Should I cancel my credit card... as well?

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agp
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Should I cancel my credit card... as well?

Postby agp » Thu May 03, 2012 8:10 am

Well I don't have a raging battle with any banks going on, but I have a Credit Union credit card that I never use. There's no annual fee on the card, and it offers 1 point per dollar, points can be used to redeem useless merchandise that no one will ever want. My credit limit on this card is the lowest ($2000) while other cards go well over $10,000 limit (each, not total). Should I cancel it? It's just an ugly card that's making my wallet unnecessarily bigger.

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred


Crashem
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Postby Crashem » Thu May 03, 2012 10:39 am

No need to get rid of a NO AF card. Just put it in a sock drawer in case of emergency. Does your local CU give CLI without hard pull? Maybe put some recurring charge on it and have it auto pay in full? Don't know the CU so hard to say. Here is how I would looks at positives and negatives.

POSTIVES
1) Helping AAoA
2) Help utilization a little
3) Building history with that CU in case you need them for something else such as loan etc.

NEGATIVES
1) Some credit card issuers give CL based on average credit lines, but they usually ignore outliers
2) Another wallet fattner (of course you can sock drawer it) and potential issue if it gets stolen etc.
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PlatinumAMEX94
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Postby PlatinumAMEX94 » Thu May 03, 2012 3:38 pm

agp wrote: It's just an ugly card that's making my wallet unnecessarily bigger.


Well there is a reason to cancel a card, just because it is ugly.
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Celestine
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Postby Celestine » Thu May 03, 2012 10:18 pm

agp wrote:Well I don't have a raging battle with any banks going on, but I have a Credit Union credit card that I never use. There's no annual fee on the card, and it offers 1 point per dollar, points can be used to redeem useless merchandise that no one will ever want. My credit limit on this card is the lowest ($2000) while other cards go well over $10,000 limit (each, not total). Should I cancel it? It's just an ugly card that's making my wallet unnecessarily bigger.


Store it in your closet or somewhere safe that only you can get access to. No need to close it since there is no annual fee anyways.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

agp
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Postby agp » Fri May 04, 2012 6:46 am

Should I request a CL increase every 6 months on this card?

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

Crashem
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Postby Crashem » Fri May 04, 2012 10:12 am

AGP,

It really depends if there is a hard inquiry for CLI. Talk to your credit union.
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agp
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Postby agp » Fri May 04, 2012 10:16 am

If it's a hard inquiry I should not, but if it's a soft inquiry I should?

Main Card: Amex Platinum
For gas: Penfed Platinum Cash Rewards
For travel & dining: Chase Sapphire Preferred

Crashem
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Postby Crashem » Fri May 04, 2012 12:33 pm

agp wrote:If it's a hard inquiry I should not, but if it's a soft inquiry I should?


Soft inquiry for sure ask. If it is a hard inquiry, you have to decide if it is worth it. Personally, I probably would but ask for huge increase in CL to match your others. Nice thing about credit unions is that you can have a conversation with them. Ask them before you take the hard inquiry thoughts on getting credit line you want and your reasoning for it and what you think your FICO is etc. If it seems unikely that they will grant it, then maybe you shouldn't
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agp
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Postby agp » Tue May 08, 2012 7:12 am

They do a hard pull for CLI requests

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