Another Store Account Closed

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
kdm31091
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Re: Another Store Account Closed

Postby kdm31091 » Thu Nov 19, 2015 7:16 pm

I agree there needs to be a balance between immediately closing cards that no longer seem useful vs keeping every account you open forever. I more commonly see people in the latter camp though, wondering how best to keep accounts active that they have outgrown or just have no use for anymore. If there is really, truly nothing you see yourself using the card for in the future, do yourself a favor and close it instead of agonizing over keeping it active. Keeping it active for what? If it doesn't benefit you, move on.

I agree though some cards are nice to just "have" if not to regularly use. Lowe's and Home Depot often involve large ticket purchases so the financing can be useful. I prefer Home Depot to Lowe's, only because it's more convenient to me, but the HD card offers no rewards which sucks (there really is a gap in the market for home improvement rewards).


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CarefulBuilder14
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Re: Another Store Account Closed

Postby CarefulBuilder14 » Thu Nov 19, 2015 10:57 pm

I was thinking about one thing in favor of letting cards go inactive, for people with a clean history and many cards, some with very limited ongoing value...

Once I had 6 months of history, and an AAoA of less than that, I got all approvals. Now I have 11 accounts with AAoA of a little over a year.

It would take a huge number of accounts open just 11 or 12 months (pure bonus hunting) for my AAoA to ever be affected enough for it to be a problem. "Too much new credit" will likely be a problem long before "insufficient AAoA" is.
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

augiedog
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Re: Another Store Account Closed

Postby augiedog » Thu Nov 19, 2015 11:55 pm

kdm31091 wrote:I agree there needs to be a balance between immediately closing cards that no longer seem useful vs keeping every account you open forever. I more commonly see people in the latter camp though, wondering how best to keep accounts active that they have outgrown or just have no use for anymore. If there is really, truly nothing you see yourself using the card for in the future, do yourself a favor and close it instead of agonizing over keeping it active. Keeping it active for what? If it doesn't benefit you, move on.

I agree though some cards are nice to just "have" if not to regularly use. Lowe's and Home Depot often involve large ticket purchases so the financing can be useful. I prefer Home Depot to Lowe's, only because it's more convenient to me, but the HD card offers no rewards which sucks (there really is a gap in the market for home improvement rewards).


I don't see any reason to use a card just to keep it active. It can lead to a lot of unjustified spending. Letting an account close as inactive works great because you don't have to call in to cancel, and letting them go inactive means you are focusing on get better cards, and possibly better promotions. Bank of America sends me balance transfer offers all the time for my inactive card, which is really nice if I were to want a balance transfer without opening a new account and doing a HP. Also, in the case that you would like to use that card again, you can reapply and likely be eligible for account sign up bonuses!
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)

Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates

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Re: Another Store Account Closed

Postby augiedog » Fri Nov 20, 2015 8:20 pm

I finally got around to closing my Amazon Visa, and I was able to merge my limit into my Chase Slate (very small, $500 limit they started me out with two years ago). They said they had to do a soft pull though.
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)

Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates

kdm31091
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Re: Another Store Account Closed

Postby kdm31091 » Sun Dec 06, 2015 9:42 pm

augiedog wrote:
kdm31091 wrote:I agree there needs to be a balance between immediately closing cards that no longer seem useful vs keeping every account you open forever. I more commonly see people in the latter camp though, wondering how best to keep accounts active that they have outgrown or just have no use for anymore. If there is really, truly nothing you see yourself using the card for in the future, do yourself a favor and close it instead of agonizing over keeping it active. Keeping it active for what? If it doesn't benefit you, move on.

I agree though some cards are nice to just "have" if not to regularly use. Lowe's and Home Depot often involve large ticket purchases so the financing can be useful. I prefer Home Depot to Lowe's, only because it's more convenient to me, but the HD card offers no rewards which sucks (there really is a gap in the market for home improvement rewards).


I don't see any reason to use a card just to keep it active. It can lead to a lot of unjustified spending. Letting an account close as inactive works great because you don't have to call in to cancel, and letting them go inactive means you are focusing on get better cards, and possibly better promotions. Bank of America sends me balance transfer offers all the time for my inactive card, which is really nice if I were to want a balance transfer without opening a new account and doing a HP. Also, in the case that you would like to use that card again, you can reapply and likely be eligible for account sign up bonuses!


I do find the whole "how can I keep my account active?" and such a bit overblown. I mean, unless you only have 3 cards and one of the ones about to be closed has a huge limit, you are unlikely to see a huge score difference from closing the account vs buying things you don't need in order to keep it active. Chances are if you are struggling to find a use for it and keep it active, you don't need it, or it doesn't line up with your spending. Cut it loose and move on. Trust me, the creditors won't care...it's just business. Closing a ton of cards in short succession can look bad on a manual review, but unless you make it a habit, it can be explained.

Even if closing the card will change your util, that's really a temporary issue anyway, as once you pay down the util it will fix itself. So either way nothing worth worrying too much about. But people constantly tie up more and more money every month in GCs just to make a purchase and keep a card active. :rolleyes:

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CarefulBuilder14
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Re: Another Store Account Closed

Postby CarefulBuilder14 » Sun Dec 06, 2015 10:00 pm

kdm31091 wrote:I do find the whole "how can I keep my account active?" and such a bit overblown. I mean, unless you only have 3 cards and one of the ones about to be closed has a huge limit, you are unlikely to see a huge score difference from closing the account vs buying things you don't need in order to keep it active. Chances are if you are struggling to find a use for it and keep it active, you don't need it, or it doesn't line up with your spending. Cut it loose and move on. Trust me, the creditors won't care...it's just business. Closing a ton of cards in short succession can look bad on a manual review, but unless you make it a habit, it can be explained.

Even if closing the card will change your util, that's really a temporary issue anyway, as once you pay down the util it will fix itself. So either way nothing worth worrying too much about. But people constantly tie up more and more money every month in GCs just to make a purchase and keep a card active. :rolleyes:

That's true for everyday spend cards, but not for travel cards.
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

kdm31091
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Re: Another Store Account Closed

Postby kdm31091 » Sun Dec 06, 2015 10:26 pm

CarefulBuilder14 wrote:
kdm31091 wrote:I do find the whole "how can I keep my account active?" and such a bit overblown. I mean, unless you only have 3 cards and one of the ones about to be closed has a huge limit, you are unlikely to see a huge score difference from closing the account vs buying things you don't need in order to keep it active. Chances are if you are struggling to find a use for it and keep it active, you don't need it, or it doesn't line up with your spending. Cut it loose and move on. Trust me, the creditors won't care...it's just business. Closing a ton of cards in short succession can look bad on a manual review, but unless you make it a habit, it can be explained.

Even if closing the card will change your util, that's really a temporary issue anyway, as once you pay down the util it will fix itself. So either way nothing worth worrying too much about. But people constantly tie up more and more money every month in GCs just to make a purchase and keep a card active. :rolleyes:

That's true for everyday spend cards, but not for travel cards.


Right, since travel cards aren't going to be used as often simply due to the nature of leveraging the points.

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Re: Another Store Account Closed

Postby JonE » Sun Dec 13, 2015 2:12 pm

I'm pretty much 'up to here' with the Walmart card. All this business about growing with you is complete bunk in my case. My credit has gotten better, and it has remained frozen at $400. Amazon at $800 (still a little low) is way more useful for me as a Prime member, and has way more potential for expansion. Amazon is looking more like the only store card I'll keep.
Current Cards: Chase Freedom, Discover IT
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Re: Another Store Account Closed

Postby Vattené » Tue Dec 15, 2015 9:31 am

My experience has been different (I asked for one CLI about a year ago after already having the account a couple of years and was given an auto CLI when I was recently converted to a MasterCard), but I don't blame you at all. Presumably your credit warrants a higher limit, and a $400 line can be pretty limiting even if it is a store account. I'd have no qualms about walking away from it!
-Vattené
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Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

kdm31091
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Re: Another Store Account Closed

Postby kdm31091 » Tue Dec 15, 2015 11:24 am

$400 is pretty worthless regardless of whether it's a store or major account. Even $100 reporting is 25% util for that card. Which is a short time, negligible issue of course, but still ridiculous.

If it's not growing with you and you get no real benefit from it, I'd cut it loose. It's not like the loss of a $400 limit is going to harm you.



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