cancel
Showing results for 
Search instead for 
Did you mean: 

Cleaning out the Garbage

tag
dodgeball
Established Contributor

Cleaning out the Garbage

I know that everybody says you shouldnt shut down lines of credit! But to be honest I cant stand having these toy limit cards or cards I just have no use for sitting around. So in the next week I will be closing my BofA account and Barclays, What are peoples thoughts on this.

NFCU Cash Rewards Siggy $22k, NFCU Flagship Rewards Siggy $22K, NFCU Platinum MC $20K, USAA Amex Rewards $6k, USAA World Mastercard Rewards $6k, NFCU Navcheck $15k

Other Cards - Citibank AAdvantage, Chase Slate, Barclays Rewards,


IN THE GARDEN UNTIL APRIL 2014

NFCU FAN CLUB MEMBER #1









Chase Star Card
NFCU FAN CLUB FAN#1
Message 1 of 17
16 REPLIES 16
chnceit
Valued Contributor

Re: Cleaning out the Garbage


@dodgeball wrote:

I know that everybody says you shouldnt shut down lines of credit! But to be honest I cant stand having these toy limit cards or cards I just have no use for sitting around. So in the next week I will be closing my BofA account and Barclays, What are peoples thoughts on this.


Honestly I kicked some of my cards to the curb and they didnt have AF's just they did not grow! So dont be afraid in closing some of them. You might lose some points and might not if your utilization is low and handle th loss limits then do it! 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 2 of 17
dodgeball
Established Contributor

Re: Cleaning out the Garbage

The way Im looking at it is the low limit cards are not growing and they dont allow for decent CL on new cards that have more potential thats what i think happend with chase and citi. Im betting after closing those two other cards in six months chase and citi will grow to the 5k mark.

NFCU Cash Rewards Siggy $22k, NFCU Flagship Rewards Siggy $22K, NFCU Platinum MC $20K, USAA Amex Rewards $6k, USAA World Mastercard Rewards $6k, NFCU Navcheck $15k

Other Cards - Citibank AAdvantage, Chase Slate, Barclays Rewards,


IN THE GARDEN UNTIL APRIL 2014

NFCU FAN CLUB MEMBER #1









Chase Star Card
NFCU FAN CLUB FAN#1
Message 3 of 17
LS2982
Mega Contributor

Re: Cleaning out the Garbage


@dodgeball wrote:

I know that everybody says you shouldnt shut down lines of credit! But to be honest I cant stand having these toy limit cards or cards I just have no use for sitting around. So in the next week I will be closing my BofA account and Barclays, What are peoples thoughts on this.


Its a personal preferance. If you don't use them and they are toy limits by all means cancel them. Personally I would just SD them if there is no AF for positive history but to each is own.

 




EQ FICO 548 3/3/16
Message 4 of 17
scenery_guy
Established Contributor

Re: Cleaning out the Garbage

Close them, you look good in your signature. Let those small lines drop, don't sweat the AAoA issues as they will be on your report for 10 more years. 

Message 5 of 17
Axa
New Contributor

Re: Cleaning out the Garbage

I agree with closing them. I talked to underwriting at BOA, both business and personal, they said that underwriters usually look to see if closed cards are an indication of a move forward in credit improvement. If you feel that this indicates on paper that it is a credit improvement, and it seems like you do, then close them.


TU 759, EX 744, EQ 779
Current Focus: Gardening indefinitely
Goals: 800 Club, pay off auto loan in 2 years
Message 6 of 17
CreditAce
New Contributor

Re: Cleaning out the Garbage

Awhile ago I closed several cards that I used to build my credit. The CLs were either too low to be useful or the rewards were nonexistent. In hindsight I wish I had left 1 or 2 of them open as they probably could be PCed - I had no knowledge of this site then. Just be sure that you will never use the card again before shutting it down.

Message 7 of 17
youngandcreditwrthy
Senior Contributor

Re: Cleaning out the Garbage

Low credit limit is the only reason to close an acct imo, aside from an af.
I closed $300 target and a $500 c1, and I am 100% against closing accts!
I dont think people realize how low limits really hurt their scores.
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 8 of 17
dodgeball
Established Contributor

Re: Cleaning out the Garbage

I went to close my Barclays card and walked away with a credit increase to 4k the min I would accpept to keep it open and a possible PC to the Priceline to keep it open. But the BofA card is gone

NFCU Cash Rewards Siggy $22k, NFCU Flagship Rewards Siggy $22K, NFCU Platinum MC $20K, USAA Amex Rewards $6k, USAA World Mastercard Rewards $6k, NFCU Navcheck $15k

Other Cards - Citibank AAdvantage, Chase Slate, Barclays Rewards,


IN THE GARDEN UNTIL APRIL 2014

NFCU FAN CLUB MEMBER #1









Chase Star Card
NFCU FAN CLUB FAN#1
Message 9 of 17
teddybearkelli1
Contributor

Re: Cleaning out the Garbage

If I may ask, how did you request a PC to the Priceline card. My Barclays card is number 8 on my chopping block, just closed 7 cards with fees and replaced with better, much higher limit cards. I called Barclays to see if they could merge my 2 Barclays accounts, and they said no, you can't change anything about the card and had offered to close when i expressed my displeasure with that. I told him I needed to maul it over. I've had both Barclays for 3 years and would love the Priceline in place of one of them.
FICO scores: 790 (EQ) 786 (EX) 796 (TU) |
My Wallet:NFCU CR Visa 24k, AMEX Delta Gd 18k, Walmart Discvr 12k, USAA Plat RA MC 13k, BECU Visa 13k, NFCU NR MC 10k, Sams Discvr 10k, Sportsmans Visa 11.5k, WF Plat Visa 10k, Paypal Extra MC 10k, BofA Fraternity MC 14k, Sams Credit 10k, USAA World MC 9k, Military Star 8.2k |BOA CR 8k |AMEX Evrdy 8k |Lowes 7.3k | Chase Military Star MC 16k, JCPenneys MC 7k, Discover IT 5k , Gymboree Visa 4.5k, Sears MC 4k, TJX MC 3.5k, ToysRUS MC 5k, Chase Amazon Visa 3k, Home Depot 3k, Citibank Simplicity 6.5k, Fred Meyers Visa 2.5k, Target 2k, Kohls 2k, ITunes Visa 5k, Macys 2k, Vystar CU Visa 5k
Message 10 of 17
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.