Close / Don't use CC

[Anonymous]

Exactly and no real rule but like the 5/24 rule as I'm at my max and wondered if I closed it would I be at 4/24

[Anonymous]

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@Anonymous wrote:
Exactly and no real rule but like the 5/24 rule as I'm at my max and wondered if I closed it would I be at 4/24

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I was told they were upgrading most accounts. Also the rule does not work like that, even if you close an account it is still counted in the 5/24. 

[Anonymous]

OP, do you typically carry balances (and if so at what utilization percentages) or do you PIF on all of your accounts every month?

If you don't carry balances and/or only have very small balances, closing several accounts will have zero impact on your aggregate utilization with respect to FICO scoring so there's really no harm in closing the accounts that you don't use or have no intention of using again.

One question though, you said in your OP that you don't like the Discover rotating categories.  Since there are so many rotating categories, I find it unlikely that you wouldn't find use for at least some of them... and at 5% CB in those categories it would be difficult for one of your other cards (I would think) to beat it.  That said, I'd keep Discover open and simply use it any time you want to make a purchase in a current 5% CB category... even if that only happens to be a handful of times per year.  Just my opinion here.

[Anonymous]

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@Anonymous wrote:

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One question though, you said in your OP that you don't like the Discover rotating categories.  Since there are so many rotating categories, I find it unlikely that you wouldn't find use for at least some of them... and at 5% CB in those categories it would be difficult for one of your other cards (I would think) to beat it.  That said, I'd keep Discover open and simply use it any time you want to make a purchase in a current 5% CB category... even if that only happens to be a handful of times per year.  Just my opinion here.

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I took OPs comment to mean that like the whole concept of rotating categories, rather than not liking the individual ones recently.   Some people just don't want the overhead of having to think "If it's 2Q this year, then....."  for a max of $45 a quarter over a 2% card (after the first year!)

[Anonymous]

I get that.  I guess I don't find it to be that much of a headache.  Quarterly isn't that bad.  Not like we're talking weekly/monthly or something that's too difficult to follow.  If it's a nuisance for him to follow, though, and results in him not using the card at all then I can understand closing it.  I do think it makes financial sense, however, to keep it open in the event of a possible spend (maybe large) in one of the rotating categories as it could yield some decent CB.

[mdd0214]

I close any accounts I don't think I need for the forseeable future. If you close those accounts, you'll see some fluctuation in scores, but it should open up more options if new cards attract your interest in a few months/years.

[Anonymous]

I would keep the walmart card for the rainy days. It's actually one of my favorite cards.... 

[Anonymous]

I think I read someone got Discover to change from the rotating category card to the It Chrome. Might be worth a try with the limit you have.

JCP has some kick a@@ deals for card members. Plus they are turning into an Amazon as far as CL goes. Went from $200 to $1700 to $500 in my first year. Not much of a
Score change either. I use my JCP card online because they have so much more there than in stores... appliances, electronics, furniture..... may want to keep this one and a bonus would be if they upgrade you to the MC.

The others I don't have much of any suggestions on. I do agree that closing is not a bad thing to do if you really never use it and just don't need it. I think everyone has their own reasons and methods on CC's... so what works for one doesn't for another. I just closed a couple store cards. I never used them. It was more of a PITA to make sure I did once a year because I didn't want a "Closed my credit grantor" on my reports for manual review purposes. Plus the only thing that really is effected by a closed card is utilization. AAoA is the same Closed or open as far as FICO goes.

GL with your decision. No bad answer in my opinion. Do what works for you.