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Closing low credit limit cards--good idea or not

rchvmz
Established Member

Re: Closing low credit limit cards--good idea or not

Could you expound on that premise/outlook?.......ie; what is hostile?

Message 21 of 44
Nikita2008
Contributor

Re: Closing low credit limit cards--good idea or not


@rchvmz wrote:

I am actually in pretty good shape for being in an active BK-----once it Discharges, my score will jump a bit---Cap one is a good one for giving cards fresh out of BK------so, I think leaving my file as is for now is gonna be my best bet----I really see no reson to open a secured card---Surge gave me a 300.00 increase and I am due for another in 3 weeks-----Overstock went from 250.00 to 2550 in less than 6 months. Mission Lane is due for a auto increase end of July-----so--letting it ride seems to be the thing to do here


So why did you ask. I agree with Horseshoez, if you want high limit cards from decent issuers, then secured is the way to go. Even a discharge will be a major derog. and roadblock.

Message 22 of 44
FireMedic1
Super Contributor

Re: Closing low credit limit cards--good idea or not

Honestly. You have 9 cards as of now. Thats plenty. More than enough. Your doing the right thing using AZEO for now. More cards doesnt mean higher scores. Nor does higher limits. Its how its reported. So your ok in that arena.  If any of those cards have fees. Dump them now. Main question is who got burned. That would help to find a direction to go so the starter cards can be toast one day.






My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's.
Message 23 of 44
Horseshoez
Valued Contributor

Re: Closing low credit limit cards--good idea or not


@FireMedic1 wrote:

Honestly. You have 9 cards as of now. Thats plenty. More than enough. Your doing the right thing using AZEO for now. More cards doesnt mean higher scores. Nor does higher limits. Its how its reported. So your ok in that arena.  If any of those cards have fees. Dump them now. Main question is who got burned. That would help to find a direction to go so the starter cards can be toast one day.


I agree higher limits don't translate to higher scores, however, anecdotal evidence here as well as my own personal observations suggest higher limit cards make it easier to get other higher limit cards.

I categorically refuse to do AZEO!

Message 24 of 44
rchvmz
Established Member

Re: Closing low credit limit cards--good idea or not

My question,   , with all due respect,  was about CLOSING some cards, not opening MORE----

Message 25 of 44
rchvmz
Established Member

Re: Closing low credit limit cards--good idea or not

 

--------NFCU--Discover--Cap 1---Amex--Barclay---Boa-----These are the guys in the BK. 
Message 26 of 44
Nikita2008
Contributor

Re: Closing low credit limit cards--good idea or not

My answer to OP was what it is because most of those cards have big fees for small limits. 

Destiny- $75 AF- $40 min payment, $300  CL- Does not offer increase ever.

FIrst Access- $95 to open acct, $75 annual fee, 1st year , after that $49 a year plus $6.25 a month. for a $300 cl, with little growth

 

Aspire has higher credit lines and annual and monthly fees..

 

In short the fees OP is paying for all these cards are better served by a high limit secured in which he will get his money back when they graduate.

Message 27 of 44
GrandBay
Frequent Contributor

Re: Closing low credit limit cards--good idea or not

@Nikita2008  I think we may be better served elsewhere at this point. OP is happy with his/her portfolio of cards and we should honor that and move on. 

Message 28 of 44
rchvmz
Established Member

Re: Closing low credit limit cards--good idea or not


@GrandBay wrote:

@Nikita2008  I think we may be better served elsewhere at this point. OP is happy with his/her portfolio of cards and we should honor that and move on. 



 

-----The purpose of my OP was to get some data on what happens to my score, and is it of any purpose, if I close some sub-prime cards, which I know have AF, won't grow etc. In reality, I never got any [direct responses] to that direct inquiry. I got alot of other info that had 0 to do with MY original question....perhaps I posted this question in the wrong place. 
 
Message 29 of 44
Nikita2008
Contributor

Re: Closing low credit limit cards--good idea or not

I guess if you are looking for a direct response on you score it could go either way.

 

I have closes 4 of those cards, in 2 instances my score went up, I one instance it stayed the same, and in one it went down. 

The effect has more to do with utilization than the cards themselves. I was not carrying  a balance on those cards ( nor would I care to at those rates), it becomes an issue to remember to log in just to pay them their fees to have the card.

 

IMO you are better off securing with a prime issuer where you can grow. 

Message 30 of 44
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