Closing useless cards.

[missjae]

With all of my recent approvals, I decided some cards didn't make the "keep list".  Here's what I cut:

Bloomingdales

Samuels Jewelers - never used it in the last two years, but did get a CLI

Banana Republic - have a Gap card that's older than this one

J. Crew

Walmart #2

Dillard's - Can't get a CLI and shop there 2x/yr max

Capital One #3 (Old Orchard)

Still have Macy's, Boscov's & Target, but have to talk to  representatives.

I closed most of them because I don't use them, trying to use them to keep them active would be a pain, and these cards were just some of 30+ open TL's I have.  I got most of these cards when I couldn't get major bank cards, hoped for upgrades which never happened, and so on.  It feels good and is almost addicting, similar to that approval feeling.

When I called Target, I got a rep who asked why I wanted to close them.  I told her that a $300 limit was useless.  Then she tells me there are special reps that close accounts and they won't be in till 7am central....so I'll spend my lunch break closing the other cards that I need to speak to a rep for.  Then I will go through my cards once again, get rid of any other dead weight and sit back and enjoy my recent credit success!

Thanks for listening to my rambling.  

[Anonymous]

nice! debating on cloaing a few of my store cards also. like you said, spending on them just to keep them active is more trouble than its worth. sometimes you know what cards arent gonna do much for you.

[RockinRay]

I always close accounts that are no longer of use to me.

This way, you no longer need to worry about "using" the card as well as keeping track of it.

[azguy13]

If you don't mind me asking, what was the total CL you deleted? A lot of times I see those cards they are generally around $300-$500 each. I used to advocate leaving cards with no AF open but I since since changed my stance. I feel like store cards that you need to spend on to keep open with lower CLs arent worth it. Especially if you have prime cards. 

Besides, the closed TLs will stay on your CR for 10 years anyways so it is not hurting your Fico AAoA. Keep in mind, if you follow CK, that they will no longer factor in these closed accounts into your AAoA. Thats ok though because its not like lenders pull your CK score anyways

[missjae]

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@azguy13 wrote:

If you don't mind me asking, what was the total CL you deleted? A lot of times I see those cards they are generally around $300-$500 each. I used to advocate leaving cards with no AF open but I since since changed my stance. I feel like store cards that you need to spend on to keep open with lower CLs arent worth it. Especially if you have prime cards. 

Besides, the closed TLs will stay on your CR for 10 years anyways so it is not hurting your Fico AAoA. Keep in mind, if you follow CK, that they will no longer factor in these closed accounts into your AAoA. Thats ok though because its not like lenders pull your CK score anyways

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Bloomingdales $1200

Samuels Jewelers $1200

Banana Republic$900

J. Crew $1200

Walmart #2 $1000

Dillard's $300

Capital One $500

Boscov's $500

Lane Bryant $650 or $1000 can't remember

The Children's Place $500

Pier 1 $1500

Somewhere around $9000 or slightly less.

It adds up to a small amount of credit compared to what I gained recently.  I got $10.5k from Chase and that's when I decided to close cards.  I've opened other accounts between July and now as well.

I agree with you wholeheartedly.  The time spent requesting increases and fighting with companies was no longer worth it.  I rather garden the better cards I have.  I'd like to think closing cards helped me when I asked for a CLI from Discover.  The analyst asked about my inquiries and I let her know that I was seeking better cards with rewards.  I also let her know that I closed out smaller lines...she gave me the increase I asked for.  If closing cards didn't help that, it will help my peace of mind.   I only got them when I couldn't get better credit anyhow.

ETA and yes, CK sucks.  My scores are very low, the home insurance and auto insurance scores took a huge dive and never recovered....I look at it to detect changes.  I can't stand that it only updates one a week, but I guess I get what I pay for...

[missjae]

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@Anonymous wrote:
nice! debating on cloaing a few of my store cards also. like you said, spending on them just to keep them active is more trouble than its worth. sometimes you know what cards arent gonna do much for you.

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+1.  Looking at my usage on the cards over the past year, I discovered I wasn't using them at all.  I freed up a lot of space in the wallet where I keep cards I'm not using.

[09Lexie]

Sometimes you have to shed some deadweight. Good for you.

[missjae]

Thank you Lexie! I feel so much lighter now

[KaratePixie]

I'd like to do this as well but I'm afraid of the hit my Ficos will take from closing the useless cards I have.  Recently, my Macy's card was closed and that had been my longest account, but I forgot I had it.  I've got several store cards I don't use that I could probably close but, I wonder what the fallout would be?  Should I just left them fall off on their own like Macy's did?  

Suz

[Anonymous]

That's what's up!  You are in a better credit space - time to clean out and continue to rise up.  Good for you!!