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Mods,
Wasn't sure if this went here or in the Rebuilding Your Credit section, so please move if need be.
On an eariler post, I mentioned that I was just approved for 4 new cards and got an upgrade on another. All this has been part of my credit rebuild. Part of my rebuild was to do the SCT for a couple of Comenity cards about 6 months ago. I didn't go crazy and only got three:
West Elm: $2500 CL
Wayfair: $2000 CL
Venus: $250 CL
I've used them all to varying degrees and paid them all off. I'm going to keep West Elm and Wayfair, but should I close Venus? its of no use to me anymore and with my new CC's recently obtained and a couple of old ones I have $22,500 in CL with 15% utilization. So closing it won't affect my utilization too much.
I asked for a CLI on it and since I have a fraud alert they said it would be a HP, so I cancelled the request. Will it hurt my credit score significantly if I close this early? I could just wait for them to close it due to inactivity, but part of me just wants to get rid of it if it wont negtaively affect me.
Any thoughts would be appreciated.
Great! That's what I was hoping for. Appreciate the insight.
If you don't use a card, CLOSE IT. Your AAoA won't be impacted and you're better off without another card to manage. The only time I would keep a worthless card open was if my utilization was really high at the moment and the limit on the card was good.