@Anonymous wrote:
@odd_dog wrote:I do understand why people on here would keep a useless credit card open BUT I prefer to close lines I am not using simply to negate any fraud, identity theft, unauthorized charges etc. Why leave that open for someone to take advantage of, especially when I hear "sock drawer it and forget it". Like don't check on the account until it becomes an issue with theft? I would rather close it then forget it.
Yes. While not always the case, I think as your file becomes very thick, this type of argument becomes more important than worrying about keeping cards open for age purposes, it simply matters less. (The other reasons people give for retention, such as the ability to one day PC to a good card, or it could denerf etc, still apply, but IMO were never that convincing)
This is kind of how I feel about these cards. My file is older and my credit limits are higher. Having these two low limit cards might not hurt my file but they sure aren't helping. What if creditors see my file and wonder why these two cards are so low and my SL isn't as high? That might be overthinking but I just feel their benefit isn't there anymore.
NFCU cash $25k | BofA Custom Cash $25k | Amex BCP $18k| Costco Anywhere $14.5k | Apple Card $5.25k | Cap One QS $4.5k | Sephora Visa $4k | Discover It $3.5k | Citi DC $3.5k | Citi AA Mile Up $3.1k | Chase Amazon $3k | Amex ED $3k | Chase IHG $3k | Chase Freedom Unlimited $2.5k | Chase Freedom $2.5k | Citi Rewards $2k | Last HP 8/16/22
@805orbust wrote:@Kennie02 I am BIG on closing cards you don't need. I just recently gave 3 of my cards the CHOP!! I used to wholeheartedly subscribe to the "if there's no annual fee, I sock-drawer it" but recently I'm just thinking I don't need any loose ends hanging out there, so I chopped them. The Slate is completely useless. With Chase you have to move the limit over while the card is still open, and they'll only allow you to take the Slate down to $500. The other $500 can be moved over, but you've got to leave $500 on the donor card. Ymmv of course, but I aint mad at ya. I can see the argument for keeping the Citi card, but its definitely not a must. If you think it should go, then dispense with it and keep moving forward!
Thanks for the info! I will definitely be closing the slate and moving over my limit.