Culling the Herd

[CA4Closure]

I called Chase this morning to cancel my Chase Freedom Unlimited. My reasons was low credit line ($2,500) that has not grown since I opened this card three years ago and high APR of 19.9%. No retention offer so Adios! FICO 840.

Capital One Platinum and Quicksilver. Capital One and I have been locking heads for the last 5 years. The Platinum card is the thorn. It has a $5 month fee but low APR of 9.9% Quicksilver has a $10,000 CL and the Platinum $6,500 which has not grown in 3 years and was sock drawered. So Capital One sends me a letter that they will be closing this account for non-use. Go head. I told them to close it three times and yet they don't! The problem though is my relationship with them is 20 years and another card I had with them that I closed affected my FICO by a -20 points. It took six months to recover from that closure. 

My FICO scores are 840, 838, 816 across all bureaus. My daily drivers are NFCU, Discover and Citi Costco because all three have given me $35,000, $37,000 and $27,000 CL respectively. Utilization less than 2%.

[M_Smart007]

Congrats!

[recoveringfrombk7]

Woot woot.  I am a huge fan of culling cards that are not in use.

[Anonymous]

What to do with the Barclay's Ring Master Card? We have read a lot about their style of lending and I have not used it because of my fear. Finally found I could close it using their online system (telephone is hopeless). Want to cull the herd as I can not use all the cards I have and to close one that is not going to get used seems to make sense? "To be or not to be that is the question?"

[Kforce]

I believe culling the herd is against the MyFico forum rules.

You have to just do it and not tell anyone.

[SouthJamaica]

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@CA4Closure wrote:

I called Chase this morning to cancel my Chase Freedom Unlimited. My reasons was low credit line ($2,500) that has not grown since I opened this card three years ago and high APR of 19.9%. No retention offer so Adios! FICO 840.

Capital One Platinum and Quicksilver. Capital One and I have been locking heads for the last 5 years. The Platinum card is the thorn. It has a $5 month fee but low APR of 9.9% Quicksilver has a $10,000 CL and the Platinum $6,500 which has not grown in 3 years and was sock drawered. So Capital One sends me a letter that they will be closing this account for non-use. Go head. I told them to close it three times and yet they don't! The problem though is my relationship with them is 20 years and another card I had with them that I closed affected my FICO by a -20 points. It took six months to recover from that closure. 

My FICO scores are 840, 838, 816 across all bureaus. My daily drivers are NFCU, Discover and Citi Costco because all three have given me $35,000, $37,000 and $27,000 CL respectively. Utilization less than 2%.

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I don't know why the closure of the card would cause you a point loss. A closed card continues to factor into your average age of accounts until it disappears from your reports, which is likely to be many years down the road.

[SouthJamaica]

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@Anonymous wrote:
What to do with the Barclay's Ring Master Card? We have read a lot about their style of lending and I have not used it because of my fear. Finally found I could close it using their online system (telephone is hopeless). Want to cull the herd as I can not use all the cards I have and to close one that is not going to get used seems to make sense? "To be or not to be that is the question?"

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No reason, in your case, to keep it open.

On the other hand there's no real harm in keeping it open.

[M_Smart007]

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@SouthJamaica wrote:

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@CA4Closure wrote:

I called Chase this morning to cancel my Chase Freedom Unlimited. My reasons was low credit line ($2,500) that has not grown since I opened this card three years ago and high APR of 19.9%. No retention offer so Adios! FICO 840.

Capital One Platinum and Quicksilver. Capital One and I have been locking heads for the last 5 years. The Platinum card is the thorn. It has a $5 month fee but low APR of 9.9% Quicksilver has a $10,000 CL and the Platinum $6,500 which has not grown in 3 years and was sock drawered. So Capital One sends me a letter that they will be closing this account for non-use. Go head. I told them to close it three times and yet they don't! The problem though is my relationship with them is 20 years and another card I had with them that I closed affected my FICO by a -20 points. It took six months to recover from that closure. 

My FICO scores are 840, 838, 816 across all bureaus. My daily drivers are NFCU, Discover and Citi Costco because all three have given me $35,000, $37,000 and $27,000 CL respectively. Utilization less than 2%.

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I don't know why the closure of the card would cause you a point loss. A closed card continues to factor into your average age of accounts until it disappears from your reports, which is likely to be many years down the road.

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closed with a (AF) balance or spike in utilization maybe?    .. just random thoughts.

[Anonymous]

The card is zero balance and I have to go out of my way to use it. Serves no purpose because of my not feeling comfortable with the lende'rs past activities.

As to utilization and AAoA and Oldest Account there would be no effect what so ever. Good points noted however. Also, just doing a close and "zip the lip" is a good policy

[Anonymous]

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@Kforce wrote:

I believe culling the herd is against the MyFico forum rules.

You have to just do it and not tell anyone.

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And then post some fake approvals in the approvals thread to show you a real team player.

What?  I thought everyone did that!