topic Re: Closed Chevron, Lowe's, aaaand JCP. in Credit Cards

Closed Chevron, Lowe's, aaaand JCP.

youngandcreditwrthy — Mon, 26 Aug 2013 15:04:03 GMT

I feel proud that I closed some accounts! Although now my util is something like 18% I think...
Closed:
$2100 Chevron opened 01/2012
$6500 JCP opened 08/2009
$15000 Lowe's opened 06/2009

Crazy to think that I'd ever wanna close $23,600 in credit.
Oh well, at least not Barclay's can't get mad at me for too much cred! Lol

I hope you are reading this lexie; you're like my mom on this forum! Lol ☺😜

Re: Closed Chevron, Lowe's, aaaand JCP.

BearsAndTurtlesRtheBest — Mon, 26 Aug 2013 15:10:44 GMT

My DS is doing the same, shes closed AE, and Macys, but still needs ON and Chevron, it feels good because you can see the progress from when you first started, Congrats! Time to update that siggy, Hey do you know if $10,000 is the highest you can go on Dillards CC?

Re: Closed Chevron, Lowe's, aaaand JCP.

09Lexie — Mon, 26 Aug 2013 18:33:05 GMT

Aw, young! You are like a son to me! I'm very proud of you. Remember, baby steps. Let this round of closures sit for awhile.

Re: Closed Chevron, Lowe's, aaaand JCP.

Anonymous — Mon, 26 Aug 2013 18:35:19 GMT

@09Lexie wrote:
Aw, young! You are like a son to me! I'm very proud of you. Remember, baby steps. Let this round of closures sit for awhile.

What do you mean? He's closed 3, reducing CL by $23K, and if THAT isn't a reason to apply for 6 more cards, I don't know what is!

Re: Closed Chevron, Lowe's, aaaand JCP.

isoldmyatlas — Mon, 26 Aug 2013 18:49:18 GMT

Great job, young! And yes, update that siggy of yours!

Re: Closed Chevron, Lowe's, aaaand JCP.

Anonymous — Mon, 26 Aug 2013 18:53:30 GMT

Can someone explain to me why it is good to close accounts? If there are no annual fees, won't the amount of available credit help your score? I am new, so please explain to me.

Re: Closed Chevron, Lowe's, aaaand JCP.

09Lexie — Mon, 26 Aug 2013 19:11:52 GMT

@longtimelurker

Please don't give him any ideas.

Re: Closed Chevron, Lowe's, aaaand JCP.

09Lexie — Mon, 26 Aug 2013 19:17:31 GMT

@brianjb

Sometimes it is a good idea to trim excess weight. Reasons why you might want to close tls:

lenders may perceive too much avail credit as a risk;
its easier to manage;
Cleaner CR's
reduces chance of fraud - just to name a few reasons.

Re: Closed Chevron, Lowe's, aaaand JCP.

tcbofade — Mon, 26 Aug 2013 19:28:45 GMT

@Anonymous wrote:
@09Lexie wrote:
Aw, young! You are like a son to me! I'm very proud of you. Remember, baby steps. Let this round of closures sit for awhile.
What do you mean? He's closed 3, reducing CL by $23K, and if THAT isn't a reason to apply for 6 more cards, I don't know what is!

LOL! Now cut that out!

Re: Closed Chevron, Lowe's, aaaand JCP.

youngandcreditwrthy — Mon, 26 Aug 2013 21:44:04 GMT

Idk? I know that most of my other GE accts have gone past that $10,000 cl. Seems like GE doesn't really deny a cred solutions cli UNLESS
A. You have $100k in cred w them
B. you start getting $15-25k cls on one of their cards

Took several attempts to get my Paypal
MC from $20k to $25k.

The reason I think it was good to close those accts is that I had $97,600 w GECRB alone and then $170k cred total.
Citi Diamond was auto-closed and Barclay's tried to pull some s*** too. So my other lenders will likely be happier when they see the overall credit reduced by that much.

Also, my util wasnt affected much since I had $0 balances on every account I closed.

I will need a goood balance transfer card in a couple of months so lol I just freed up some cred to do so.

There was no hit to my Exp score so that's good!

Re: Closed Chevron, Lowe's, aaaand JCP.

KIPPIE12 — Mon, 26 Aug 2013 22:30:58 GMT

BTW, why did Citi auto close the Diamond?

Re: Closed Chevron, Lowe's, aaaand JCP.

Anonymous — Mon, 26 Aug 2013 22:59:48 GMT

Grats!

I think you made a very wise decision.

Your Freedom is still in the 0% promo period right? You can always ask for a CLI and then BT to that card, though it will incur a 3% BT fee. I think you will easily get back all that CL on one of the better cards you already have, so really it's just a temporary thing.

@Kippie, it was closed because his total CL was too high compared to income, and Citi felt that the risk exposure was too high.

Re: Closed Chevron, Lowe's, aaaand JCP.

BearsAndTurtlesRtheBest — Mon, 26 Aug 2013 23:14:09 GMT

@young I guess calling GE Credit solutions is the way to go thanks,

Re: Closed Chevron, Lowe's, aaaand JCP.

toppers555 — Mon, 26 Aug 2013 23:50:11 GMT

wow young you finally did it I guess I should start my rounds of GE closures soon.

Re: Closed Chevron, Lowe's, aaaand JCP.

kayvee_ — Wed, 28 Aug 2013 02:03:38 GMT

I cant wait to close my Chevron! Good job!

Re: Closed Chevron, Lowe's, aaaand JCP.

youngandcreditwrthy — Wed, 28 Aug 2013 14:37:41 GMT

They closed me for "too many open credit accounts"

Funny thing is- none of those high GE cls were getting used lol.. And that Citi card was already maxxed, not to mention my seven year long credit history ... Oh well.

My Freedom 0% expires in Novemeber/December... I don't want to take a hp for a cli from Chase; they can suck it. I don't do hp clis; the bank can just lose the biz to someone who sp clis.
Thanks friends :-)

Re: Closed Chevron, Lowe's, aaaand JCP.

maiden_girl — Wed, 28 Aug 2013 16:13:22 GMT

Yayay! Account closure feels good doesn't it?