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Store Card Dilemma


ajr80
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The last post in this topic was posted 2875 days ago. 

 

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If by a 'bunch' you mean 50, then yes, work on closing some. But it matters what they are. Some can really grow. Some can switch from store card to Visa, and many have different timelines on how long they will sit without usage before closing. Plus, some give you stuff, like free FICO from WalMart. Best thing would be to make a list of the ones you are thinking you do not want anymore, and let people here weigh in on ditch/keep and why.

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Also whats the limits on the cards? I had some I considered toy cards with 1k / 2k limits I kept those for age and then was able to get 5k limits and the 10k limits. i litterally just closed my 2 cap one cards last week as they were sitting at 2k and a AF was coming.

 

Age of the card may help get other cards with nice limits.

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You might consider killing off the cards with low limits, and that you won't use, slowly over the next few years. You could start with J Crew.

 

This is assuming that you have opened major CCs and are continuing to add major CCs.

Edited by mendelssohn
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If by a 'bunch' you mean 50, then yes, work on closing some. But it matters what they are. Some can really grow. Some can switch from store card to Visa, and many have different timelines on how long they will sit without usage before closing. Plus, some give you stuff, like free FICO from WalMart. Best thing would be to make a list of the ones you are thinking you do not want anymore, and let people here weigh in on ditch/keep and why.

 

Make sure you know if this is a true "upgrade" or just another new account. Most often it's the latter, which can kill AAOA on a young file.

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If by a 'bunch' you mean 50, then yes, work on closing some. But it matters what they are. Some can really grow. Some can switch from store card to Visa, and many have different timelines on how long they will sit without usage before closing. Plus, some give you stuff, like free FICO from WalMart. Best thing would be to make a list of the ones you are thinking you do not want anymore, and let people here weigh in on ditch/keep and why.

Make sure you know if this is a true "upgrade" or just another new account. Most often it's the latter, which can kill AAOA on a young file.

And most of the "upgraded" cards still don't offer any rewards worthwhile outside of the store.

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Belk - $1,400

Amazon - $1,900

Walmart - $800

Banana Republic - $900

Chevron - $850

Express - $900

J Crew - $450

Genesis - $2,000

Firestone - $900

 

Most will reach one year of age in February. Thanks!

 

I'd definitely keep the Walmart, and call up Synchrony and ask for a CLI. While on the phone, I'd ask for CLIs for Amazon, Banana Republic, Belk, Chevron if you want to keep those cards.

 

Which cards do you never use?

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My Amazon account started at $400 limit, then auto-increased to $1900 5 or 6 months ago. Since then, they will not increase the limit. I have called and requested online and every time been declined.

 

Belk went from $250 to $900 then two months ago, to $1400. I don't think they will increase that one again for a while?

 

Banana was $400, then $500, then $900. Chevron went $650 to $800.

 

My Walmart card was $250, then $550, now $800.

 

I use Amazon and Banana, occasionally Belk and Walmart, and never Chevron because we don't have them in North Carolina.

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