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Looking to close store cards & NFCU Advice

Frequent Contributor

Looking to close store cards & NFCU Advice

I started my rebuild in June of 2016 and have obtained the following store cards since then:

-Kohls: $300 (opened 11/2016)

-Amazon: $3500 (opened 11/2016)

-Ulta Mastercard: $2000 (opened 12/2016)

-Walmart: $3500 (opened 11/2016)

-Belk: $5000 (opened 11/2016)

-Victoria Secret: $350 (opened 12/2016)

-My Jeweler Club: $5000 (opened 12/2016, AF)

-Forever 21: $350 (opened 12/2016)

-Fingerhut: $600 (opened 10/2016)


I do not use any of the above and all of them have a 0 balance. I now have NFCU, Amex, Discover, and Capital One CCs with acceptable limits and my util. is <1%. I was caught in the hype of APPROVALS and now I'd rather be free from all store cards. My total limits will go from $45,000 down to $25,050, which will suit me just fine. Thinking of keeping the Ulta card since it's a MC, although I don't use it. 1.) Do I stagger the closures or close all at once and be done with it? 2.) Would I see a score decrease if utilization is not an issue?

I would like to apply for a 2nd NFCU CC once the May 1st AR takes place, (have had 1st card 90 days, 3 statements, SL $14,300, balance $0). All of the above store cards report between the 1st-15th of every month. 3.) Should I immediately apply for a CLI on 1st NCFU card and then app for 2nd card before the closures hit or wait until after CRs show closed accounts or does it even matter?


And I have to add back in Nov. 2016, BBS advised me to stop obtaining store cards then, but nawl...I didn't listen. Now look at me! I thought the more, the better! Now, I realize more cards do not work for me. I prefer 5-6 major cards. Advice wanted!


Current FICO 8s: Ex 768, Tu 741, Eq 741
Current FICO 9s: Ex 775, Tu ?? Eq 781
Total TLs: $120,000
8 (30-60 day) mortgage lates and 2 (30 day) auto lates remain from Jan., Feb. 2016
Current Mortgage Ex. Fico 2 787
Message 1 of 6
Not applicable

Re: Looking to close store cards & NFCU Advice

The increase in utilization will affect your credit for sure.
Message 2 of 6
Not applicable

Re: Looking to close store cards & NFCU Advice

You can close them all at once.  Double check if you want to keep Amazon or something.  They are a big store and the limit can grow large and offer 0% APR.


You won't see a score drop if utilization isn't an issue.


About Navy, I haven't joined yet, so I'll let others advise.


In general though I'd close all low limit store cards you don't want.  If you want to keep a couple of the higher limit ones that could be useful, that is ok.


Very Good job on cleaning house Smiley Happy

Message 3 of 6
Senior Contributor

Re: Looking to close store cards & NFCU Advice

The OP's current balance is somewhere under $460. The decreased limits would cause utilization to "jump" to somewhere under 1.8%. I think that's doable. Smiley Happy


I'd probably close all the store cards at once after applying for the new NCFU card. But I'm far from the expert on that.

Message 4 of 6
Senior Contributor

Re: Looking to close store cards & NFCU Advice

Most ppl wait until they get a CLI on their first card then they go for the 2nd one with Navy , it's very important to make sure you not only have 90 days but also 3 statements have cut otherwise you will get hit with account too new denial
Message 5 of 6
Legendary Contributor

Re: Looking to close store cards & NFCU Advice

I understand wanting to close dead weight. For me though, youve only had the cards for like 5 months. You could just let them age abit and sd them . But the good thing is that they are only 5 months as well so if you close them theyll age of your reports together and youll only have to concern yourself with your big 4. Your Amazon and Walmart can grow like crazy but if they dont work for you, no sweat. We each must do whats right for ourselvesSmiley Happy.

As for Navy im not sure going for a second card after only having 1st for 3 months is the way to go but i could be wrong. Id shoot for the cli first and then in 3 months maybe shoot for the next Navy card. Of course i vould be wrong all together if they gave you 14k right off the bat they obviously like your profile. Best of luckSmiley Happy
Message 6 of 6
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