Credit Tips: Not Using a Credit Card Vs Closing a Credit Card

Posted On: November 1, 2006

Author: artcubed
Posted: Tue Oct 31, 2006 6:04 pm
Post subject: Not using cards vs Closing accounts

In the medium-long term, is it better to leave an account open and not use it, or to close it? Particularly those with low credit limits?

Here’s my dilemma (Cards: Limits)

What I don’t use:
Chase Platinum: 200
Chase Rewards: 300
CapitalOne: 500 (not reported, obviously)

What I use (no more than 25% at a time):
Citi Dividend: 4000
Bloomingdales: 800
HSBC: 1000

Sooo…is it better to leave those 3 with tiny limits open and unused, or close them? I’ve tried CLIs on the low-limit cards, and that wasn’t happening.

Author: Alaskan Assassin
Posted: Tue Oct 31, 2006 6:50 pm
Post subject:

I WOULD KEEP THEM OPEN JUST CUT THEM UP

Author: Brammy
Posted: Tue Oct 31, 2006 9:19 pm
Post subject:

Or sock drawer them in case they have account inactivity fees ot threaten to close by creditor for inactivity

Author: mouse
Posted: Wed Nov 01, 2006 2:00 am
Post subject:

Alaskan Assassin wrote:
I WOULD KEEP THEM OPEN JUST CUT THEM UP

WHAT IS THE BENEFIT OF CUTTING THEM UP???

You “MAY” lose the account if you don’t use it once or twice a year

(even if it is only $5)