topic Re: Toy Card Close Out in Credit Cards

Toy Card Close Out

Firehorse — Fri, 26 Sep 2014 20:31:09 GMT

So with my recent Amex approval to help my AAoA. And my recect SFPCU Visa with a 5k limit for UTIL. I'm planning on closing these accounts opened 1/2014:

Credit One: $550, Buckles: $550, One Stop Plus: $550, Victoria's: $800

Can anyone think of any negative impact?

Thanks!

Re: Toy Card Close Out

CreditCuriosity — Fri, 26 Sep 2014 20:33:06 GMT

Util is all, but you are at 1% by your signature, so i cant think of anything.. Close them imo

Re: Toy Card Close Out

b_diddy — Fri, 26 Sep 2014 21:05:35 GMT

If not already, I would wait until the SFPCU Visa reports and then close if you no longer intend to use them. Sounds like you have a backdated AMEX to hold your AAofA. Also, let it report, if not already.

Re: Toy Card Close Out

Shock — Fri, 26 Sep 2014 21:06:54 GMT

close them. all. now.

Re: Toy Card Close Out

SunriseEarth — Fri, 26 Sep 2014 21:16:45 GMT

@Firehorse wrote:
So with my recent Amex approval to help my AAoA. And my recect SFPCU Visa with a 5k limit for UTIL. I'm planning on closing these accounts opened 1/2014:

Credit One: $550, Buckles: $550, One Stop Plus: $550, Victoria's: $800

Can anyone think of any negative impact?

Thanks!

Definitely close Credit One. However, keep in mind that you do need a certain amount of accounts with zero balances for optimal scoring. If you always plan on letting balance post on the other CCs, you might be better off SDing the Comenity store cards. Otherwise, there's really no harm in closing them if they don't serve a purpose.

Re: Toy Card Close Out

CreditDunce — Fri, 26 Sep 2014 21:24:14 GMT

It might help your scores a little for the cards to be open for 2 years before closing. You could just SD any card that you don't want to use. But I would close any card that costs you money.

Re: Toy Card Close Out

creditnocash — Fri, 26 Sep 2014 22:35:51 GMT

if they have no fees, i would just sock drawer them personally.

otherwise if you feel like you would never use them again, they still report ok for 10 years before falling off. you would just be losing the available credit, which you don't seem to have a problem with.

Re: Toy Card Close Out

Firehorse — Fri, 26 Sep 2014 23:53:55 GMT

Well one thing I was thinking... CLIs with Comenity don't get reported unless you buy something. Not really into these cards to buy something. LOL

But other than that, my thought was it affecting me but being seen as having too many open accounts.

Re: Toy Card Close Out

CreditDunce — Sat, 27 Sep 2014 00:18:06 GMT

@Firehorse wrote:
Well one thing I was thinking... CLIs with Comenity don't get reported unless you buy something. Not really into these cards to buy something. LOL

But other than that, my thought was it affecting me but being seen as having too many open accounts.

Let's hope CA or Ron1 don't see this post... someone saying you can have too many cards.... smh...

Your FICO score is not hurt by too many accounts. Some lenders may not like if you have excessive credit available, but toy limits by definition don't hurt you much there. I don't know of any CCC's that care about the number of accounts you have open. Some may even completely ignore any store cards you have. None the less, a store card can help build your AAoA just as well as a Amex Black card (apart from the MSD thing).

I can't say I would have much use for a VS card, either. I guess I could find something at the bodyshop to buy. Or I would have to get a GF and make her an AU. I have no idea how I would use the Buckle card.

It will not help your credit score (and in the long term, may slightly hurt) to close the cards. But if the card is a hassle to manage, by all means close it. IMO, the Credit One account should have been closed as soon as you were approved for your first unsecured card.

Re: Toy Card Close Out

SunriseEarth — Sat, 27 Sep 2014 00:21:51 GMT

@CreditDunce wrote:
@Firehorse wrote:
Well one thing I was thinking... CLIs with Comenity don't get reported unless you buy something. Not really into these cards to buy something. LOL

But other than that, my thought was it affecting me but being seen as having too many open accounts.
Let's hope CA or Ron1 don't see this post... someone saying you can have too many cards.... smh...

Your FICO score is not hurt by too many accounts. Some lenders may not like if you have excessive credit available, but toy limits by definition don't hurt you much there. I don't know of any CCC's that care about the number of accounts you have open. Some may even completely ignore any store cards you have. None the less, a store card can help build your AAoA just as well as a Amex Black card (apart from the MSD thing).

I can't say I would have much use for a VS card, either. I guess I could find something at the bodyshop to buy. Or I would have to get a GF and make her an AU. I have no idea how I would use the Buckle card.

It will not help your credit score (and in the long term, may slightly hurt) to close the cards. But if the card is a hassle to manage, by all means close it. IMO, the Credit One account should have been closed as soon as you were approved for your first unsecured card.

I had to make that pink to match the card. Since I'm not a lady and am not buying VS products for a lady, I use mine at BBW. I just made a purchase last week, so I could get a balance to post and have my last CLI get reported to the CRAs. Anyway, the card really doesn't have much use to me. I really got it "just because"...probably not my best credit decision.

Re: Toy Card Close Out

jamie123 — Sat, 27 Sep 2014 00:42:08 GMT

I would suggest putting them in the sock drawer until a creditor closes them for non-use. You have absolutely nothing to gain by closing them now and it will look a little funny on any manual review that you have in the next ten years. They might wonder why you closed cards that were less than a year old. That doesn't look like stable use of credit behavior.

I mean you are still being nicked by the HPs you took to get them in the first place!

Re: Toy Card Close Out

Firehorse — Sat, 27 Sep 2014 00:46:16 GMT

Actually they were Comenity SPs shopping cart pre-approvals.

I was just thinking Barclays and their weird behavior might not like that I picked up a couple accounts right after them. Might ease their minds.

Well, I am gonna shut down Credit One for sure. No point having an AF on a card that's crap.

Re: Toy Card Close Out

jamesdwi — Sat, 27 Sep 2014 02:36:22 GMT

close credit one

think about keeping the comentity cards open, lately Comentity has been giving out luv when you hit the love button, even once a week or more is netting you a $200-$400 CLI for me anyway. getting CLI love helps with AP itch.

got another $1000+ in CLI's last night with my 5 commentiy cards.

Re: Toy Card Close Out

Anonymous — Sat, 27 Sep 2014 02:41:35 GMT

@jamie123 wrote:
I would suggest putting them in the sock drawer until a creditor closes them for non-use. You have absolutely nothing to gain by closing them now and it will look a little funny on any manual review that you have in the next ten years. They might wonder why you closed cards that were less than a year old. That doesn't look like stable use of credit behavior.

I mean you are still being nicked by the HPs you took to get them in the first place!

On toy CL store cards? I really doubt if any underwriter would care.

Re: Toy Card Close Out

Firehorse — Sat, 27 Sep 2014 02:43:56 GMT

LOL! I do that too. And I keep hitting the lurve button until I get the 7 to 10 day message.

But for a couple of the cards, there's nothing I want so that CLI never get posted.

Re: Toy Card Close Out

AvadaKedavra — Sat, 27 Sep 2014 03:22:40 GMT

Hey Firehorse,

I too am in the process of going through some toy limits and playing with the idea of closing them. Especially since I just got my NASA FCU with a 25,000 CL. As many have said, perhaps keep the Comenity cards open for the CLIs. Any with AFs, close. Your score won't be effected since they report for 10 years. And if in 10 years your AAoA becomes a problem (which I doubt it will from closing a couple of cards), just app for another AMEX and it'll boost back up.

Re: Toy Card Close Out

Ysettle4 — Sat, 27 Sep 2014 03:46:46 GMT

Close all the toy limit cards - except the VS card. Store cards add to the variety of credit.

Re: Toy Card Close Out

Firehorse — Sat, 27 Sep 2014 03:53:56 GMT

Well I was actually planning on keeping the JCrew and Express cards b/c I actually use those. And JCrew is $4450.

Is there something special about Victorias?

Re: Toy Card Close Out

Anonymous — Sat, 27 Sep 2014 06:27:14 GMT

@Firehorse wrote:
So with my recent Amex approval to help my AAoA. And my recect SFPCU Visa with a 5k limit for UTIL. I'm planning on closing these accounts opened 1/2014:

Credit One: $550, Buckles: $550, One Stop Plus: $550, Victoria's: $800

Can anyone think of any negative impact?

Thanks!

Yes, close them but keep open BOA and Express, see if they increase your limit to at least $10000 on each

Re: Toy Card Close Out

Ysettle4 — Sat, 27 Sep 2014 03:57:13 GMT

@Firehorse wrote:
Well I was actually planning on keeping the JCrew and Express cards b/c I actually use those. And JCrew is $4450.

Is there something special about Victorias?

Sorry, I overlooked that you had 2 other store cards which is why I suggested the VS card. No, nothing special about the VS card.