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Should I close my BuyPower Card?

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Established Member

Should I close my BuyPower Card?

This card seems to be completely worthless. I started with a $500 limit and have never had an increase in 2 years. It's been a zero balance for at least a year. Will it significantly damage my score to close a $500 card that is unused? Is having such a low limit on on my account hurting anyway?

 

My current cards:

 

Nordstrom Rewards Visa: $7,000 ($115 balance)

Capital One Platinum: $3,900 ($46 balance)

Capital One Platinum: $3,500 ($42 balance)

Bayport Credit Union: $7,500 ($7,100 balance)

Barclay Card: $3,190 ($2,800 balance)

American Express Delta: $2,000 ($1,401 balance)

American Express EveryDay: $1,000 ($87 balance)

Macy's: $3,500 ($1,100 balance)

JC Penney: $800 ($27 balance)

GM BuyPower Card: $500 (0 balance)

 

Starting EQ: 601 | EXP: 623 | TU: 637 (2/17)
Current EQ: 684 | EXP: 691 | TU: 722 (8/17)

Goal EQ: 750 | EXP: 750 | TU: 750 (12/17)
Credit Card Debt Free Goal: March 2018

*NEW* Chase Freedom Unlimited $0 ($4,000) | *NEW* Discover It $0 ($5,000) | *NEW* Barclay Card NFL Extra Points $0 ($6,000) | *NEW* Marvel Mastercard $0 ($4,000) | *NEWLY UPGRADED* Nordstrom Visa $0 ($7,000) | American Express Every Day $0 ($1,000) | *NEWLY UPGRADED* Capital One Quicksilver $0 ($3,900) | Capital One Platinum $0 ($3,500) | Bayport Credit Union $6,876 ($7,500) | American Express Delta $1,400 ($2,000) | BarclayCard Visa $3,105 ($3,190) | Macy's $1,701 ($3,000) | JC Penney $0 ($3,500) | Bayport Credit Union Flex Account $2,029.68 ($3,000) | Synchrony Amazon $2,728.40 ($4,000)

Other Debt

Car Loan - Payoff Date 9/17 (60 month loan) Smiley Happy Smiley Happy Smiley Happy Happy Dance
Mortgage
Student Loans
Message 1 of 13
12 REPLIES 12
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Valued Contributor

Re: Should I close my BuyPower Card?

Considering your balances & utilization, I would leave it open until you start paying down the other cards.


EQ 778 EXP 782 TU 729
Message 2 of 13
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Established Member

Re: Should I close my BuyPower Card?


@medicgrrl wrote:
Considering your balances & utilization, I would leave it open until you start paying down the other cards.

You should've seen my utilization six months ago!

Starting EQ: 601 | EXP: 623 | TU: 637 (2/17)
Current EQ: 684 | EXP: 691 | TU: 722 (8/17)

Goal EQ: 750 | EXP: 750 | TU: 750 (12/17)
Credit Card Debt Free Goal: March 2018

*NEW* Chase Freedom Unlimited $0 ($4,000) | *NEW* Discover It $0 ($5,000) | *NEW* Barclay Card NFL Extra Points $0 ($6,000) | *NEW* Marvel Mastercard $0 ($4,000) | *NEWLY UPGRADED* Nordstrom Visa $0 ($7,000) | American Express Every Day $0 ($1,000) | *NEWLY UPGRADED* Capital One Quicksilver $0 ($3,900) | Capital One Platinum $0 ($3,500) | Bayport Credit Union $6,876 ($7,500) | American Express Delta $1,400 ($2,000) | BarclayCard Visa $3,105 ($3,190) | Macy's $1,701 ($3,000) | JC Penney $0 ($3,500) | Bayport Credit Union Flex Account $2,029.68 ($3,000) | Synchrony Amazon $2,728.40 ($4,000)

Other Debt

Car Loan - Payoff Date 9/17 (60 month loan) Smiley Happy Smiley Happy Smiley Happy Happy Dance
Mortgage
Student Loans
Message 3 of 13
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New Member

Re: Should I close my BuyPower Card?

I feel ya! I was at 97% utilization 6 months ago, I changed jobs for about a 40% income boost and have payed myself down to almost 30%.

 

Replying to the topic at hand though, I'd consider the age of the account and possibly leave it open if its within your average or on the older side of things. Closing a longstanding account can potentially lower your average age by some calculations.

Message 4 of 13
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Established Member

Re: Should I close my BuyPower Card?

Update: Just got approved for a CLI with JC Penney. That will help with utilization. $3,500 now instead of $800. Now I wish I had tried for $5,000. Smiley Happy

Starting EQ: 601 | EXP: 623 | TU: 637 (2/17)
Current EQ: 684 | EXP: 691 | TU: 722 (8/17)

Goal EQ: 750 | EXP: 750 | TU: 750 (12/17)
Credit Card Debt Free Goal: March 2018

*NEW* Chase Freedom Unlimited $0 ($4,000) | *NEW* Discover It $0 ($5,000) | *NEW* Barclay Card NFL Extra Points $0 ($6,000) | *NEW* Marvel Mastercard $0 ($4,000) | *NEWLY UPGRADED* Nordstrom Visa $0 ($7,000) | American Express Every Day $0 ($1,000) | *NEWLY UPGRADED* Capital One Quicksilver $0 ($3,900) | Capital One Platinum $0 ($3,500) | Bayport Credit Union $6,876 ($7,500) | American Express Delta $1,400 ($2,000) | BarclayCard Visa $3,105 ($3,190) | Macy's $1,701 ($3,000) | JC Penney $0 ($3,500) | Bayport Credit Union Flex Account $2,029.68 ($3,000) | Synchrony Amazon $2,728.40 ($4,000)

Other Debt

Car Loan - Payoff Date 9/17 (60 month loan) Smiley Happy Smiley Happy Smiley Happy Happy Dance
Mortgage
Student Loans
Message 5 of 13
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Valued Contributor

Re: Should I close my BuyPower Card?

Congrats on the CLI. That will definitely help with overall utilization, but you will want to start bringing the individual card utilization down.... preferably below 85% to start.


EQ 778 EXP 782 TU 729
Message 6 of 13
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Community Leader
Mega Contributor

Re: Should I close my BuyPower Card?

Closing a card will not damage your score. Card will remail up to 10 years or more on your reports. The only thing affected is your utilization. Your Pennies increase should allow you to close it more comfortably if youd likeSmiley Wink. Definitrly work on your utilization thoughSmiley Wink
Message 7 of 13
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Community Leader
Senior Contributor

Re: Should I close my BuyPower Card?


@bustinloose82 wrote:

This card seems to be completely worthless. I started with a $500 limit and have never had an increase in 2 years. It's been a zero balance for at least a year. Will it significantly damage my score to close a $500 card that is unused? Is having such a low limit on on my account hurting anyway?

 

My current cards:

 

Nordstrom Rewards Visa: $7,000 ($115 balance)

Capital One Platinum: $3,900 ($46 balance)

Capital One Platinum: $3,500 ($42 balance)

Bayport Credit Union: $7,500 ($7,100 balance)

Barclay Card: $3,190 ($2,800 balance)

American Express Delta: $2,000 ($1,401 balance)

American Express EveryDay: $1,000 ($87 balance)

Macy's: $3,500 ($1,100 balance)

JC Penney: $800 ($27 balance)

GM BuyPower Card: $500 (0 balance)

 


Low limits in and of themselves don't hurt FICO scores.

 

If you were to close your card, your utilization would go down from 36% to 35%. That's not a big deal. Given that the card is only two years old, account age isn't a biggie either.

Message 8 of 13
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Established Member

Re: Should I close my BuyPower Card?


@medicgrrl wrote:
Congrats on the CLI. That will definitely help with overall utilization, but you will want to start bringing the individual card utilization down.... preferably below 85% to start.


Yes, that's what I've been doing. With the exception of Macy's, JC Penney and Nordstrom, every last one of those cards were maxed out six months ago. Smiley Happy

Starting EQ: 601 | EXP: 623 | TU: 637 (2/17)
Current EQ: 684 | EXP: 691 | TU: 722 (8/17)

Goal EQ: 750 | EXP: 750 | TU: 750 (12/17)
Credit Card Debt Free Goal: March 2018

*NEW* Chase Freedom Unlimited $0 ($4,000) | *NEW* Discover It $0 ($5,000) | *NEW* Barclay Card NFL Extra Points $0 ($6,000) | *NEW* Marvel Mastercard $0 ($4,000) | *NEWLY UPGRADED* Nordstrom Visa $0 ($7,000) | American Express Every Day $0 ($1,000) | *NEWLY UPGRADED* Capital One Quicksilver $0 ($3,900) | Capital One Platinum $0 ($3,500) | Bayport Credit Union $6,876 ($7,500) | American Express Delta $1,400 ($2,000) | BarclayCard Visa $3,105 ($3,190) | Macy's $1,701 ($3,000) | JC Penney $0 ($3,500) | Bayport Credit Union Flex Account $2,029.68 ($3,000) | Synchrony Amazon $2,728.40 ($4,000)

Other Debt

Car Loan - Payoff Date 9/17 (60 month loan) Smiley Happy Smiley Happy Smiley Happy Happy Dance
Mortgage
Student Loans
Message 9 of 13
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Valued Contributor

Re: Should I close my BuyPower Card?

You've done awesome on paying those down!


EQ 778 EXP 782 TU 729
Message 10 of 13
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