Overstock & Boscov told me that if i do not use the cards they will close them, should i let them close the cards? I have Bank of America, Discover, Capitalone, Target, Macy"s, USA Bank, Fnbo..
Starting Score: 663
I forgot Amex, Merrick, Creditone.
@razzy116 wrote:Overstock & Boscov told me that if i do not use the cards they will close them, should i let them close the cards? I have Bank of America, Discover, Capitalone, Target, Macy"s, USA Bank, Fnbo..
You're not giving us much to work with, although I see you've added some info after your OP. Personally, I wouldn't let the bank close my cards; I'd do it myself if closing them was the decision I'd arrived at. When a bank closes a card, they can simultaneously reduce your credit limit, so it looks like you had less credit than you really did. Also, although remarks don't matter, I don't like seeing 'closed by creditor' on my reports! (Yes, this happened to me once, the whole works, along with the CL reduction.)
But making a decision really depends on various factors, including how important these cards are in your overall scheme of things. For example, how much credit do they add to your total credit? If it's a lot, then closing them can hurt you in several ways, including instantly raising your overall utilization percentage (if you're carrying any balances) and decreasing your total credit.
How old are they? Where do they fit in your overall credit age?
If you're sure you're never going to want/need those cards, keeping them and occasionally charging something you don't need doesn't make a lot of sense. But if they're cards that you can actually use for purchases you would've made anyway, then keeping them may be better.
Give us more info and it'll be easier to provide meaningful feedback!
I can attest to that they just closed my Overstock card without warning a few days ago so if you want to keep it go ahead and put a charge on it
