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Closing Rebuilder Cards

ElleCee
Established Member

Closing Rebuilder Cards

Hey everyone!

 

Was just wondering how do you know when it's time to close your rebuilders? I have a few with smaller limits. I have them paid off and want to know if I should close them. How many Preferred accounts should I have before closing? I know there are multiple factors but I'm kinda lost. I've read some articles and posts but they are dated back to 2014.

 

I appreciate you, in advance. 

Message 1 of 10
9 REPLIES 9
FinStar
Moderator

Re: Closing Rebuilder Cards

Can you list what you currently have, accounts-wise?  Also, what limits and the age of each of the accounts?

Message 2 of 10
ElleCee
Established Member

Re: Closing Rebuilder Cards

Discover (1000) 04/14/2020
Langley Platinum Select (500) 04/06/2020

PayPal (750) 12/10/2019

 

Store cards:
Ulta (500) 11/11/2020

Children’s Place (500) 10/25/2020

Target (600) 12/03/2019

Kohl’s (750) 01/11/2017

Nordstrom (300) 01/09/2017

 

Cards with AF:

Merrick (1300) 01/07/2020

Mission Lane (500) 11/09/2020

Credit One (550) 10/15/2019

Indigo (300) 12/10/2020


Other:

Capital One Spark Business (1000)

 

BK 7 discharged in 09/2019


I am not married to any card. I'll do whatever I need to.

Message 3 of 10
ImTheDevil
Community Leader
Senior Contributor

Re: Closing Rebuilder Cards


@ElleCee wrote:

Discover (1000) 04/14/2020
Langley Platinum Select (500) 04/06/2020

PayPal (750) 12/10/2019

 

Store cards:
Ulta (500) 11/11/2020

Children’s Place (500) 10/25/2020

Target (600) 12/03/2019

Kohl’s (750) 01/11/2017

Nordstrom (300) 01/09/2017

 

Cards with AF:

Merrick (1300) 01/07/2020

Mission Lane (500) 11/09/2020

Credit One (550) 10/15/2019

Indigo (300) 12/10/2020


Other:

Capital One Spark Business (1000)

 

BK 7 discharged in 09/2019


I am not married to any card. I'll do whatever I need to.


Keep the top three, the majors. I'd keep Spark too. As for store cards, which do you use regularly and reward you? I have Target and Kohl's and would personally hold onto them as they offer a lot for frequent shoppers. The others have lesser rewards abs you'd probably make out fine using Disco for them and getting cash back on those purchases. On the starter cards, Indigo has been outgrown and isn't worth their fees. If Credit One has an annual or monthly fee I'd dump it too (if monthly, watch the account after it's closed for another installment of the monthly fee and any trailing interest). Merrick has a useful limit so it may be worth keeping. Not sure Mission Lane has any real purpose either.

 

How you go about it depends on how many balances you're carrying and how high. If you have significant usage of your total lines, pay them down first so you don't take a scoring hit when you reduce your overall credit lines.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy Platinum | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





TCL $112,400 | Agg. Util under 10%
Message 4 of 10
ElleCee
Established Member

Re: Closing Rebuilder Cards

I appreciate this.

 

All my cards have zero balance right now bc I've paid them all off to prepare for my next moves.

 

I am trying to make some gains. I can't seem to get to 700. I've been teetering around 660.

Message 5 of 10
notmyrealname23
Established Contributor

Re: Closing Rebuilder Cards

It was pretty easy for me. The AF for the OpenSky Secured with $500 limit/deposit didn't make sense once I could get better cards with no AF and no security deposit. IMO once you can get no AF cards that give awards it's time to kick the rebuilders with AFs to the curb, they've done their job.

 

I just kicked a bucketed CapitalOne card (started as Platinum, ended as QS) to the curb because C1 doesn't combine limits, nor are you allowed to have lots of cards through them. I may streamline some more as I go along since I have cards that are dominated (as an example, my Petal2 is at 1.5% cashback and thus loses to a number of 2% cards in my wallet, though it's right now my oldest card, so I want to age some different cards I view as keepers + add some CL cushion on my keepers before it gets 86'ed.)

First Tech FCU Choice Rewards World MC 35k
Fidelity VISA Signature 11.5k
Capital One VentureOne 11k
Amex Gold NPSL
Amex Green NPSL
SoFi MC World Elite 8k
PayPal Synchrony MC 6.4k
AMEX Hilton Aspire 6.2k
Petal2 VISA 6k
DiscoverIt Cashback 5k
Amazon/Synchrony 5k
Hotels.com 5k
AMEX Marriott Bonvoy Brilliant 3.1k
Apple Card 3k
Cathay Pacific/Synchrony 2.5k
AMEX Hilton 1k
Target 800
Ch 13 filed 12/13 discharged as paid 1/19
Message 6 of 10
ElleCee
Established Member

Re: Closing Rebuilder Cards

Does it matter if I close them all at one time? They are paid off. I'm just waiting for the balance to reflect zero on the account. 

Message 7 of 10
ImTheDevil
Community Leader
Senior Contributor

Re: Closing Rebuilder Cards

Just for the sake of not shocking other lenders, I'd close one per month. Ultimately the result is the same but a measured approach is usually best in anything credit-related.



Platinum NPSL | Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | FNBO Prime Visa | PenFed PCR | Navy Platinum | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | Key Bank auto loan (2017 Audi A6 Premium Plus S-Line)





TCL $112,400 | Agg. Util under 10%
Message 8 of 10
GApeachy
Super Contributor

Re: Closing Rebuilder Cards

Hi @ElleCee Have you requested a cli on Ulta or The Children's Place?  Comenity cards can grow like weeds.  Every couple to few months (ymmv) you can request a sp increase.  If you haven't requested yet, you can...it's been long enough.  You can do it online dashboard.

 


"My Take Home Pay Don't Take Me Home"
Message 9 of 10
ElleCee
Established Member

Re: Closing Rebuilder Cards

Hi @GApeachy !

No, I hadn't requested any CLI. I feel like maybe I should do that first on the cards that I'm going to keep and then start closing things off gradually.

 

 Thank you for the reminder. I had tried earlier on and they kept saying no so I stopped. I think that was a while the cards were still fresh. 

Message 10 of 10
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