US Bank Card Decision

[CreditMagic7]

This is been weighing heavier on me than it really should i guess but here is why.

I welcome some input and shared decisions to your own experiences so this is what i have.

Am seriously considering closing the FlexPerk Amex which is the oldest open card account to date.

It was first approved as a $2K Platinum back in 2013 via mail preapproval and remained that same limit until 2015 where when i called in to ask if they had any offers, the suggestion was to PC to what it is now. Upon completion of the PC they surprised with an auto-cli SP to bring it to $3K. Last year it was SP CLI again by requesting a 1.5K increase which was approved for the current limit that now stands at $4.5K

This card has seen routine usage on occasional months and well within low utility and always PIF with the APR still always remaining at 18.99%.

I tried several times for APR Reduction at least over the years but i suppose that particular card/account is in a static fixed rate they intend to keep it at.

What would you do? This was what you can call my builder card because other lenders swooped in with their own offers and quickly surpassed it after about a year.

I only been holding onto it for the History Ratio since being the oldest open card but i find no confidence or reason to keep it anymore and they surely have proven they have no interest in competing with all the other lines now well groomed and still growing with better APR Rates as well.

What would you do?

They statement cut on the 30th of the month according to the CRA reports so i feel like it's reached it's apex and like to close it out and be done.

I have absolutely nothing negative to say about US Bank because they have stuck like glue during any and all other aggressive credit runs for other cards and they never bat an eye.

So what do you think?

[SunriseEarth]

If there are no fees associated with keeping the CC open, why not SD it?

[Anonymous]

I would close it if you no longer have use for it. As you know, it says on our reports for 10 years. Once less card to worry about if closed.

[Chris679]

---

@CreditMagic7 wrote:

This is been weighing heavier on me than it really should i guess but here is why.

I welcome some input and shared decisions to your own experiences so this is what i have.

Am seriously considering closing the FlexPerk Amex which is the oldest open card account to date.

It was first approved as a $2K Platinum back in 2013 via mail preapproval and remained that same limit until 2015 where when i called in to ask if they had any offers, the suggestion was to PC to what it is now. Upon completion of the PC they surprised with an auto-cli SP to bring it to $3K. Last year it was SP CLI again by requesting a 1.5K increase which was approved for the current limit that now stands at $4.5K

This card has seen routine usage on occasional months and well within low utility and always PIF with the APR still always remaining at 18.99%.

I tried several times for APR Reduction at least over the years but i suppose that particular card/account is in a static fixed rate they intend to keep it at.

What would you do? This was what you can call my builder card because other lenders swooped in with their own offers and quickly surpassed it after about a year.

I only been holding onto it for the History Ratio since being the oldest open card but i find no confidence or reason to keep it anymore and they surely have proven they have no interest in competing with all the other lines now well groomed and still growing with better APR Rates as well.

What would you do?

They statement cut on the 30th of the month according to the CRA reports so i feel like it's reached it's apex and like to close it out and be done.

I have absolutely nothing negative to say about US Bank because they have stuck like glue during any and all other aggressive credit runs for other cards and they never bat an eye.

So what do you think?

---

I'll tell you exactly what I would do.  Last Jan. I opened Chase Mariott and they gave me a SL of $22k, not only my largest ever SL but also my largest CL as well.  A bit later I noticed the luv button sitting there on my oldest card, Cap One QS with a limit of $6k.  I pulled the trigger and for the first time in 5 years or so they approved it! Finally my lowest limit was going to be bumped up closer to what my entitled ass feels I deserve. No more of this petty $6000, it is so beneath me I thought.  

It was a $400 increase.  

Not a typo.  

Up from $6000 all the way to $6400.  

What did I do?  Thought about closing it just like you but then I just laughed.  I never use the card anyway and if I never use the card why should they give me a big limit?  If I never use the card why do I care what the limit is?  Believe me, I love playing the game of growing the CL for no reason and getting APR lowered for no reason but there is a line.  When you are thinking about closing one of your oldest cards just because of the credit limit I think that's where you have reached that line.  

Who cares?

[Anonymous]

My experience with US Bank has been good but, they are conservative and are fixed on Aprs (inflexible on change). As to credit limit increases the $1,500 SP used to work. Found them to be generous on account opening limits starting at $8K or greater. That said, seems I see results are quite mixed on them. Would you be better off seeking a new card with them and hoping for a higher initial CL and Apr .... no clue. They AR me last May 2016 and reduced my credit by $10K ... reason they had issued too much in relation to my profile and income. Soo ... what to say?

[Themanwhocan]

Call them and ask if the card is eligible to be changed to a Cash+. If not, ask to speak with one of the underwriters so you can ask for your account to be reviewed to see if a Cash+ can be granted.

Once the card is a Cash+, submit a CLI request either online for $7500 increase, or call to submit an even larger request. If it was me, I'd call and ask to have the card increased to $15K (a $11.5k increase). It will take a HP but you will likely get a hefty increase. This will make your oldest card usable again.

[AverageJoesCredit]

Im the low man on the totam pole but if it were mine, id just keep.it. 4.5k may not be much to some but its still a nice limit and if it is not causing problems well id just let the little guy slumber. You never know when as suggested you may be able to pc it or heaven forbid, the bank comes out with a new cc you might like. But in the end if you feel its reached its usefulness, by all means give the little guy hidcwalking papets Luck with your decision CM

[kdm31091]

You have plenty of other cards, so if the card isn't that useful to you, just close it and move on. It sounds like you aren't using it much. Would a higher limit really change that? If not, why waste a pull on an increase? If the product just isn't suitable I'd close or PC it.

[Chris679]

---

@AverageJoesCredit wrote:
Im the low man on the totam pole but if it were mine, id just keep.it. 4.5k may not be much to some but its still a nice limit and if it is not causing problems well id just let the little guy slumber. You never know when as suggested you may be able to pc it or heaven forbid, the bank comes out with a new cc you might like. But in the end if you feel its reached its usefulness, by all means give the little guy hidcwalking papets Luck with your decision CM

---

This is why I don't close cards. They come out with new ones all the time. Cap One QS, Discover It, BoA 123, Chase Freedom, Citi DC are all cards I have that started out as other products.

[kdm31091]

As much as I favor closing useless cards, I see the point above as very valid too. Realistically we all love chasing limits and APR reductions but you don't use the card much so in practical terms does it really matter?