Closure

[Anonymous]

So far this year I’ve closed Fingerhut which had a year plus history and The Children’s Place Card which was 8 months old. As of now I’m looking to close my Barclay RMC (7 months old) and Victoria Secret (7 months old). I know the closures won’t affect my AAOA for some time and my utilization is quite low. So my question is..... would creditors be alarmed if I close this many accounts in a short period of time? Thanks in advance!

[Anonymous]

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@Anonymous wrote:

So far this year I’ve closed Fingerhut which had a year plus history and The Children’s Place Card which was 8 months old. As of now I’m looking to close my Barclay RMC (7 months old) and Victoria Secret (7 months old). I know the closures won’t affect my AAOA for some time and my utilization is quite low. So my question is..... would creditors be alarmed if I close this many accounts in a short period of time? Thanks in advance!

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No, Not at all. Especially because of the type of accounts

[Anonymous]

I'm assuming the reason you're not getting rid of CareCredit is because you have such a high limit with them?

Anyway, I don't think they will get spooked by you closing accounts. A little curious why you're canceling cards after such a short period of time though.

[Anonymous]

Those cards I wouldn't worry so much about.  They start getting crusty if you start closing cards right after you get a signup bonus, because then you get marked as a churner.

[Anonymous]

Fingerhut was used during my rebuilding phase; The Place Card had good perks on children’s clothing but became real annoying with such a low limit, every time I made a purchase I would have to make a payment immediately; I’d prefer to keep my Comentity exposure to a bare minimum which results in closing VS and keeping PPC and Newegg; Barclay’s RMC has become useless since I was approved for the Citi DC. As far as Care Credit, I was recently approved for it. With my daughter orthodontic work and my upcoming dental work this card is great for me; the high limit is just a perk. Ohhh and there interest free financing options are good, placed a 385.00 charge and was offered 18 months interest free. I’ve come to the point of wanting a limited to amount of cards that a useful for my needs.

[takeshi74]

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@Anonymous wrote:

So my question is..... would creditors be alarmed if I close this many accounts in a short period of time? Thanks in advance!

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The signiifcant impacts are to utilization and eventually AAoA.  Number of accounts by itself doesn't really mean anything.  A manual review might raise some eyebrows considering how new the accounts are that you're considering closing.

[Anonymous]

If you don't mind me asking what is your current limit on your Children's Place card? I just applied for the place card and was approved. It does offer a lot of great perks and with 5 little ones I am always shopping at the Childrens place and the discounts can really add up plus it's my first card with Citi. I was happy to get approved but sad about the initial Credit Limit. It is really low. Have you received any CLIs on it since you opened it? I also don't like the sticker you have to place on your card to get the extra 5% off. It worries me that it will fall off. I was thinking about going with Best Buy to get my foot in the door with Citi but I shop a lot at Childrens Place and knew that card would benefit me more but like I said I'm disappointed in the limit and read how hard CLIs are with Citi 

[Anonymous]

@take...After evaluating my credit profile I think I'm content with how far I've come and really need to stop opening lines. I graduate with my Bachelors in May 2016 and really want to open a halfway house in my area so I really need to play it smart.

@Creditqueen... I've had The Place Card since August with a starting line of 300. Hearing about the SP CLI after 6 months I decided to keep it open and at 7 months it still said a credit bureau will be pulled. I've called and chatted about a SP CLI to no avail. As far as the sticker on the card I didn't need to do that, I automatically received 5% off. I do think opening the card helped me get approved for the DC. At the time of approval I had new accounts and several inquiries, something CITI doesn't like.