Closing cards that aren't working for us

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Replied by Wanderer on topic Re: Closing cards that aren't working for us

Todd

I like the way you put that...! Awesome!

Wanderer
9 years 8 months ago #1

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Replied by rsty99 on topic Re: Closing cards that aren't working for us

So the wallet that has the plastic insert for your cards that falls to the floor when you open your wallet it not a good idea. :)

Todd
9 years 8 months ago #2

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Replied by Wanderer on topic Re: Closing cards that aren't working for us

WOW... this is quite a discussion. Following on what many of you done or are doing... I closed several accounts. Yes, the closures reduced my total available credit but I couldn't use them all and frankly didn't want many of them. Hope to improve usage and have a more manageable card portfolio. Like one person said it is time to close accounts when you have to count how many cards you have before you buy your wallet.
9 years 8 months ago #3

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Replied by eugene66 on topic Re: Closing cards that aren't working for us

Eugene, did they offer you any credit line increases or a lower interest rate to keep your business?


Nope, as a matter of fact the csr I talked to before being tranferred to the credit specialist told me a letter was being sent raising my APR on my account as we speak so it was now an no brainer decision to close.

During my conversation with the specialist, I was told my account was not qualified for cli's and that it's a rebuilder card (which i understood when i accepted the card) and making on time payments would look good in the eyes of discover which made no sense to me so i kept telling him to close my account until it got to that boiling point.
9 years 8 months ago #4

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Replied by hjm331 on topic Re: Closing cards that aren't working for us

Eugene, did they offer you any credit line increases or a lower interest rate to keep your business?
9 years 8 months ago #5

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Replied by eugene66 on topic Re: Closing cards that aren't working for us

I just closed my Direct Rewards Discover and felt like I went through a presidential debate on why I should keep it open with an arrogant credit specialist. when I got to a boiling point, I placed my phone as close to my mouth as I possibly could and said "close my
account now"[/B]and hung up,so a minute later I tried to log on and couldn't so I guess they understand one form of language....:laugh:
9 years 8 months ago #6

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Replied by Eldarwen on topic Re: Closing cards that aren't working for us

You know its time to close some cards when your shopping for a new wallet have to count on your fingers how many cards you have, and then have to count slots in the the new wallet to see if they will fit. HA I just did that two weeks ago.


I had to do that a month ago, but I have some cards that are sockdrawered and they are going to stay that way.:cool:
9 years 10 months ago #7

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Replied by eugene66 on topic Re: Closing cards that aren't working for us

The next card to get the axe next is my Target card because no matter what I do(carry a bal or pif)for the last two years there is no cli from the measly 500 and besides the remodeled Walmart(wow) I live next to is getting all my household and personal needs.
9 years 10 months ago #8

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Replied by Jay1 on topic Re: Closing cards that aren't working for us

You know its time to close some cards when your shopping for a new wallet have to count on your fingers how many cards you have, and then have to count slots in the the new wallet to see if they will fit. HA I just did that two weeks ago..:laugh:
9 years 10 months ago #9

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Replied by Eldarwen on topic Re: Closing cards that aren't working for us

What I am going to do with my Bankof America card is pay it off and let it sit for a few months, then close it. If a customer service rep talks to me like her poo don't stink, what is the next rep going to be like? I have better credit cards with better limits and I am not going to be treated like crap. I am on the fence with my Victoria's Secret VIP store card. With a $970 limit, I really do like the card and the coupons I get along with the $10 rewards card everytime I get a 250 points. Too bad Chase won't let me combine my two Chase cards. If I had to do things over again, I would have applied for the Chase Amazon.com Visa and might have gotten the Chase Freedom's limit of $5,000 instead of a $1,000 limit. The reason I am not closing them is the fact that I shop quite frequently at Amazon.com and my Chase Freedom has a $5,000 limit and it is my second oldest card.
9 years 10 months ago #10

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Replied by Meya on topic Re: Closing cards that aren't working for us

the lady I was talking to said that I didn't deserve a $2,000 limit and with my current debt, and to go to a credit councling agency.

That is very cruel!:shocked: I think I would close it too if I was talked to like that. See this is where I have to agree with what you are saying, if we don't need these cards, why keep them? Scores my behind, we already know what keeps our scores going, and if we do close any card, regardless of the history, we have to remember that it will stay positive on our reports for at least 10 years. I am over here suffering trying to pay down debt, I put my self in a heap of trouble and my husband is making "ME" pay for it. I have went back to using my own money on my debit card, which is what I was doing from the start, and it kept me out of debt.

Now that I have used my cards pretty heavy during the past 5 months or so, I came to a conclusion that at least 8 of those cards are of no use to me. I now realize that it was a waste of time and I only messed myself up. But the good thing is, I am not going to fall back to where I was at, I am just irritated at how the APR is getting majority of my money while I am paying down and closing accounts. I think I will only keep cap 1, even though they have put me in the dog house, I still love them. Also Macy's, and Chevron, because those are the only two places I visit pretty often anyway.
9 years 10 months ago #11

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Replied by Eldarwen on topic Re: Closing cards that aren't working for us

I am thinking of weeding a few cards out of my wallet. I have 7 credit cards and one charge card. My Bank of America Accelerated Amex is one that I want to close. With a $800 CL, it's kind of useless to me. BofA gave me a CLD on that card, it used to be a $2,000 limit. What happened is that when I asked for a CLI, they said no and the lady I was talking to said that I didn't deserve a $2,000 limit and with my current debt, and to go to a credit councling agency. I told her that they were a bunch of thieves out for my money and were not going to do crap for me, I can do that myself for free! The rewards for that card are not that great in all honesty. Another card I want to weed out is my Sears Master card even though it is my oldest card. I know that it will stay on my credit for 10 years even though it will be listed as closed. I will be doing this sometime next year though. What I want to replace these two cards with an Icelandair credit card and a Penfed Visa cashback card or Navy Federal Cash rewards. Right now, I am paying down my debt because according to myFico, I fell out of the 700's but on credit check total, I am still in the 700's.
9 years 10 months ago #12

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Replied by eugene66 on topic Re: Credit Card Questions

I've gotten tired of going out the way and using cards I hardly ever use. In the beginning i used them a ton but never seem to go anywhere with them as far as cli's to help you in the long run ( Gemb-Orchard) so I closed them.I applied for a discover card this year and was declined because of two reasons 1. short credit history(length of accounts history). 2. close unused accounts. so i took number two to heart and went from there.The cards I have been approved for within the last year(and the better ones that I've gotten) have been used a ton I have benefited from them with great cli's which helps your overall utilization too which mine is between 0 to 9 percent right now.
9 years 10 months ago #13

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Replied by rabbit713 on topic Re: Closing cards that aren't working for us

UHH i would like to close my Chase Platinum MasterCard account, but i cant because its my oldest account. Problem i have with them is that they have only given me 1 CLI and then i had asked for 1 recently for a total of a $1200.00 credit limit, this is not enough for my expenses, so i hardly use it. then i called them to see if i could convert it to the new Chase Sapphire card or the Continental Airlines card, and they told me they are not doing any product changes anymore. I ve had American Express for A WHILE now, they have already satisfied me more than Chase has.
9 years 10 months ago #14

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Replied by Meya on topic Re: Closing cards that aren't working for us

Nice thread, right place:laugh:

Had to close:
1.Target---I was looking for a better cl than what they had to offer. Having a limit such as $200, that is pretty nice for a 18 yr old who is establishing credit and the same goes for rebuilding, but if you seen that I have cards that are in the thousands, why would you do that to me? I accepted the challenge because Target was pretty hard to get for me, but I refuse to keep a card that keep me in the measly $200 club and when I shop for my household, I usually use more than that. This was a set up for going over the limit. Target was not close to my house for me to shop for $50 increments. So I closed them!

2. LaneBryant----oh yes, I remember this, they were closed for the same reason as Target. Lane Bryant is a Plus-Sized store, and if any of you are plus sized, you will well understand why $250 was not enough for us. They did not want to offer a cli at all, just like Target, so I had to let them go. Didn't really want to hang on to a card with a high 20 something percent APR!

3. Dillard's----Same thing, same reason, the store was too far away, they barely gave me a cli, and I figured since I had Macy's, I didn't need them anyway since they sold identical products.

4. Lowe's---Barely ever went there, and didn't see any use for the card since I am in the process of paying off my balances, and looking forward to prime cards. Don't really want a lot of GEMB cards anyway, I have been scared off by them from so many members here. Good bye Lowe's, you did have pretty good stuff available...lolz!

5. Travelocity----This card really ticked me off, I let them go because I was stuck with them for nearly 2 years (if not 2 years) and they did not budge my limit over $500. Travel---0--city, how in the world could I do that with only $500 on a card? There was a few incidents where I helped my husband mom get here on a $200 ticket and that was it. Since I had no type of limit to travel with, and since they always wanted me to send them a copy of my check stub proving that I make over $200k per year, I let them go. I couldn't prove that unless I forged it. Good bye Travelocity.

Who's next? WALMART!!!!!!!!:fun:
9 years 10 months ago #15

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