topic Re: Cutting them up! in Credit Cards

Cutting them up!

resilient — Sat, 07 Sep 2013 18:47:45 GMT

So I axed a few cards, trying to get the low limits off of my profile and consolidated some....and got an increase on another.....

Wyndham Visa from barclays $2,500-gone

BofA Visa Siggy $15k-gone (allowed to move $14.5k to my World MasterCard for $29.5k line)

Hyatt Visa Siggy $10k-gone (allowed to move $9.5k to Freedom and SW Visa Siggy for $11.5k and $15k, respectively)

PenFed Cash Rewards CLI to $15k (from $12k)

Any other cards in my signature that you think I should axe?

Re: Cutting them up!

FinStar — Sat, 07 Sep 2013 18:56:28 GMT

The choice is ultimately up to you since it is a matter of your own financial assessment and your current credit situation. If you are presently consolidating/eliminating and/or growing other parts of your credit portfolio, then consider what is of value to you (rewards/loyalty programs, history/relationship, etc) and what is carrying "dead weight" or not being utilized to its potential to simplify your finances. On the upside, any TLs you close, will remain on your CRs for up to 10 years (or longer give or take).

Re: Cutting them up!

resilient — Sat, 07 Sep 2013 18:56:46 GMT

I was just calling to cancel my Belk, because I thought it was at $1,000 limit. While listening to account information, it said my line was $2,500! I didn't know they increased it, and my report shows $1,000. I guess it was recent. Should I close it though?

Re: Cutting them up!

FinStar — Sat, 07 Sep 2013 19:00:55 GMT

@resilient wrote:
I was just calling to cancel my Belk, because I thought it was at $1,000 limit. While listening to account information, it said my line was $2,500! I didn't know they increased it, and my report shows $1,000. I guess it was recent. Should I close it though?

How often do you use it or when was the last time you shopped at Belks with the CC? Do you get any substantial rewards/coupons or free s/h with this CC than you would with another cashback or loyalty program? If you foresee using it here and there, then I'm sure you could keep it active plus it doesn't hurt your overall profile.

Re: Cutting them up!

resilient — Sat, 07 Sep 2013 19:06:35 GMT

@FinStar wrote:
@resilient wrote:
I was just calling to cancel my Belk, because I thought it was at $1,000 limit. While listening to account information, it said my line was $2,500! I didn't know they increased it, and my report shows $1,000. I guess it was recent. Should I close it though?
How often do you use it or when was the last time you shopped at Belks with the CC? Do you get any substantial rewards/coupons or free s/h with this CC than you would with another cashback or loyalty program? If you foresee using it here and there, then I'm sure you could keep it active plus it doesn't hurt your overall profile.

That's the thing. I applied for it while I was at Belk in Atlanta because they were offering 30% off of my total if I applied, and the store was already 30% off! I spent about $500 that day, paid it off at the register, and came home with a closet full of clothes. Well, I'm military, and there is no Belk here in Oklahoma, where I'm currently stationed. Nearest one is MILES away in Texas. They send me coupons that would make me go buy things I didn't need, just because of the huge discounts lol. And you're right, it doesn't hurt the profile, but I was just thinking if I wanted the low limits to remain there. I may keep it since I saw the increase; wish it was a dual card like the Walmart or Dillard's though.

Re: Cutting them up!

DigitalArk — Sat, 07 Sep 2013 19:27:58 GMT

@resilient wrote:
So I axed a few cards, trying to get the low limits off of my profile and consolidated some....and got an increase on another.....

Wyndham Visa from barclays $2,500-gone
BofA Visa Siggy $15k-gone (allowed to move $14.5k to my World MasterCard for $29.5k line)
Hyatt Visa Siggy $10k-gone (allowed to move $9.5k to Freedom and SW Visa Siggy for $11.5k and $15k, respectively)
PenFed Cash Rewards CLI to $15k (from $12k)

Any other cards in my signature that you think I should axe?

So your BofA Visa Siggy has $500 and Hyatt Visa Siggy $500 left. If you close it, the two low limit $500s will appear in your TU, EQ and EX reports.

For some reasons, I much prefer to leave at lease 5K limit in a card before I close it.

I am not sure whether or not it matters, but I feel it will look better in the lenders eyes.

Re: Cutting them up!

FinStar — Sat, 07 Sep 2013 19:14:46 GMT

@resilient wrote:
@FinStar wrote:
@resilient wrote:
I was just calling to cancel my Belk, because I thought it was at $1,000 limit. While listening to account information, it said my line was $2,500! I didn't know they increased it, and my report shows $1,000. I guess it was recent. Should I close it though?
How often do you use it or when was the last time you shopped at Belks with the CC? Do you get any substantial rewards/coupons or free s/h with this CC than you would with another cashback or loyalty program? If you foresee using it here and there, then I'm sure you could keep it active plus it doesn't hurt your overall profile.
That's the thing. I applied for it while I was at Belk in Atlanta because they were offering 30% off of my total if I applied, and the store was already 30% off! I spent about $500 that day, paid it off at the register, and came home with a closet full of clothes. Well, I'm military, and there is no Belk here in Oklahoma, where I'm currently stationed. Nearest one is MILES away in Texas. They send me coupons that would make me go buy things I didn't need, just because of the huge discounts lol. And you're right, it doesn't hurt the profile, but I was just thinking if I wanted the low limits to remain there. I may keep it since I saw the increase; wish it was a dual card like the Walmart or Dillard's though.

Totally makes sense. Well, the new/current CL is not too bad IMO if you choose to keep it active - doesn't hurt your profile (of course you can always sleep on it and decide to close it if you see no advanatge in keeping it). Alternatively, you can order some items online or if you happen to be in TX to do some shopping in the future or buy g/c's for relatives who may shop there. Unfortunately, the Belks CC only comes in one flavor which is the standard retail card (serviced by GECRB).

Re: Cutting them up!

resilient — Sat, 07 Sep 2013 19:20:48 GMT

@DigitalArk wrote:
@resilient wrote:
So I axed a few cards, trying to get the low limits off of my profile and consolidated some....and got an increase on another.....

Wyndham Visa from barclays $2,500-gone
BofA Visa Siggy $15k-gone (allowed to move $14.5k to my World MasterCard for $29.5k line)
Hyatt Visa Siggy $10k-gone (allowed to move $9.5k to Freedom and SW Visa Siggy for $11.5k and $15k, respectively)
PenFed Cash Rewards CLI to $15k (from $12k)

Any other cards in my signature that you think I should axe?

So your BofA Visa Siggy has $500 and Hyatt Visa Siggy $500 left. If you close it, the two low limit $500s will appear in your TU and EX reports.
For some reasons, I much prefer to leave at lease 5K limit in a card before I close it.
I am not sure whether or not it matters, but I feel it will look better in the lenders eyes.

I hope that it doesn't matter, because I closed them already lol. I made sure that they were $0 balances though. I just didn't want them to report as open with $500 lines. It's a lose-lose for me I guess.

Re: Cutting them up!

resilient — Sat, 07 Sep 2013 19:25:00 GMT

@FinStar wrote:
@resilient wrote:
@FinStar wrote:
@resilient wrote:
I was just calling to cancel my Belk, because I thought it was at $1,000 limit. While listening to account information, it said my line was $2,500! I didn't know they increased it, and my report shows $1,000. I guess it was recent. Should I close it though?
How often do you use it or when was the last time you shopped at Belks with the CC? Do you get any substantial rewards/coupons or free s/h with this CC than you would with another cashback or loyalty program? If you foresee using it here and there, then I'm sure you could keep it active plus it doesn't hurt your overall profile.
That's the thing. I applied for it while I was at Belk in Atlanta because they were offering 30% off of my total if I applied, and the store was already 30% off! I spent about $500 that day, paid it off at the register, and came home with a closet full of clothes. Well, I'm military, and there is no Belk here in Oklahoma, where I'm currently stationed. Nearest one is MILES away in Texas. They send me coupons that would make me go buy things I didn't need, just because of the huge discounts lol. And you're right, it doesn't hurt the profile, but I was just thinking if I wanted the low limits to remain there. I may keep it since I saw the increase; wish it was a dual card like the Walmart or Dillard's though.
Totally makes sense. Well, the new/current CL is not too bad IMO if you choose to keep it active - doesn't hurt your profile (of course you can always sleep on it and decide to close it if you see no advanatge in keeping it). Alternatively, you can order some items online or if you happen to be in TX to do some shopping in the future or buy g/c's for relatives who may shop there. Unfortunately, the Belks CC only comes in one flavor which is the standard retail card (serviced by GECRB).

I think I'll keep it open. Thanks for your input!

Re: Cutting them up!

Creditaddict — Sat, 07 Sep 2013 19:27:13 GMT

I would not worry about limits and closed accounts... they are closed, as long as closed in good standing and $0 balance it's not going to hurt your credit in any way or have some red flag in a manual review that it only had a $500 limit.

Id keep the Belks simply because you already opened it and it doesn't have an af, just like your other store cards.

Re: Cutting them up!

resilient — Sat, 07 Sep 2013 19:32:34 GMT

@Creditaddict wrote:
I would not worry about limits and closed accounts... they are closed, as long as closed in good standing and $0 balance it's not going to hurt your credit in any way or have some red flag in a manual review that it only had a $500 limit.
Id keep the Belks simply because you already opened it and it doesn't have an af, just like your other store cards.

Duly noted! Good info to know. Thanks!