Closing Discover and Target

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MemberSince99
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Closing Discover and Target

Postby MemberSince99 » Tue Apr 16, 2013 6:48 am

I've decided to close Discover first and foremost as I have NO use for a Cap One card with no growth potential dragging down my AAoA (if I'm going to have a card it has to have the ability to grow to some degree).

Likewise, I think it's time for Target to go. I like the 5% off, don't get me wrong, but it has a limit which probably won't grow in 30 years and my AAoA really took a hell of a hit with 4 new accounts late last year. I'd like the trim the ones I see no future with and work on retaining the 4 accounts that would leave me with for the future.

Still app and inquiry free in 2013 and no present interest in applying for anything at all. None of this really excites me anymore I think I've gone back to being the sort of person who sees these things as conveniences and not the meaning of life, and that's a good thing.


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djrez4
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Postby djrez4 » Tue Apr 16, 2013 9:30 am

I think you know my thoughts already, but I'll repeat them:

Closing the Discover will NOT increase your AAoA. It stays on your report, even closed. The only think you accomplish by closing the account is decreasing your overall credit limit so carried balances contribute to higher utilization.

Perfect example of cutting off one's nose to spite one's face. Put them in your sock drawer and forget about them. They don't cost you anything.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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FutureBillionaire
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Postby FutureBillionaire » Tue Apr 16, 2013 9:54 am

We've been through this before. It only makes sense to cancel one if you have too many and/or you have an annual fee on a card.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

cashback
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Postby cashback » Tue Apr 16, 2013 11:40 am

You should probably close all your cards.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

FutureBillionaire
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Postby FutureBillionaire » Tue Apr 16, 2013 11:41 am

cashback wrote:You should probably close all your cards.


I'm laughing out loud at my desk.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

432521
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Postby 432521 » Tue Apr 16, 2013 12:13 pm

Sorry but stop complaining, discover gave you 4500, that is 4500 more than 0 they are obligated to give you nothing. Like djrez said the only thing that happened was you lost 4500 from your overall CL.
March 2011- Wellsfargo Cash Back College Card
May 2012- Chase Freedom
May 2012- Discover IT
August 2012- American Express Blue Cash Everyday

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Calipso
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Postby Calipso » Tue Apr 16, 2013 4:16 pm

This thread delivers some laughs.

I wouldn't close Discover or Target, but to each their own. Myself, any cards without an annual fee are kept open for as long as possible.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

MemberSince99
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Postby MemberSince99 » Tue Apr 16, 2013 4:34 pm

Kept open as long as possible, even if you don't use them, for WHAT exactly? Just because you like carrying them around in your wallet?

My philosophy has become if I'm not going to use it, it goes, period.

The day I feel like closing them all, I wlll, without hesitation. I haven't reached that point yet, but if it happens, it happens. And no they don't "owe" me a CL and I don't "owe" them anything either, other than whatever my balance is, which in the case of Target and Discover both is exactly 0 dollars and 0 cents. Disocver pending my payment of the balance in full that I made yesterday of course. Once that posts, it's gone. (Hasn't posted yet, I checked this afternoon so I'd know when to close).

Anyway, you feel one way I feel another, and being they are my cards, my way is going to win this one.

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Postby FutureBillionaire » Tue Apr 16, 2013 4:58 pm

MemberSince99 wrote:Kept open as long as possible, even if you don't use them, for WHAT exactly? Just because you like carrying them around in your wallet?

My philosophy has become if I'm not going to use it, it goes, period.

The day I feel like closing them all, I wlll, without hesitation. I haven't reached that point yet, but if it happens, it happens. And no they don't "owe" me a CL and I don't "owe" them anything either, other than whatever my balance is, which in the case of Target and Discover both is exactly 0 dollars and 0 cents. Disocver pending my payment of the balance in full that I made yesterday of course. Once that posts, it's gone. (Hasn't posted yet, I checked this afternoon so I'd know when to close).

Anyway, you feel one way I feel another, and being they are my cards, my way is going to win this one.


So, why exactly are you in a credit card forum?
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

MemberSince99
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Postby MemberSince99 » Tue Apr 16, 2013 7:26 pm

FutureBillionaire wrote:So, why exactly are you in a credit card forum?


I've already explained/justified this before, but if you really feel I need to justify being here, I'll spell it out again 1. To learn and 2. To try to help others. I am NOT here to slavishly obey whatever others on here think I should do with my cards and my life. Not sure how that became part of the program but it ain't part of mine. I also do not expect others to blindly do whatever I say. Think for yourself, only you know your entire situation and what is best for you. I'm glad to offer advice but in the end, it's your cards your life and your choice. If you're happy with those then I'm happy for you.

Hopefully that answers it. Not sure why I need to in the first place.

And Discover is closed cut up and in the trash.



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