Ok to Close out a card ?

[Anonymous]

Your credit profile is exceptional! Many good posts with suggestions. You just need to decide which works best for you.

[Anonymous]

My advice is: DO NOT close this 18K credit card! 

Why not?

1) Your available credit will drop to about half!!! You will have 9K +10K= 19K instead of 19K+18K= 37K your current total credit lines.

2) Your credit utilization will show twice as much-- for example: if you had a total of $2500 balance is one month from both cards, you have a utilization ratio of more than 13% versus 6% ot 7% if you kept your 19K card.

3) 3 positive credit cards is better than just 2. Also, it is at least 7 years old!

You do have excellent credit but, any account paid in full and closed will stop showing up in credit report usually after 7 years. I know, I paid my mortgage in full in 2008 and now my score went down since my report does not show I ever had that mortgage. Also, all my previous paid auto loans ceased to show up.

Final word: Use it to pay a little utility bill once in a while, set up an auto pay and leave it alone. It will help your credit in the long run.

Best of Luck!

[Anonymous]

---

@Anonymous wrote:

I would take the product change offered by Chase to the card that would best suit your needs. While it isn't really necessary to keep the card open from a scoring standpoint, it is a good idea to maintain some diversification in your card portfolio. One from Discover, one from Citi, and one from Chase fulfills that quite nicely.

---

I second this. If you ever want to do anything with Chase, I would try this.

Chase gets really crabby with you when you close one of their cards.

Plus, I would be thrilled to change my Chase Amazon to one of their products. Normally, they don't allow that. Very rare occasion.

[Open123]

Firstly, a relationship with Chase is more important than with most Issuers, in my view.  Chase tends to have some really excellent cards, high CLs, and some of the best perks/bonuses in the industry.

Secondly, if memory serves, in the past, Chase doesn't allow for PCs for the Amazon.  You can call them, and see if this has changed.

Finally, rather than closing the Amazon, I'd app for a card you may find more useful, then reallocate the Amazon's CL into your new account.

Good luck!

[Anonymous]

---

@Open123 wrote:

Firstly, a relationship with Chase is more important than with most Issuers, in my view.  Chase tends to have some really excellent cards, high CLs, and some of the best perks/bonuses in the industry.

Secondly, if memory serves, in the past, Chase doesn't allow for PCs for the Amazon.  You can call them, and see if this has changed.

Finally, rather than closing the Amazon, I'd app for a card you may find more useful, then reallocate the Amazon's CL into your new account.

Good luck!

---

They already offered that option to the OP.

[Anonymous]

Thanks again everyone. I called this AM and changed the card to a Freedom. They offered me a $100 bonus if I use it. I will just put Netflix on it each month. I don't have too much use for it but maybe someday Chase will offer a card I really want and will transfer it again. I will stick with 3 cards. I appreciate all the great advice.

[Anonymous]

That is an awesome plan! I'm sincerely happy for you! Keep up the great scores!

[Anonymous]

---

@Anonymous wrote:

Thanks again everyone. I called this AM and changed the card to a Freedom. They offered me a $100 bonus if I use it. I will just put Netflix on it each month. I don't have too much use for it but maybe someday Chase will offer a card I really want and will transfer it again. I will stick with 3 cards. I appreciate all the great advice.

---

Congrats on your decision!

Im in banking and I just did a Heloc for a customer that had only 1 credit card on his bureau and NOTHING else. His scores were 850 and he got the best rates no problem. His card was an Amex with an 11k limit. He typically spends a few thousand a month and always PIF. It was pretty impressive to me as I have been on this board a while and always believed you had to have 3 credit cards to optimize scoring. This instance blew that theory out of the water. I now believe that once I have a card with a bove a 10k limit and am able to pif each month I can close everything else and live simple and debt free for the most part. 

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

Thanks again everyone. I called this AM and changed the card to a Freedom. They offered me a $100 bonus if I use it. I will just put Netflix on it each month. I don't have too much use for it but maybe someday Chase will offer a card I really want and will transfer it again. I will stick with 3 cards. I appreciate all the great advice.

---

Congrats on your decision!

Im in banking and I just did a Heloc for a customer that had only 1 credit card on his bureau and NOTHING else. His scores were 850 and he got the best rates no problem. His card was an Amex with an 11k limit. He typically spends a few thousand a month and always PIF. It was pretty impressive to me as I have been on this board a while and always believed you had to have 3 credit cards to optimize scoring. This instance blew that theory out of the water. I now believe that once I have a card with a bove a 10k limit and am able to pif each month I can close everything else and live simple and debt free for the most part. 

---

No mortgage in his file?