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Should I close these "store" cards?

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Valued Contributor

Should I close these "store" cards?

Rooms-To-Go (6K) - 10/2009

Dell Financial Services (3K) - 12/2009

Jared (10K) - 2/2010

CareCredit (3.7K) - 4/2011

 

The Jared card is my highest limit, but I have absolutely no use for it.  At the same time, I'm afraid of getting rejected for a card I actually want because of "too much available credit" (even though I can only use any of these cards in their respective stores).  What do you guys suggest?


Message 1 of 7
6 REPLIES 6
Frequent Contributor

Re: Should I close these "store" cards?

if there's no AF, keep 'em open.  the CLs will count towards utilization.  and unless you have a megaton amount of available credit vs. income, i think you're safe.


AmEx PRG (NPSL) | AmEx Costco ($8.2K) | AmEx Delta Gold ($19.3K) | AmEx BCE ($5K) | Chase United Explorer ($10K) | Chase Sapphire Preferred ($7.5K) | Chase Freedom ($8.2K) | Discover it ($3K) | Capital One Quicksilver ($2.5K) | PayPal Extras ($2.5K) | Lowes ($3.3K) | Walmart ($4.3K) | Amazon ($2.5K) | Restoration Hardware ($8.8K) | Crate & Barrel ($8.3K)
--
Homeowner since 05/29/13
Message 2 of 7
Valued Contributor

Re: Should I close these "store" cards?

How much available credit do you have? Income?

Message 3 of 7
Senior Contributor

Re: Should I close these "store" cards?


@thelethargicage wrote:

Rooms-To-Go (6K) - 10/2009

Dell Financial Services (3K) - 12/2009

Jared (10K) - 2/2010

CareCredit (3.7K) - 4/2011

 

The Jared card is my highest limit, but I have absolutely no use for it.  At the same time, I'm afraid of getting rejected for a card I actually want because of "too much available credit" (even though I can only use any of these cards in their respective stores).  What do you guys suggest?


I suggest closing any store cards that you have no need for in the future (2yrs or so) .   They still help you CR for 10 years.   And the "too much available credit" is sometimes an issue.

Message 4 of 7
Valued Contributor

Re: Should I close these "store" cards?

Available credit: 38.2K (unless you count my HELOC, in which case it's 64K)
Income: 88.8K


Message 5 of 7
Moderator Emerita

Re: Should I close these "store" cards?

Does $47.2k include the store cc's you are thinking about closing?
Message 6 of 7
Valued Contributor

Re: Should I close these "store" cards?

Yes, it does.

I made a mistake adding up my limits. It's actually 38.2K of available credit.


Message 7 of 7
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