Closing a card VS. Lender closing due to inactivity

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CarefulBuilder14
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Re: Closing a card VS. Lender closing due to inactivity

Postby CarefulBuilder14 » Sat Aug 01, 2015 4:58 pm

Whatamuji wrote:The cards I don't see myself using actively are my Amazon Rewards card and my BoA (after the promo APR) along with the Discover card (after the double cashback promo).

Are you in the "you don't need both Freedom and It because they are basically the same" camp? Or you've come to dislike Discover for other reasons?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when


JonE
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Re: Closing a card VS. Lender closing due to inactivity

Postby JonE » Sat Aug 01, 2015 6:49 pm

Whatamuji wrote:I don't have an issue keeping track of them on a regular basis as I've gotten into the habit of doing so. And I don't plan on taking any loans out in the next couple of months. I was just thinking down the road in the next few years I'll want to take a loan out for a new car. And I just want to avoid the chance of hitting the ceiling. But I think I'll be fine by the time it comes to get a loan so I'll keep the cards active for the time being. Thanks for all the help guys. :)


I'm all for keeping what you have and just letting them grow. But the Amazon Store card and the Chase Amazon card is sort of redundant. If it were me I'd shoot for one of each (VISA/MC/AMEX/Discover) and one useful store card (if you're a prime member, the Amazon Store card is very rewarding with 5% uncapped).

I'm shooting for three useful cards that I use all the time and 2 backup cards I would use sparingly. I don't believe in putting my cards in the sock drawer, or any place separate from my wallet since I tend to forget those things easily.
Current Cards: Chase Freedom, Discover IT
Future: TBD

whit
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Re: Closing a card VS. Lender closing due to inactivity

Postby whit » Sat Aug 01, 2015 9:36 pm

Whatamuji wrote:
CarefulBuilder14 wrote:Is that a new Kohls card?

If you're willing to take 2 minutes per card/issuer to log into your less-active online card accounts every few weeks, then I say keep the accounts open.

There's a big difference between having a card you won't be using often, and a card you'll absolutely never use again. You don't want to be in the position of re-applying for cards you closed for no good reason.


The Kohls Card is my first actual credit line issued to me. Kinda forgot I had it since I never use it and I wasn't the one who wanted it in the first place as my parents opened it for me. I've only used it once and it was PIF. It was opened last year so I imagine it will be closed for inactivity next year at some point. The cards I don't see myself using actively are my Amazon Rewards card and my BoA (after the promo APR) along with the Discover card (after the double cashback promo). However it wouldn't be hard for me to keep those accounts open. I can find a use for those cards not a problem. I'm just worried that I might run into a situation where a lender would think I have "too much" credit and deny a car financing or some such thing.


you have decent amount of credit; i wouldnt say its too much unless you grow it to xxk.

Ive seen folks get turned down for not having past installment loans (eg student loans, other auto loans) or too little credit, not too much credit (unless you're maxed out and carrying the balances)

I would in your shoes--cancel the store card of amazon like JonE stated, as well as your kohls, and than see if you can get the freedom, it, and the amazon cl to grow. if you get pass the 5k mark, awesome. down the line if you can get over 10k, even better.

Whatamuji
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Re: Closing a card VS. Lender closing due to inactivity

Postby Whatamuji » Sun Aug 02, 2015 8:04 am

CarefulBuilder14 wrote:
Whatamuji wrote:The cards I don't see myself using actively are my Amazon Rewards card and my BoA (after the promo APR) along with the Discover card (after the double cashback promo).

Are you in the "you don't need both Freedom and It because they are basically the same" camp? Or you've come to dislike Discover for other reasons?


Yup I'm in that camp.
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k



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