topic Close Synch Cards in Credit Cards

Close Synch Cards

MrCredit — Sat, 06 Sep 2014 14:18:55 GMT

Should I close those Synch bank cards? Walmart and Amazon? I have no use for them.

Re: Close Synch Cards

sarux3 — Sat, 06 Sep 2014 14:32:55 GMT

I think you should just keep 'em. They don't have annual fees and are generally dependable with auto-CLIs. I don't have experience with the Walmart card but Amazon's 0% financing offers are handy to have for the occasional large purchase. If you don't need them on a regular basis, just make a single purchase on each card every few months and PIF -- they'll grow with you over time and help increase your credit scores.

Re: Close Synch Cards

chalupaman — Sat, 06 Sep 2014 14:35:45 GMT

@MrCredit wrote:
Should I close those Synch bank cards? Walmart and Amazon? I have no use for them.

How long have you had them? I can completely understand if you wanna close a card because you don't need or use it anymore. I think the big downslide would be a short term drop in your FICO score depending on when you opened it as I've experienced closing several of my store cards I didn't need anymore but in the long term, I think the scores will be able to go up again. My EX one quickly climbed back to the way it was before for example just recently.

The WalMart one actually comes with a free TU FICO score so I think that could be a reason to keep it though I see you already have a Discover card that gives you one as well.

Re: Close Synch Cards

Jerry45 — Sat, 06 Sep 2014 14:38:57 GMT

Excellent point. Keep Walmart for the Fico score, if for anything. Saves you $20 a month.

Re: Close Synch Cards

MrCredit — Sat, 06 Sep 2014 19:22:13 GMT

I will keep them, they are my oldest cards, I looked. So its probably best. Also good point on the FICO, I did not think about it.

@chalupaman wrote:
@MrCredit wrote:
Should I close those Synch bank cards? Walmart and Amazon? I have no use for them.
How long have you had them? I can completely understand if you wanna close a card because you don't need or use it anymore. I think the big downslide would be a short term drop in your FICO score depending on when you opened it as I've experienced closing several of my store cards I didn't need anymore but in the long term, I think the scores will be able to go up again. My EX one quickly climbed back to the way it was before for example just recently.

The WalMart one actually comes with a free TU FICO score so I think that could be a reason to keep it though I see you already have a Discover card that gives you one as well.

Re: Close Synch Cards

baller4life — Sat, 06 Sep 2014 20:32:05 GMT

Keep them. They can grow to very high limits that can help pad util.

Re: Close Synch Cards

chalupaman — Sat, 06 Sep 2014 20:58:11 GMT

@MrCredit wrote:
I will keep them, they are my oldest cards, I looked. So its probably best. Also good point on the FICO, I did not think about it.

@chalupaman wrote:
@MrCredit wrote:
Should I close those Synch bank cards? Walmart and Amazon? I have no use for them.
How long have you had them? I can completely understand if you wanna close a card because you don't need or use it anymore. I think the big downslide would be a short term drop in your FICO score depending on when you opened it as I've experienced closing several of my store cards I didn't need anymore but in the long term, I think the scores will be able to go up again. My EX one quickly climbed back to the way it was before for example just recently.

The WalMart one actually comes with a free TU FICO score so I think that could be a reason to keep it though I see you already have a Discover card that gives you one as well.

Alright. And from my experience, GE can be very good with CLIs. All of mine with them have been done automatically and I give them a lot of credit for being able to grow as my credit profile improved and think that they are part of the reason why I was able to get higher limit cards. My Amazon's CLI actually almost matched my starting limit for my Delta Skymiles card for example after they increased my limit from 600 so I really wasn't expecting anything like that from a store card.