To close or not to close

[Anonymous]

Regarding Brammy's:  "excessive-carditis"  (love that!!!)

 I'm recovering from middling credit (too high utilization, two medical PIF collections) - Thanks to a bonus I've lowered my Util, and am interested in doing some 'weeding' myself:  I've lots and lots of low-limit cards. Right after my Util. got to below 10% I went on an app. spree. 

Would love to just keep a few of the new high ones and not have to worry about it.  I've got my first 'notice' on the 'why your score is what it is' that I have too many revolving accounts -- so, "Ouch!" ----

I don't need to make any more major purchases soon - maybe I should just close a whole bunch and take the hit one time?

(Has me concerned that the hit would make the new issuers nervous and then limit or cancel my new cards).... Hmmmmmmmm......

Sovi

[Anonymous]

Oops proabaly shoulda made this clearer.  This card does give 2% back on gas, groceries and dining out, and 4% on BB purchases.  This is about the limit for what I use the card for with the paltry limit. I just don't like AFs.  I use the store card for 0 percent on major purchases (and rewards) but for things like gas groceries, dining out, video games and mp3 players, I use this one in BB.

Message Edited by Brammy on 03-19-2008 02:12 PM

[haulingthescoreup]

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@Anonymous wrote:

Oops proabaly shoulda made this clearer.  This card does give 2% back on gas, groceries and dining out, and 4% on BB purchases.  This is about the limit for what I use the card for with the paltry limit. I just don't like AFs.  I use the store card for 0 percent on major purchases (and rewards) but for things like gas groceries, dining out, video games and mp3 players, I use this one in BB.

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My Borders card is similar --3 points in Borders, etc, 2 points for restaurants and "dining", and 1 for everything else. PenFed gas is 5% cashback on gas, 2% on groceries, and 1.25% on everything else. The USAA cards are 1 point for everything across the board. Discover More is up to something this month, can't remember what. BofA is BT's and out of the picture, thank God. Home Depot and Barnes & Noble are store cards only. J.Crew and Seras MC can rot in heck.

Looking forward to when the culling can start, 2 years after last baddies on J.Crew and Sears, and when the BT is paid off. In the meantime, I'm going to have to get up an extra 15 minutes early just to figure out which card might get used for what each day.

[USC08]

Do the subprime/prime CCC's send a confirmation letter after closing the card???

[Anonymous]

I closed on phone.  never got a letter but made sure to check my cr to see if it said closed by consumer.

[Anonymous]

I'd keep it. You said yourself the annual fee was basically washed out, more or less, by the rewards you got for using it. That means the card is FICO-friendly and financially neutral.