Close up two major cc's?

[punkinbee59]

I'd like to know if I can go ahead and close up Providian first (evil card) and wait another month or so to close up Discover after I pay off Discover.

 

I got my Visa from my credit union but I've barely $1700+ remaining credit left on that card after I transferred my high rate credit balances from my Providian, Home Depot and from a heat pump loan to this Visa. Although I've 0% rate on the Visa for the next 6 months, I'm paying 3% of the balance (ie: $5600 = $169.00 a month) and the payment goes down when the balance goes down.

 

I make it a rule to never call the original creditors to close the accounts~ I've always sent a written letter to ask them to close my account and to report to the CRA's with positive history. (CYA sort of thing LOL)

 

The reason I want to close up Providian is that I never want to deal with Providian...EVER. If it means for my scores to dip a bit, fine. I haven't touched that card even after I paid it off 1.5 years ago. Discover is a big rate hog LOL oink oink

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[punkinbee59]

bump!

[hegemony]

I would keep the providian card for the free PFICO. or perhaps open a new card from them (hoping for a better limit) and then close the old one.

 

without knowing more about your scores and goals it is hard to give further advice.

[toopooor]

How much of your overall CL and # of cards do they represent?

 

If you are carrying more than 30% on a card, I'd keep the others open until the balance is lower. The apparently fast run up in utility can scare other creditors into AA or result in denials. If the providian and discover cards have low CL and it won't affect your overall utility to any great degree, then you can close them whenever you want with little effect.

[punkinbee59]

for all I know is that my credit union typically pulls EQ and my credit score from that is 671 (I think). I dunno the other two scores. I've paid off the evil Providian card 1.5 years ago. My Discover card is ok...the CL is fine, it's the rate that's just unreal. Hence the need to transfer to a lower rate card.

 

So Providian card is gonna get closed for sure...and I have a negative experience with Providian, I know there are others who had it better...but I will say this, just be careful with Providian.

[pryan67]

what's the BENEFIT to you to close those cards.....

 

 

other than satisfaction that you're "sticking it to the man" by closing them....what's the benefit to YOU? what tangible benefit do you get?

[TrevorHere]

for all I know is that my credit union typically pulls EQ and my credit score from that is 671 (I think). I dunno the other two scores. I've paid off the evil Providian card 1.5 years ago. My Discover card is ok...the CL is fine, it's the rate that's just unreal. Hence the need to transfer to a lower rate card.

 

So Providian card is gonna get closed for sure...and I have a negative experience with Providian, I know there are others who had it better...but I will say this, just be careful with Providian.

 

I's keep the discover open. The rate on the Discover isn't an issue if you use other cards for when you want to carry a balance...

[punkinbee59]

what's the BENEFIT to you to close those cards.....

 

 

other than satisfaction that you're "sticking it to the man" by closing them....what's the benefit to YOU? what tangible benefit do you get?

 

Dunno about writing a letter to them after having it paid off 1.5 years ago would do any good~it's just the idea that I wanted to more or less tell them to kiss my @$$ basically That's the satisfaction I'll ever get. Dunno about the benefit(s), and if it means I'm blacklisted from ever using their services, that's fine with me

[pryan67]

what's the BENEFIT to you to close those cards.....

 

 

other than satisfaction that you're "sticking it to the man" by closing them....what's the benefit to YOU? what tangible benefit do you get?

 

Dunno about writing a letter to them after having it paid off 1.5 years ago would do any good~it's just the idea that I wanted to more or less tell them to kiss my @$$ basically That's the satisfaction I'll ever get. Dunno about the benefit(s), and if it means I'm blacklisted from ever using their services, that's fine with me

 

 

AH!!! Personal satisfaction....one of the BEST benefits....

 

I say go for it...but do it on Planet Feedback as well as in writing...make your exsperiences public

[toopooor]

AH!!! Personal satisfaction....one of the BEST benefits....

 

I say go for it...but do it on Planet Feedback as well as in writing...make your exsperiences public

 

are you insane? the PFB piranhas will rip the OP apart with a public post.

 

My personal satisfaction method would be the sock drawer... for a very long time. No use keeps them on the books and both will send BT offers by snail mail often. Use it for a pack of gum every couple to 6 months and use paper billing.

[Pasquale]

I'm having trouble understanding why anyone would want to close/sockdrawer a no-fee rewards card like the Discover. I'm currently earning 5% cashback on restaurant and movie purchases. They have quarterly "deals", and from Oct-Dec of this year, dining out and movies (rentals, DVD purchases, theatre tix) are offering 5% cashback.

 

High APR and double-cycle billing are meaningless when you PIF.

 

But... maybe the OP's Discover card has different terms than mine.

[toopooor]

I'm having trouble understanding why anyone would want to close/sockdrawer a no-fee rewards card like the Discover. I'm currently earning 5% cashback on restaurant and movie purchases. They have quarterly "deals", and from Oct-Dec of this year, dining out and movies (rentals, DVD purchases, theatre tix) are offering 5% cashback.

 

High APR and double-cycle billing are meaningless when you PIF.

 

But... maybe the OP's Discover card has different terms than mine.

 

my discover is SD because i feel the rewards are better on other cards... but its my oldest and has a decent limit so its going to stay around. I did make good money when they offered 5% on tuition. I have no idea what my interest rate is because i PIF.

 

my providian is one of my newer cards but is SD because it doesn't have rewards... it had pfico and they give me good BT deals every now and again along with CLI so i'll keep it.

[hegemony]

I'm having trouble understanding why anyone would want to close/sockdrawer a no-fee rewards card like the Discover. I'm currently earning 5% cashback on restaurant and movie purchases. They have quarterly "deals", and from Oct-Dec of this year, dining out and movies (rentals, DVD purchases, theatre tix) are offering 5% cashback.

 

High APR and double-cycle billing are meaningless when you PIF.

 

But... maybe the OP's Discover card has different terms than mine.

NMTC (no more toy cards)

[pryan67]

AH!!! Personal satisfaction....one of the BEST benefits....

 

I say go for it...but do it on Planet Feedback as well as in writing...make your exsperiences public

 

are you insane? the PFB piranhas will rip the OP apart with a public post.

 

My personal satisfaction method would be the sock drawer... for a very long time. No use keeps them on the books and both will send BT offers by snail mail often. Use it for a pack of gum every couple to 6 months and use paper billing.

 

 

 

Sure...the employees of the OC would rip into the OP...but then the OP could call upon CB to rip into them *LOL*...

 

 

I DO agree with the sockdrawer though....but I also like ripping people new ones when they deserve it....as in the case here