What Cards Should I Close?

[DI]

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@smc733 wrote:

Close the Sears Citi, leave the Platinum Select.

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Yes, Sears is the next card I should close. Sears card doesn't offer any type of purchase assurance protection.  That was something  I needed when my bike got stolen weeks after buying it.  Sears got to go!!

[Anonymous]

Don;t close any.  Rotate 'em!

[Anonymous]

Eleven (did I count correctly) can be a pain to manage and rotate.  Some folks like to do that, other folks prefer not to have so many. 

IMO, it's a good idea to close some cards.

FICO reason code #4 is "Too many bank or national revolving accounts"  These accounts do not need to have balances reporting to impact scores.

A while back one poster got this reason code when he had six open bank/national revolvers.

Keeping it simple has a lot of potential advantages.

[DI]

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@Anonymous wrote:

Eleven (did I count correctly) can be a pain to manage and rotate.  Some folks like to do that, other folks prefer not to have so many. 

IMO, it's a good idea to close some cards.

FICO reason code #4 is "Too many bank or national revolving accounts"  These accounts do not need to have balances reporting to impact scores.

A while back one poster got this reason code when he had six open bank/national revolvers.

Keeping it simple has a lot of potential advantages.

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Thanks for letting me know that.  How many is too many?  Does code #4 really affect people from getting approved?   Reading articles about people collecting  many credit cards make it seems like it doesn't.   I now have a total 12 accounts due to a recent approval with USAA.   I  already closed my US Bank card.   I have two more cards to close. 

[Anonymous]

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@DI wrote:

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@Anonymous wrote:

Eleven (did I count correctly) can be a pain to manage and rotate.  Some folks like to do that, other folks prefer not to have so many. 

IMO, it's a good idea to close some cards.

FICO reason code #4 is "Too many bank or national revolving accounts"  These accounts do not need to have balances reporting to impact scores.

A while back one poster got this reason code when he had six open bank/national revolvers.

Keeping it simple has a lot of potential advantages.

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Thanks for letting me know that.  How many is too many?  Does code #4 really affect people from getting approved?   Reading articles about people collecting  many credit cards make it seems like it doesn't.   I now have a total 12 accounts due to a recent approval with USAA.   I  already closed my US Bank card.   I have two more cards to close. 

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Well, we know that reason codes affect FICO scores.  And I suppose each cc issuer has their own policies.   IIRC, the poster I mentioned had some AA - account closure or CLD.  But times are not so tight right now.  Just a heads up on what FICO is looking at.

[DI]

Thanks!

[DI]

I closed my second card today.  I went with closing the Sears Citi card.  The IVR system closed it without my having to talk to anyone. So far, US Bank Kroger and Sears Citi cards are gone.  I submitted a request with the CRAs to investigate the closing of my accounts( at my request) for a speedy update. 

[Anonymous]

On the dispute thing, you may or may not find that it speeds things up.

I had disputed a balance on a card on one CRA, but not the other two.  The other two actually updated in a timely manner, and the dispute slowed things down by several additional weeks.

Did you have to send in your ID to Equifax in order for them to process your dispute?

Did you dispute TU online or by snail mail?

[DI]

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@Anonymous wrote:

On the dispute thing, you may or may not find that it speeds things up.

I had disputed a balance on a card on one CRA, but not the other two.  The other two actually updated in a timely manner, and the dispute slowed things down by several additional weeks.

Did you have to send in your ID to Equifax in order for them to process your dispute?

Did you dispute TU online or by snail mail?

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I do this all the time when I close accounts and have no problems.  I disputed via each CRAs website.  Took less than 10 seconds for each dispute.   ID with Equifax? I've never heard of having to have an ID to dispute.  You must use ID patrol or something.

[Anonymous]

Nope.