need an adivce

[st2]

This forum is so helpful. THank you guys for the information that you provide on a daily basis. I have recently close one of my credit card (Chase freedom ). I want to know what is a good excuse for closing up a card in case  a credit company might ask me in the future whe i apply. Kije why did you close this card.

[ray8806]

Because you no longer had any need for it? 

That's totally your choice whether you close a card or not. It's like "Why did you buy a Ford instead of a Chevrolet?"... "because I wanted it". 

[FinStar]

Well that all depends on what you value and why you closed it in the first place.  There could be a variety of reasons (i.e. CL wasn't adequate to meet my spending requirements, APR was too high when compared to my overall TLs, the rewards structure and benefits no longer met my needs, I'm trying to simplyfy my overall exposure and consolidate CCs, etc).  While everyone's experience may vary, I have yet to have any lender (even on manual review) ask me why I closed some of my accounts.

[yfan]

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@st2 wrote:

This forum is so helpful. THank you guys for the information that you provide on a daily basis. I have recently close one of my credit card (Chase freedom ). I want to know what is a good excuse for closing up a card in case  a credit company might ask me in the future whe i apply. Kije why did you close this card.

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Why did you close the freedom, and why might you want it in the future? Unless your honest answer is "Because I want to get the bonus again and again," any answer is fine. IF your honest answer IS "Because I want to get the bonus over and over", Chase has already announced a change in policy that they won't put up with it, and I doubt you can find a way around it.

[Anonymous]

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@yfan wrote:

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@st2 wrote:

This forum is so helpful. THank you guys for the information that you provide on a daily basis. I have recently close one of my credit card (Chase freedom ). I want to know what is a good excuse for closing up a card in case  a credit company might ask me in the future whe i apply. Kije why did you close this card.

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Why did you close the freedom, and why might you want it in the future? Unless your honest answer is "Because I want to get the bonus again and again," any answer is fine. IF your honest answer IS "Because I want to get the bonus over and over", Chase has already announced a change in policy that they won't put up with it, and I doubt you can find a way around it.

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Hey. Recurring bonuses are what makes life fun. Don't knock it till you tried it.

[yfan]

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@Anonymous wrote:

Hey. Recurring bonuses are what makes life fun. Don't knock it till you tried it.

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Not knocking it, nor praising it. That's a different debate for a different thread. I am saying that it is now explicitly against Chase's policy, and it seems to me that Chase has every intention of enforcing that.

[Anonymous]

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@yfan wrote:

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@Anonymous wrote:

Hey. Recurring bonuses are what makes life fun. Don't knock it till you tried it.

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I am saying that it is now explicitly against Chase's policy, and it seems to me that Chase has every intention of enforcing that.

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Well they're no fun.

[revjamesl]

Why close an account in good standing? Unless it's costing me more than it's worth to keep I would never consider closing a positive account.

[lg8302ch]

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@FinStar wrote:

Well that all depends on what you value and why you closed it in the first place.  There could be a variety of reasons (i.e. CL wasn't adequate to meet my spending requirements, APR was too high when compared to my overall TLs, the rewards structure and benefits no longer met my needs, I'm trying to simplyfy my overall exposure and consolidate CCs, etc).  While everyone's experience may vary, I have yet to have any lender (even on manual review) ask me why I closed some of my accounts.

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+1  It is more likely the present lender is asking you  why you want to close the account  because they would like to keep you as customer and see if there is anything they can do so you would reconsider and keep their card

[B335is]

As someone who goes against the grain around here, I've never been asked "why did you close xyz card?"  I'm usually asked "what's up with the new accounts?"  I open and close accounts fairly regularly (not something I'm advocating, it works for me though).  I've also never been asked about limit reductions I've initiated or that stupid Duck card blemish on my CR that says "Closed by lender" 

Credit Analysts are human and the truth never hurts.  I probably wouldn't tell them you're churning sign up bonuses annually, but unhappy with the APR has worked well for me.