What Credit Cards have you closed and Why?

[Anonymous]

---

@recoveringfrombk7 wrote:

I feel like the minority here, but I just have no interest keeping cards in the SD that do not serve a purpose.  The purpose can be small (building a relationship with a specific lender), but there has to be some reason for me to keep a card.  I charge around 2k/month and PIF, so I have more than enough CL for util padding.

---

Some of us non PIFers like to call this "purpose" utilization padding for BT purposes. 

[AverageJoesCredit]

---

@Anonymous wrote:

---

@AverageJoesCredit wrote:

Closed my Fingrrhut once i got better cards. Closed all my Comenity store cards since i didnt really need the uti padding plus once the Ex dumped me like yesterdays ..... what was i going to use a high apr Jewelery store card for? Lol

My biggest regerts though was closing my Penfed Promise and Chase Amazon too early ive been blacklisted from them ever since

---

What would qualify as too early for Chase? I plan to close my Chase FU once the 3% Cashback ends in 3mths for me and try to move the CL to my Chase Amazon instead.

I'm also planning on closing my Paypal 2% Cashback card as well. Already have the Citi DC and Penfed PCR with 2% so no real need for the Paypal card. 

---

Ime, just dont close it before the first year is up lol, less than 12 months old.  I still cant believe i closed it in first year and considering how hard it is to get a Chase card...lessons learned

[AverageJoesCredit]

---

@marcforza1 wrote:

I'm in the process of closing at least 2 (maybe 3) of my cards by the end of the year. Ever since I got the Discover IT, I felt that I don't need three 1.5% cards. Also, I want to lower my card count to 4 once I can get approved for the Amex Hilton Honors. So here's what I'm closing soon:

Quicksilver One- low limit card that doesn't grow and I don't have to worry about the AF. That will close by April 

Chase Slate- One of my older cards that I'm keeping around to eventually transfer the CL to my Freedom Unlimited. 

Shell Card- 10 cents off a gallon is nice but I can probably benefit more from a cashback car . 

---

I think we could all benefit from a cashback car

[Anonymous]

My profile is still so new that I haven't closed any cards yet. However, ultimately my goal is to get a couple more cards and when those accounts are established I'll start closing the following:

Kohl's CC: My first card, but only used a couple times since opening. Last use, one year ago.

Cap1 QS: Second card opened, but unfortunately a bucketed account.

Cap1 Walmart: Third card, however not going anywhere in terms of CLI's.

Guess I don't have much luck with Cap1 whereas others do.  Oh well, you live and you learn. 

[notmyrealname23]

OpenSky Secured @ 500: it'll never graduate, so cut once I had access to new cards post-Ch 13. Served its purpose to bridge to better cards, but once the unsecured no AF cards showed up it was toast.

FirstTech CU Secured @ 500: cut when I was told it could not graduate before my Ch 13 dropped off in late 2020-early 2021. 

This is while I had 30k in unsecured lines for BETTER CARDS (this card is < 1 cents cashback as gift cards, I had a 2 cent cashback card). Also the interest rate in the savings account was something like .2%. Lolwut? Bye Felicia. 

About to be cut: DiscoverIt Chome Secured @ 500: waiting for Cashback Match at the end of the month, then I torch it. For whatever reason Discover gave me a NEW unsecured line (5k) of DiscoverIt Cashback with Cashback Match instead of graduating this line. Mmmmkay, this makes no sense, but I'll roll with it.

Up next on the cut list:

Q1 2021:

Cathay Pacific from Synchrony (2.5k) This Card is good for a churn for the bonus but not a keeper. Mileage accumulation is too weak compared to other cards.

Q3 2021: Capital One Venture (10k)

If I have replaced this with a suitable premium travel card (Chase or Citi) this goes to a VentureOne and gets downplayed (though I can use it to pump points to Cathay or Avianca, the Cathay angle is important if I have a Chase card, not a Citi card)

[FICOnoob2020]

In the past eight months I have closed First Premier, First Premier Platinum, Milestone, Merrick, Surge, and Verve, for a total savings of $875 annually in fees.  I don't think any of them had an APR below 25% or provided any rewards.

[AverageJoesCredit]

---

@FICOnoob2020 wrote:

In the past eight months I have closed First Premier, First Premier Platinum, Milestone, Merrick, Surge, and Verve, for a total savings of $875 annually in fees.  I don't think any of them had an APR below 25% or provided any rewards.

---

Good foy you though id say if one were collecting the best of subprime lenders , yours would be a great lineup

Ps,,thats a joke, hope you get it, no offense meant

[FICOnoob2020]

None taken.  I had the worst of the worst and I know it.

[AverageJoesCredit]

We all start somewhere. I had Fingerhut twice in my life. At the very begining of my credit and on my rebuild from bk7. Im still proud of having it til this day

Im really thinking of closing Wally World. Not big fan of Cap One cli process

[chhull00]

1 Capital One QS- too low limit, 2  Capital One Platinum-too low limit, 3 All Comenity Cards-crappy, 4 Fingerhut- helped to build-but not needed now 6 Amex HH-too low limit 7 NFM- low limit and not needed and a few more when i was building my credit journey