Store card app spree - Damage control

[MyLoFICO]

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@takeshi74 wrote:

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I'd +1 the comment that closing isn't really going to help you score wise but, again, no point in keeping accounts that are of no use to you.  Go ahead and close whatever you don't need.  You're not going to be apping for anything in the near future anyway so short term scoring impact really doesn't matter.

That was my line of thinking too. 

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MyLoFICO wrote:Any harm in letting them age to closure by the creditor? 

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Doesn't matter.  You just have to make sure that you don't run up revolving utilization, pay late, etc and that you actively monitor all open accounts for fraud.

I check them weekly and actually cannot afford to run them up because I cannot afford the payments. So no worries there. 

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@MyLoFICO wrote:

Before I did that I would CLI my others to compensate for the loss in UTIL padding. I just realized I do have 3 MC’s and 2 Visa’s. Not prime mind you, but not store cards either.

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While revolvling utilization padding is nice, you can always pay down balances prior to report date.  However, again, you're not going to be apping for anything in the near future so obsessing over revolving utilization won't provide much meaningful benefit.  Just make sure you're paying every statement balance in full and keeping it under 30%.

Due to being able to afford to make the payments I am at 1% or under on all 3 CRA's (thanks to my tax return). I do use the MC's for the rewards but I pay them off. I rotate between them so they both get love. 

"Prime" does not matter and with that usage it's highly subjective anyway.  Stop worrying over "prime" and store cards.  Again, a revolver is a revolver unless you have consumer finance revolvers.

That is good to know because I like the Lowes, Amazon, and WM cards. Good limits for now and they are most likely to be used by me. 

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[MyLoFICO]

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@Anonymous wrote:
Lol. Well you have less than me and probably others on here.

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yeah I have seen some that make me thankful I only have 5-6 I want to trim away. 

[Anonymous]

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@Anonymous wrote:

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@MyLoFICO wrote:

They are all SD'd already. I use my QS1 for the bills so I get the CB and now my new secured Discover will be my daily card just so it sees usage. I actually cannot afford to use the others unless something happens like my washer or dryer goes out. Not yet anyway. My job is on shakey ground so I don't want to incur any CC debt that would hinder my regular bills being paid in the event I have to go on unemployment. 

I lost my way halfway through the spree and switched from cards I CAN use to cards I knew in the back of my mind I never will. I feel stupid but lesson learned. I guess I will let them age, I mean, it's not like they can do more damage, right? Any harm in letting them age to closure by the creditor? 

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Totally understand. Im in the same boat. I have pottery barn and walmart that I dont really want because I dont want too many store cards but the pull is already done and it helps pad my utilization so I have already cut them up and paid them off but not closed them since Im applying for a mortgage soon. Ugh I wish I had not got stuck on in store card land.

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There's some benefit to the Walmart store card.  It's good as Sams Club.  And you can print off a coupon that gives you deferred 0% interest for larger payments (and by "larger", I believe it's six months deferred starts at like $150.  With $150 to pay off over 6 months and a $25 minimum payment, it's almost impossible to screw that up and having to pay the deferred interest. (I haven't looked into it too deeply, but I think the deferred offers are only at Walmart itself)

Maybe not the best card in my wallet, but far from the worst.