Closing Cards w/ Small Limits

[Anonymous]

Just to clarify on the Kohl’s card - it’s backed by CapOne and follows their corporate line of 6 months between CLIs. I tried at 3 months and was instantly turned down for not enough time. I hit the luv button one day past 6 months and got a bump from $300-700.

[Blackswizz750]

Well OP, if you had the cards at least one year and there is still no growth AND you don't use them for cash back or discounts, get rid of them. They should report for up to 10 years.

Just keep in mind in new cards to make sure you have a use for them.

[Anonymous]

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@Anonymous wrote:
Just to clarify on the Kohl’s card - it’s backed by CapOne and follows their corporate line of 6 months between CLIs. I tried at 3 months and was instantly turned down for not enough time. I hit the luv button one day past 6 months and got a bump from $300-700.

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Good to know! I don't shop there often, but all the discounts are worth keeping it to see how it grows.

[Anonymous]

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@Blackswizz750 wrote:
Well OP, if you had the cards at least one year and there is still no growth AND you don't use them for cash back or discounts, get rid of them. They should report for up to 10 years.

Just keep in mind in new cards to make sure you have a use for them.

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I've only had the Children's Place one for about 6 months. Should I keep it and see what happens? 

[Anonymous]

With the way Comenity is giving HPs for CLIs I would close every one of those cards.  I personally started my CC journey on the Comenity SCT but what really got me into big bank cards and limits was the Lowes card from Synchrony after it went to $25k (I no longer have that card).

My goal is to simplify down to 4 CCs with limits of $20k and above.  Currently I am at 9 CCs.  Two co-branded Comenity cards sit at around $12k and $13k but it's not worth risking a HP for a $1,500 CLI so these will be on the chopping block.  My goal is to work my newest Discover It until it reaches $20k (now sits at $11.5k) with SP increases.

Then I'd be left with AmEx Magnet $20k, Sam's Club MC $20k, NFCU Cash Rewards $22k, and Discover It (currently at $11.5k).

I started out with 12 Comenity cards.  Each time I called to cancel one it was easy peasy.  They didn't care and didn't try to retain my account.

[Anonymous]

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@Anonymous wrote:

With the way Comenity is giving HPs for CLIs I would close every one of those cards.  I personally started my CC journey on the Comenity SCT but what really got me into big bank cards and limits was the Lowes card from Synchrony after it went to $25k (I no longer have that card).

My goal is to simplify down to 4 CCs with limits of $20k and above.  Currently I am at 9 CCs.  Two co-branded Comenity cards sit at around $12k and $13k but it's not worth risking a HP for a $1,500 CLI so these will be on the chopping block.  My goal is to work my newest Discover It until it reaches $20k (now sits at $11.5k) with SP increases.

Then I'd be left with AmEx Magnet $20k, Sam's Club MC $20k, NFCU Cash Rewards $22k, and Discover It (currently at $11.5k).

I started out with 12 Comenity cards.  Each time I called to cancel one it was easy peasy.  They didn't care and didn't try to retain my account.

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I suppose since Comenity cards are so easy to get, they could easily replace my one closed account with two new ones lol. Synchrony refuses to approve me for anything. I think its because they pull from Experian and that score is at least 40 points lower than my TU and Equifax scores.