Closing Cards good Idea?

eddymvp · ‎08-12-2009

This year I have opened up 3 cards and two auto loans and I paid off two old car loans.

I have a total of 9 Cards and two with Annual Fee. I'm thinking of closing my Juniper and HSBC card because I have not received a CLI and I have an annual fee with HSBC.

Belows are the cards that I have. Is it a good idea to close them if i'm not using them?

Capital One - CL:$2000 opened: 1/2005 AF: $49 gets waive every year.

HSBC - CL: $1900 opened: 10/2007 AF: $79

DCU - CL: $5000 -opened: 10/2007

Juniper CL: $500 opened 4/2008

KAY Jewelry - CL: $3000 opened 4/2008 - inactive since 6/2008

JBR Robinson - CL: $3000 opened 4/2008 - inactive since 6/2008

Care Credit - CL: $3000 opened 6/2008

Home Depot - CL: $3000 opened 5/2009

Lowes - CL: $3000 Opened 6/2009

Chase/Amazon - CL: 1600 opened 7/2009

AUTO Loans

$6000 opened on 5/2009

$19000 opened on 7/2009

Previous Auto Loans

opened on 11/2007 $5000 closed on 7/2009 was for 24 months, closed it on 20 Months

opened on 6/2008 $4800 closed on 5/2009 was for 36 months ,closed it on 11 Months

Current score 678. I have not checked it since closed the last loan and opened up a new loan and a new Credit card.

Anonymous · ‎08-12-2009

Depends. I'd close the HSBC AF one if they won't remove it. Otherwise it doesn't hurt to close as long as you keep your spending @ a level where your util ratio isn't affected. To me it beats trying to manage more cards than I'll ever have a need for. And aleviates the possibility of an issuer closing them and another creditor possibly seeing a card was closed by the issuer and not you and then doing something adverse to the acct you have with them. These times are crazy right now. On the otherhand you are going to get tons of ppl here saying to keep them open. I've closed many accts over the yrs with no effect. But then I keep my util reasonable.

smallfry · ‎08-12-2009

You could close those two for sure. You have a lot of store cards there.

Anonymous · ‎08-12-2009

You need to call both of those issuers and negotiate your way out of the AF's. Your target should be a one year refund/credit. Anything better than that is a coup. Don't do any calling until the month before or the month when the AF posts. When met with resistance ask to be transferred to a "retention specialist". Do not threaten to close the account. This is a bad tactic. I do very well with AF removals and I have never once issued such a threat. Do not close the cards on that call. Tell them you will have to think about it. Once you are determined to close the account make a separate call to do it. That will give you one more shot at a refund.

Anonymous · ‎08-13-2009

I think you should close HSBC and Capital one since you have to pay waive for them.

eddymvp · ‎08-13-2009

I don't want to close Capital one because its my longest account and the AF gets waive every year.

Anonymous · ‎08-13-2009

I also have a cap one where they waive the A/F. This year they would not waive it but they upgraded me to a rewards cash back card. I am upset about the fee. It was an agreement (verbal) I had with cap one when I combined two cards. one with fee and one without. I am very disappointed in them for going back on their word. they are my oldest card. .....sigh................

PS: Eddy-- did they waive for you this year?

Message Edited by casinoannie97 on 08-13-2009 07:43 AM

nothingman02 · ‎08-13-2009

Id let them all be really. But if you really want to, id let Juniper be and if your gonna have your UTL in check, close out HSBC if they absolutely do not reduce or remove the AF.

eddymvp · ‎08-13-2009

@Anonymous wrote:
I also have a cap one where they waive the A/F. This year they would not waive it but they upgraded me to a rewards cash back card. I am upset about the fee. It was an agreement (verbal) I had with cap one when I combined two cards. one with fee and one without. I am very disappointed in them for going back on their word. they are my oldest card. .....sigh................

PS: Eddy-- did they waive for you this year?
Message Edited by casinoannie97 on 08-13-2009 07:43 AM

Hi Casino,

We are in the same situation, I combined two cards and I still have the annual fee and I keep telling them that I made a mistake when I combined them and I wanted to combine the one with fee to the non-fee. However I did not do that to keep the history on the one with the fee. They did wave the fee this year and they have done it three years in a row.

Anonymous · ‎08-14-2009

well they broke our agreement. but it's my oldest card so i have to pay my only a/f........sigh..................