Tips on How to Close a Credit Card
Author: Brammy
Posted: Fri Jul 14, 2006 3:13 pm
Post subject: Need to close a card advice please
My perfect card balance would be 1 Visa, 1 Master, 1 Disciver and one AMex rewards.
For those of you who have read my post here you may know that I'm in the process of rebuilding. I was recently approved for aVisa 0% BT for a year. When I applied for a MC with the same terms two weeks ago I was declined. My current Master has an annual fee and a higher interest rate than i want to pay so when I received a second invite from the same MC company I took the bait and applied and was instantly approved.
The problem is that the annual fee on the other MC (the first card I received after filing BK) has been paid for the year. I wonder if I should keep it open to report the trade line until the next fee is due in May.
I would like to convert my WalMArt charge card over to their discover line in May and want this line closed before applying or is that the wrong stategy?
I have 2 store cards, 2 Visa cards (1 being my oldest the other with the great rate) and now 2 Mcs one of which I plan to cancel but the question is when. utilization is low across the board.
Target card 0 balance
Visa 1 100.00 balance
Walmart 0 balance
MC 1 0 balance
Visa 2 759.00 balance
MC 2 0 balance
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Fri Jul 14, 2006 4:57 pm
Post subject: Re: Need to close a card advice please
Quote:
"Brammy"
My perfect card balance would be 1 Visa, 1 Master, 1 Disciver and one AMex rewards.
For those of you who have read my post here you may know that I'm in the process of rebuilding. I was recently approved for aVisa 0% BT for a year. When I applied for a MC with the same terms two weeks ago I was declined. My current Master has an annual fee and a higher interest rate than i want to pay so when I received a second invite from the same MC company I took the bait and applied and was instantly approved.
The problem is that the annual fee on the other MC (the first card I received after filing BK) has been paid for the year. I wonder if I should keep it open to report the trade line until the next fee is due in May.
I would like to convert my WalMArt charge card over to their discover line in May and want this line closed before applying or is that the wrong stategy?
I have 2 store cards, 2 Visa cards (1 being my oldest the other with the great rate) and now 2 Mcs one of which I plan to cancel but the question is when. utilization is low across the board.
Target card 0 balance
Visa 1 100.00 balance
Walmart 0 balance
MC 1 0 balance
Visa 2 759.00 balance
MC 2 0 balance
"IF" you think 4 is good for you fine
As far as closing a card with a fee wait for 11 months then close it
WALMART "STORE" probably won't work for a TRADE
They will tell you to APPLY
Most store TYPE cards don't trade too easy...
Author: Brammy
Posted: Fri Jul 14, 2006 8:10 pm
Post subject: Re: Need to close a card advice please
Quote:
"IF" you think 4 is good for you fine
As far as closing a card with a fee wait for 11 months then close it
WALMART "STORE" probably won't work for a TRADE
They will tell you to APPLY
Most store TYPE cards don't trade too easy...
Thanks mouse. Actually both Walmart and Target offer you the opportunity to 'upgrade'. According to their CSR you can request it and they supposedly base it on internal payment history. I was thinking about keeping the card so I guess that is my best option even though I will only use it for a 27/mo bill. knowing HSBc they may decrease the limit though.
FYI I don't even like the idea of having this many open.
Author: hesiden
Posted: Sat Jul 15, 2006 8:41 am
Post subject: Re: Need to close a card advice please
[quote="Brammy"]My perfect card balance would be 1 Visa, 1 Master, 1 Disciver and one AMex rewards.
[/quote]
Does't make any sense to me. Shouldn't you look for a card with 5% back on gas, groceries, and drug stores. Then a card maybe with low intrest rate or one with a low balance transfers, airline rewards, etc...save yourself money depending upon your usage.
Maybe even getting cards from different card issuers Citi, Chase, Discover, Bank of America, Capital One...
Author: Brammy
Posted: Sat Jul 15, 2006 11:52 am
Post subject: Tips on How to Close a Credit Card
Quote:
Does't make any sense to me. Shouldn't you look for a card with 5% back on gas, groceries, and drug stores. Then a card maybe with low intrest rate or one with a low balance transfers, airline rewards, etc...save yourself money depending upon your usage.
Maybe even getting cards from different card issuers Citi, Chase, Discover, Bank of America, Capital One...
Sorry if I didn't make that clear but the Discover and AMex I both rewards or CB cards. The visa offers 1% CB into my MMF and the Mastercard is low fixed.
I never use a credit card at the grocery store or drug store since I actually have a points debit card and I like to keep my across the board utilization low. Depending on reporting date, even if you PIF it may not report that way to the CBs. Learned that the hard way when my high balances ALWAYS reported until a few months back.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Fri Jul 14, 2006 3:13 pm
Post subject: Need to close a card advice please
My perfect card balance would be 1 Visa, 1 Master, 1 Disciver and one AMex rewards.
For those of you who have read my post here you may know that I'm in the process of rebuilding. I was recently approved for aVisa 0% BT for a year. When I applied for a MC with the same terms two weeks ago I was declined. My current Master has an annual fee and a higher interest rate than i want to pay so when I received a second invite from the same MC company I took the bait and applied and was instantly approved.
The problem is that the annual fee on the other MC (the first card I received after filing BK) has been paid for the year. I wonder if I should keep it open to report the trade line until the next fee is due in May.
I would like to convert my WalMArt charge card over to their discover line in May and want this line closed before applying or is that the wrong stategy?
I have 2 store cards, 2 Visa cards (1 being my oldest the other with the great rate) and now 2 Mcs one of which I plan to cancel but the question is when. utilization is low across the board.
Target card 0 balance
Visa 1 100.00 balance
Walmart 0 balance
MC 1 0 balance
Visa 2 759.00 balance
MC 2 0 balance
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Fri Jul 14, 2006 4:57 pm
Post subject: Re: Need to close a card advice please
Quote:
"Brammy"
My perfect card balance would be 1 Visa, 1 Master, 1 Disciver and one AMex rewards.
For those of you who have read my post here you may know that I'm in the process of rebuilding. I was recently approved for aVisa 0% BT for a year. When I applied for a MC with the same terms two weeks ago I was declined. My current Master has an annual fee and a higher interest rate than i want to pay so when I received a second invite from the same MC company I took the bait and applied and was instantly approved.
The problem is that the annual fee on the other MC (the first card I received after filing BK) has been paid for the year. I wonder if I should keep it open to report the trade line until the next fee is due in May.
I would like to convert my WalMArt charge card over to their discover line in May and want this line closed before applying or is that the wrong stategy?
I have 2 store cards, 2 Visa cards (1 being my oldest the other with the great rate) and now 2 Mcs one of which I plan to cancel but the question is when. utilization is low across the board.
Target card 0 balance
Visa 1 100.00 balance
Walmart 0 balance
MC 1 0 balance
Visa 2 759.00 balance
MC 2 0 balance
"IF" you think 4 is good for you fine
As far as closing a card with a fee wait for 11 months then close it
WALMART "STORE" probably won't work for a TRADE
They will tell you to APPLY
Most store TYPE cards don't trade too easy...
Author: Brammy
Posted: Fri Jul 14, 2006 8:10 pm
Post subject: Re: Need to close a card advice please
Quote:
"IF" you think 4 is good for you fine
As far as closing a card with a fee wait for 11 months then close it
WALMART "STORE" probably won't work for a TRADE
They will tell you to APPLY
Most store TYPE cards don't trade too easy...
Thanks mouse. Actually both Walmart and Target offer you the opportunity to 'upgrade'. According to their CSR you can request it and they supposedly base it on internal payment history. I was thinking about keeping the card so I guess that is my best option even though I will only use it for a 27/mo bill. knowing HSBc they may decrease the limit though.
FYI I don't even like the idea of having this many open.
Author: hesiden
Posted: Sat Jul 15, 2006 8:41 am
Post subject: Re: Need to close a card advice please
[quote="Brammy"]My perfect card balance would be 1 Visa, 1 Master, 1 Disciver and one AMex rewards.
[/quote]
Does't make any sense to me. Shouldn't you look for a card with 5% back on gas, groceries, and drug stores. Then a card maybe with low intrest rate or one with a low balance transfers, airline rewards, etc...save yourself money depending upon your usage.
Maybe even getting cards from different card issuers Citi, Chase, Discover, Bank of America, Capital One...
Author: Brammy
Posted: Sat Jul 15, 2006 11:52 am
Post subject: Tips on How to Close a Credit Card
Quote:
Does't make any sense to me. Shouldn't you look for a card with 5% back on gas, groceries, and drug stores. Then a card maybe with low intrest rate or one with a low balance transfers, airline rewards, etc...save yourself money depending upon your usage.
Maybe even getting cards from different card issuers Citi, Chase, Discover, Bank of America, Capital One...
Sorry if I didn't make that clear but the Discover and AMex I both rewards or CB cards. The visa offers 1% CB into my MMF and the Mastercard is low fixed.
I never use a credit card at the grocery store or drug store since I actually have a points debit card and I like to keep my across the board utilization low. Depending on reporting date, even if you PIF it may not report that way to the CBs. Learned that the hard way when my high balances ALWAYS reported until a few months back.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:21 PM
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