Closing Accounts

[dfwxjer]

Close the first 7 on your list, they're worthless, and then close anything from Credit One. Evaluate the rest based on your personal needs, but the ones I ID'd aren't worth your time. 

[NoMoreE46]

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@coldfusion wrote:

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@NoMoreE46 wrote:

Try  a CLI on the HD card which maybe especially handy now.  

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Just so that they understand that a CLI request on the Home Depot card will cost them an inquiry.

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Ooh my bad- thanks.  I thought HD would be a SP from Citi.

[Realist]

Age on each account?

Some to many are going to be worthless, but the age can matter.  But, since you own their availablity, it makes sense to utilize them to your benefit.

[coldfusion]

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@NoMoreE46 wrote:

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@coldfusion wrote:

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@NoMoreE46 wrote:

Try  a CLI on the HD card which maybe especially handy now.  

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Just so that they understand that a CLI request on the Home Depot card will cost them an inquiry.

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Ooh my bad- thanks.  I thought HD would be a SP from Citi.

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It's a mixed bag with cards issued through Citi Retail Services.  Some Retail Services cards like the ThankYou/SYW (former Sears Mastercards) and the DNSB (Macy's/Bloomingdale's) cards use soft pull CLIs  but others including the HD cards use hard pulls.

[Curious_George2]

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@SouthJamaica wrote:

I don't know of any scoring benefit to closing accounts.

But if there are any annual fees you might want to get rid of those accounts.

Or if the work of monitoring accounts is burdensome, you might want to drop some.

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This is a very small point, but I will mention it for completeness. Some FICO scoring models do impose a penalty for having too many tradelines. It is reason code 28, with the statement: "You have too few or too many credit accounts."  I have seen it on TU4 and TU BC4. (I don't know if it is used on any others.) I had 26 accounts (13 open, 13 closed) on my TU report at the time. Its effect on my scores was trivially small; perhaps only 1-3 points. 

[Nyrell]

I have to say....I am shocked by TransUnion. I accidentally closed my Synchrony Walgreens Mastercard account, which has a $2,000 balance. I asked Synchrony to close the "Credit Protection" feature, but they misinterpreted my request and closed the account. TransUnion raised my score by +105 points, stating the closure of that account as "a positive" thing to do. Huh?

[Vinjints]

Sounds like TU doesn't like Synchrony either.