To close or not to close

nursepower · ‎02-15-2017

My Sams store card was just paid in full with a limit of $5950. I don't anticipate using it anytime soon. Should I close it myself or wait for them to do it?

Thanks!

Creditplz · ‎02-15-2017

Do you plan on still having a Sams membership?. If you do it won't hurt to just leave it open and not use it.

AverageJoesCredit · ‎02-15-2017

If you plan not to ever use it or care for it you vould be proactive and close it. Also the option to use it for utilization. If you just made a nice payment, now would be a great time to call and ask for a cli if thats something youd want

nursepower · ‎02-15-2017

It's only the store card and my membership has expired. I have not renewed it. However the utilitzation would help as I'm trying to pay down my massive credit card debt.

Anonymous · ‎02-15-2017

Then keep it for now until you have more wiggle room on your other cards to afford the utilization loss from closing it. If they close it in the mean time, oh well.

Anonymous · ‎02-15-2017

I have a Sam's Club MC. I was under the impression that if your membership expired the card is no longer valid. Don't have any clue why your store card would still be valid.

austinguy907 · ‎02-15-2017

Well, leaving it dormant shouldn't be an issue for about 23 months and then they'll close it for non-use.

Anonymous · ‎02-16-2017

@nursepower wrote:
My Sams store card was just paid in full with a limit of $5950. I don't anticipate using it anytime soon. Should I close it myself or wait for them to do it?

Thanks!

If they close it for inactivity that does get noted on your CR which could look less-than-stellar for the next 10 years. I agree with AJC on being proactive.

AverageJoesCredit · ‎02-16-2017

How long has your membership expired? If not long, reup another year that way youll have another year of at least considering keep it open to help with utilization.

kdm31091 · ‎02-16-2017

How many other cards do you have? What are their limits?

I wouldn't pay for membership just to keep a <$6k limit open unless it is one of only a few cards you have. I would just close it if it's not going to be useful to you, and go for CLIs on existing cards perhaps.