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What is the effect of closing cards with low CL?

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Red1Blue
Super Contributor

What is the effect of closing cards with low CL?

What is the effect of closing the cards with low CL?
 
I have these cards. I am debating if I should close them slowly or leave them since there is no AF on them. It is kind of irritating to see these cards with low limits on my CR. Eventually I dont want to have any card that is with CL under $1K. What should I do with these cards.
 
Target $200
OldNavy $200
Macy's $200
Dillards $300
HSBC $500  AF 35
Orchard $500 AF 35
 
Message 1 of 12
11 REPLIES 11
bamagirl1
Established Contributor

Re: What is the effect of closing cards with low CL?

well from previous posts, i've read to leave them if no af..but i understand it irks me when i get limits like that...
 
have you tried for cli? i'm sure you have?  i guess you could always call and threaten to close and see if then they will give you a cli?  let us know what you decide and what effect it has on your credit scores if any...
~01/2008 Ficos TU 571-EX 647-EQ 652~
~3/21/2009 Ficos TU 705 EX 702 EQ 692~
~9/9/09 Ficos TU 718 EQ 693 EX???
~06/25/12 Ficos TU 719 EQ 677 EX??
Message 2 of 12
Anonymous
Not applicable

Re: What is the effect of closing cards with low CL?

What do your other CC's look like?
 
Message 3 of 12
Red1Blue
Super Contributor

Re: What is the effect of closing cards with low CL?



krystofur wrote:
What do your other CC's look like?
 


FNB $7k
CU $2K
Hooters $1k
Amex $5k

 
Message 4 of 12
haulingthescoreup
Moderator Emerita

Re: What is the effect of closing cards with low CL?

Per Timothy, other card companies are more likely to give CLI's if the starter cards aren't there. Halo effect, I guess. Otherwise, they're not hurting you, other than being annoying, and being potential problems if you lose track of what's going on with them.

Maybe you could do a slow phase-out. I would close the most recently-issued cards first, one at a time. And if there are any cards with baddies, I would keep them open (and reporting) for 25-26 months after the last derog so that the final two years of history will be clean. This is the ONLY reason that my J.Crew card is still alive. As it is, it's on the ventilator. Smiley Wink
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 5 of 12
Anonymous
Not applicable

Re: What is the effect of closing cards with low CL?

personally I'll start closing them. that's what I'm currently doing with cards with low limits and cards that I don't use. Then I read some cc companies won't report to your cr unless you use the card every month.
Message 6 of 12
fused
Moderator Emeritus

Re: What is the effect of closing cards with low CL?



concorduser wrote:


krystofur wrote:
What do your other CC's look like?
 


FNB $7k
CU $2K
Hooters $1k
Amex $5k

 


balances on these and the ones you are thinking of closing???
Message 7 of 12
Anonymous
Not applicable

Re: What is the effect of closing cards with low CL?



concorduser wrote:
What is the effect of closing the cards with low CL?
 
I have these cards. I am debating if I should close them slowly or leave them since there is no AF on them. It is kind of irritating to see these cards with low limits on my CR. Eventually I dont want to have any card that is with CL under $1K. What should I do with these cards.
 
Target $200
OldNavy $200
Macy's $200
Dillards $300
HSBC $500  AF 35
Orchard $500 AF 35
 


Depends on what it does to your util.  about 35% of your score is your util.  Put them in the sock drawer and leave them there.  They are not hurting you at all. 
Message 8 of 12
Anonymous
Not applicable

Re: What is the effect of closing cards with low CL?


concorduser wrote:
What is the effect of closing the cards with low CL?
 
I have these cards. I am debating if I should close them slowly or leave them since there is no AF on them. It is kind of irritating to see these cards with low limits on my CR. Eventually I dont want to have any card that is with CL under $1K. What should I do with these cards.
 
Target $200
OldNavy $200
Macy's $200
Dillards $300
HSBC $500  AF 35
Orchard $500 AF 35
 

 
Well, concord ...  If I am you, I will close HSBC and Orchard.  Becasue it cost me(you) to keep it.  And leave the others at home like Fico_wannabe said.  The CCC will close your account if they don't see any activities on your account for 12 months.
Message 9 of 12
Anonymous
Not applicable

Re: What is the effect of closing cards with low CL?

I do not know about the others, but Target is supposed to be great w/ CLI.    It was the only store that would approve me, and as far as I am concerned, at the moment they are the only store that I need with the way people are saying how they increase your CLI and upgrade you to the Target Visa.  It seems like most people start off with the 200.00 limit, but are not there for more than 6 months.  Just do searches here about them.  Someone just reported how they were upgraded to the Visa and went from a $1000.00 to $5000.00 limit in 6 months.
Message 10 of 12
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