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Should I Close My Unused Accounts?

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Established Member

Re: Should I Close My Unused Accounts?

Are you kidding me? I'll take the Bloomingdale's and the Nordstrom, please. 

 

I'd do anything for a dept. store CC approval.

Katy
Message 11 of 15
Regular Contributor

Re: Should I Close My Unused Accounts?

Haha, I plan on keeping the Nordstrom, I love the lines they carry. But not so much of Bloomingdales, I would prefer to keep Nordstrom with either Neiman Marcus and/or Saks. 

Message 12 of 15
Moderator Emerita

Re: Should I Close My Unused Accounts?


@grigorexxxcore wrote:

Thank you for visiting! Here is a quick run through of my credit history.

 

I have 11 cards (HORRIBLE, I know).

 

My question is, does it fear lenders that I have that many open accounts? Do they really care?

 

If so, should I consider closing some? 

 

I applied for Discover and the gentlemen at recon. department told me to call back once my credit report shows my balances paid off (which they are now) so they can open an account with me.

 

I would just like my foot in the door with some prime cards so I don't bother with stupid First Premiere, Orchard, and all those loser ones, am I making the right choice of considering closing them? 

 

Some insight would be great!

 

American Express Zync - No Preset - 4 months.

Bank of America - Secured $300 - 4 months

Bloomingales - $300 - 1 year (Considering Closing?)

Capital One - $750 1 Year

Capital One - $500 4 months (Closing?)

Citi - $1,300 2 years

First Premier Bank - $350 1.5 years (Closing?)

Hooters - $500 6 months

Nordstrom - $2,500 1.5 years

Orchard Bank - $420 1.5 years (Closing?)

Wal*Mart - $500 4 Months (Closing?)

Wells Fargo - $700 4 Months

 

Thank you again!


For some folks, 11 cards is like a starting level, while for others, it's a nightmare.

 

As long as you keep aware of the long-term implications of closing cards, it's completely up to your own comfort level.

 

I'd definitely close any fee cards that aren't giving awesome rewards.

 

I can see closing the Bloomie's with the training-pants $300 CL, or especially if they're doing the same as Macy's and not even assigning a CL any more. Otherwise, I think we've figured out that having a store card doesn't do anything special for your credit (although if all you have is store cards, having a bank card definitely would help.)

 

The younger the card, the more sense it might make to close it. It's going to affect your AAoA as long as it's on your reports (generally 10 years after closing), but once it falls off, your AAoA might actually increase, depending on what had happened in the meantime.

 

In the end, I'd say get to where your cards don't make you crazy. They're just tools, so you should be able to regard them as there for your convenience, rather than as a slavering pack of wild animals needing constant attention.

 

If you haven't already, read fused's "Closing Credit Cards" linked below in my siggy.

 

 

edit: cna't splel

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 13 of 15
Super Contributor

Re: Should I Close My Unused Accounts?

We put too much emphasis on whether or not we should close an account.  If someone currently have an account that is 10 years old(given the fact that a closed account reports 10 additional years), and  they open an account  today that account will be 10 years old by the time  the old account is deleted.

 

 I don't understand what's the big deal.  The only reason I see one may be cautious about closing accounts is because they may want to continue apping for new cards for the next 10 years.   At some point, whether  someone's AAoAs is 6 years or 15 years, I don't see any additional points being gained due to the age of accounts.  There's a cut off point somewhere.  I wish Mr. Barry can tell us.   JMO

Message 14 of 15
Contributor

Re: Should I Close My Unused Accounts?

Pay Orchard off and call them right before the fee is due. Ask to waive the fee or you'll close it.  They'll definitely waive it. I've had no issues with them doing that. The only reason I even still have that one open is because it's not hurting me really to keep it open. The low CLI just blows.  


Starting Score: 08/01/2009 584
Current Score: 08/01/2011 EQ 684 EX (Lender Pull) 702 TU 712
Goal Score: 780+


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Message 15 of 15
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