topic Re: Ditching the low limit cards in Credit Cards

Ditching the low limit cards

pazuzu — Sun, 13 Apr 2014 19:57:27 GMT

Now that I have several accts with $6K+ limits, I am going to close the low hanging fruit:

Merrick Bank $2650

Cap One Orbtiz $2000

Cap One MTV $500

These accts are unnecessary. I've hardly used them b/c of the low CLs. Doesn't take much spending to drive up the util % on them.

Also, I acquired too many store cards while I was reestablishing my creditworthiness post BK.

I did a purge in 2011, axing Amazon, Kohl's, Meijer, WalMart, HSN, and QVC.

And I closed Fingerhut this yr.

I still have JCPenney, Neiman Marcus, and Sears. Those are my only current store cards.

Cleaning up my credit clutter.........

Re: Ditching the low limit cards

thelethargicage — Sun, 13 Apr 2014 20:00:34 GMT

Off topic but couldnt help wondering, are you a Morbid Angel fan? I'm asking because of your screen name

Re: Ditching the low limit cards

gdale6 — Sun, 13 Apr 2014 20:16:15 GMT

Ok, if you have everything in order especially your overall util. I think they have AFs as well. As a rule you dont want to nix all your store cards you need a few of them for the type of credit category..

Re: Ditching the low limit cards

Anonymous — Sun, 13 Apr 2014 20:23:20 GMT

I feel the same way about my Cap 1, but because it's my oldest open credit card I'll keep it, even if they never give me another CLI

Re: Ditching the low limit cards

Creditaddict — Sun, 13 Apr 2014 20:33:38 GMT

@Anonymous wrote:
I feel the same way about my Cap 1, but because it's my oldest open credit card I'll keep it, even if they never give me another CLI

why keep credit because it's your oldest if it's worthless and never used... it still reports for 10 years!

OP, sounds like you have the plan and it's just fine.

Re: Ditching the low limit cards

pazuzu — Sun, 13 Apr 2014 20:39:13 GMT

@gdale6 wrote:
Ok, if you have everything in order especially your overall util. I think they have AFs as well. As a rule you dont want to nix all your store cards you need a few of them for the type of credit category..

No AFs on these 3 cards, they're just not worth the trouble to keep anymore.

The only AF card I ever had was Orchard, and I closed it before the 2nd year AF.

Re: Ditching the low limit cards

Anonymous — Sun, 13 Apr 2014 21:00:25 GMT

@Creditaddict wrote:
@Anonymous wrote:
I feel the same way about my Cap 1, but because it's my oldest open credit card I'll keep it, even if they never give me another CLI
why keep credit because it's your oldest if it's worthless and never used... it still reports for 10 years!

OP, sounds like you have the plan and it's just fine.

Personal choice, just like OP is making a decision to close her accounts. I would love to have an account that's been open for 10 years, insyead of one that was closed 10 years ago.

Re: Ditching the low limit cards

B335is — Sun, 13 Apr 2014 21:05:19 GMT

Why not ask Cap1 EO to combine Orbitz and MTV limits for a Quicksilver card?

Re: Ditching the low limit cards

Creditaddict — Sun, 13 Apr 2014 21:06:09 GMT

@B335is wrote:
Why not ask Cap1 EO to combine Orbitz and MTV limits for a Quicksilver card?

cap 1 combine?? even EO I have not heard that

Re: Ditching the low limit cards

B335is — Sun, 13 Apr 2014 21:08:44 GMT

@Creditaddict wrote:
@B335is wrote:
Why not ask Cap1 EO to combine Orbitz and MTV limits for a Quicksilver card?
cap 1 combine?? even EO I have not heard that

They did it for me on an old Platinum and Green rewards card. Maybe they forgot how to do it now.

Re: Ditching the low limit cards

Creditaddict — Sun, 13 Apr 2014 21:24:20 GMT

@B335is wrote:
@Creditaddict wrote:
@B335is wrote:
Why not ask Cap1 EO to combine Orbitz and MTV limits for a Quicksilver card?
cap 1 combine?? even EO I have not heard that
They did it for me on an old Platinum and Green rewards card. Maybe they forgot how to do it now.

id love to do it with my sony once i get credit steps!

Re: Ditching the low limit cards

gdale6 — Sun, 13 Apr 2014 21:51:50 GMT

@Creditaddict wrote:
@B335is wrote:
@Creditaddict wrote:
@B335is wrote:
Why not ask Cap1 EO to combine Orbitz and MTV limits for a Quicksilver card?
cap 1 combine?? even EO I have not heard that
They did it for me on an old Platinum and Green rewards card. Maybe they forgot how to do it now.

id love to do it with my sony once i get credit steps!

This is out the door, it is no longer policy to combine any cards and that is at the EO level as well. They might change it back in the future who knows.

Re: Ditching the low limit cards

peaceonearth — Sun, 13 Apr 2014 23:25:24 GMT

@pazuzu wrote:
Now that I have several accts with $6K+ limits, I am going to close the low hanging fruit:

Merrick Bank $2650

Cap One Orbtiz $2000

Cap One MTV $500

These accts are unnecessary. I've hardly used them b/c of the low CLs. Doesn't take much spending to drive up the util % on them.

Also, I acquired too many store cards while I was reestablishing my creditworthiness post BK.
I did a purge in 2011, axing Amazon, Kohl's, Meijer, WalMart, HSN, and QVC.
And I closed Fingerhut this yr.
I still have JCPenney, Neiman Marcus, and Sears. Those are my only current store cards.

Cleaning up my credit clutter.........

If your Cap1 has an AF and your Util is less than 3% I would cancel it just before renewal otherwize, I would leave it alone.

Re: Ditching the low limit cards

CreditMagic7 — Sun, 13 Apr 2014 23:32:10 GMT

@pazuzu wrote:
Now that I have several accts with $6K+ limits, I am going to close the low hanging fruit:

Merrick Bank $2650

Cap One Orbtiz $2000

Cap One MTV $500

These accts are unnecessary. I've hardly used them b/c of the low CLs. Doesn't take much spending to drive up the util % on them.

Also, I acquired too many store cards while I was reestablishing my creditworthiness post BK.
I did a purge in 2011, axing Amazon, Kohl's, Meijer, WalMart, HSN, and QVC.
And I closed Fingerhut this yr.
I still have JCPenney, Neiman Marcus, and Sears. Those are my only current store cards.

Cleaning up my credit clutter.........

First up, nice looking Garden Diamond

I'm too new yet to weed out and cut what you likely consider by now Anchor Cards that served their purpose to your expectations and time to dust the shelves clean to reserve space for new introductions better suited to your goals.

Re: Ditching the low limit cards

bk510 — Mon, 14 Apr 2014 00:31:53 GMT

@Creditaddict wrote:
@B335is wrote:
Why not ask Cap1 EO to combine Orbitz and MTV limits for a Quicksilver card?
cap 1 combine?? even EO I have not heard that

How did you end up with 3 Target Cards?

Re: Ditching the low limit cards

bk510 — Mon, 14 Apr 2014 00:34:12 GMT

@B335is wrote:
@Creditaddict wrote:
@B335is wrote:
Why not ask Cap1 EO to combine Orbitz and MTV limits for a Quicksilver card?
cap 1 combine?? even EO I have not heard that
They did it for me on an old Platinum and Green rewards card. Maybe they forgot how to do it now.

I tried to move my Sony Visa limit over to Quick but CSR told me that is not possible.

I believe its because it's a Co-Branded Card.

Re: Ditching the low limit cards

bk510 — Mon, 14 Apr 2014 00:36:00 GMT

@gdale6 wrote:
@Creditaddict wrote:
@B335is wrote:
@Creditaddict wrote:
@B335is wrote:
Why not ask Cap1 EO to combine Orbitz and MTV limits for a Quicksilver card?
cap 1 combine?? even EO I have not heard that
They did it for me on an old Platinum and Green rewards card. Maybe they forgot how to do it now.

id love to do it with my sony once i get credit steps!
This is out the door, it is no longer policy to combine any cards and that is at the EO level as well. They might change it back in the future who knows.

Re: Ditching the low limit cards

gh17 — Mon, 14 Apr 2014 00:48:37 GMT

I don't really understand why you'd get rid of the cards, unless they were the newest cards you had or they had annual fees. Why not just keep them open and let them age and not use them?

Re: Ditching the low limit cards

pazuzu — Mon, 14 Apr 2014 01:04:25 GMT

@pazuzu wrote:
Now that I have several accts with $6K+ limits, I am going to close the low hanging fruit:

Merrick Bank $2650

Cap One Orbtiz $2000

Cap One MTV $500

These accts are unnecessary. I've hardly used them b/c of the low CLs. Doesn't take much spending to drive up the util % on them.

Also, I acquired too many store cards while I was reestablishing my creditworthiness post BK.
I did a purge in 2011, axing Amazon, Kohl's, Meijer, WalMart, HSN, and QVC. AND......PayPal Smart Connect.
And I closed Fingerhut this yr.
I still have JCPenney, Neiman Marcus, and Sears. Those are my only current store cards.

Cleaning up my credit clutter.........

I forgot about that one, I really went crazy with GEMB accts. for a while.

Now I only have their Dillard's AMEX.