:53:25 GMT

May I get that pm as well? My card is not secure, but the CL is only $500.

Re: Is it Better to Close or Let Close?

Anonymous — Sun, 24 Feb 2013 05:39:18 GMT

Google "capital one ceo email"

and you get it in the first two results.

Re: Is it Better to Close or Let Close?

Anonymous — Sun, 24 Feb 2013 06:13:58 GMT

I don't think it makes any difference who closes the account.

Re: Is it Better to Close or Let Close?

LS2982 — Sun, 24 Feb 2013 14:28:14 GMT

IMO you closing the card as opposed to the lender closing it for inactivity looks better because if im the new lender your apping for im curious as to why your apping for accounts and not using them.

Re: Is it Better to Close or Let Close?

BrokaToe — Mon, 25 Feb 2013 02:55:23 GMT

Well I just got off the phone.... I cancelled my Buckle card via their automated phone service. I also sent a message via their online account system asking them to report the closure to all three credit bureaus. I'm hoping this was the right thing to do. I wasn't using the account and thought removing it may help prevent any of my new creditors from getting spooked. Was it the right decision?