Which Cards Are You Closing in 2015?

[Mo Munny Mo Problems]

When I first read capital one "vulture", I had to do a little double take.. I thought to myself.. Capital One has a card called the vulture? Damn that's super appropriate lol

 

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Edited August 16, 2015 by Mo Munny Mo Problems

[mendelssohn]

Vulture has been my pet name for the Venture for quite some time.

[parisamour]

The second pic:

 

https://potterholics.wordpress.com/about/

[TrevorHere]

Considering (again) closing First Tech (formerly addison avenue) CU/card...

[mizliz1011]

I closed my State Dept Federal Credit union secured card to get my $10K back. It doesn't convert, don't need the card, and my utility is boosted by another $40K in recent AU cards. It was a WONDERFUL prybar when my scores were low 500's together with some high limit AU cards. Would love to close my UPenn credit builder but its a two year deal. Going to wait to see if my NFCU converts as expected (NRewards) after 12/13 mos, and will transfer line to Flagship. I already closed my Arrival and switched limit to Aviator 6 mos ago...

 

I don't use my BOA enough or my AmEx blue card preferred but they are keepers. I need to get more of my regular bills going through them. I have had my own credit cards for only ten months and I am still trying to figure out how to use most effectively. I don't regret any of my credit decisions. All were necessary at the time to build and it worked like magic. I need to consider M$ and am really hoping to use cards for travel on AA. Since I am AU on anything I want of DBF, I use that wisely.

 

All are PIF except for one month when payment was delayed one day after I was told Friday would be the bullet on the notice of payment and it was delayed over a long weekend. However, my day of big spends are nearly over so I will have to start finessing a bit more. It was a very stressful year and some of it will continue so I will organize all of the papers in hand and start cracking. Also want to spread the CC statements onto Quicken to get a better idea of how the cards lay...

[mendelssohn]

I closed my State Dept Federal Credit union secured card to get my $10K back. It doesn't convert, don't need the card, and my utility is boosted by another $40K in recent AU cards. It was a WONDERFUL prybar when my scores were low 500's together with some high limit AU cards. Would love to close my UPenn credit builder but its a two year deal. Going to wait to see if my NFCU converts as expected (NRewards) after 12/13 mos, and will transfer line to Flagship. I already closed my Arrival and switched limit to Aviator 6 mos ago...

 

I don't use my BOA enough or my AmEx blue card preferred but they are keepers. I need to get more of my regular bills going through them. I have had my own credit cards for only ten months and I am still trying to figure out how to use most effectively. I don't regret any of my credit decisions. All were necessary at the time to build and it worked like magic. I need to consider M$ and am really hoping to use cards for travel on AA. Since I am AU on anything I want of DBF, I use that wisely.

 

All are PIF except for one month when payment was delayed one day after I was told Friday would be the bullet on the notice of payment and it was delayed over a long weekend. However, my day of big spends are nearly over so I will have to start finessing a bit more. It was a very stressful year and some of it will continue so I will organize all of the papers in hand and start cracking. Also want to spread the CC statements onto Quicken to get a better idea of how the cards lay...

Liz, you've done a phenomenal job and that SDFCU card was a wise decision when you opened it.

[Mo Munny Mo Problems]

Vulture has been my pet name for the Venture for quite some time.

Super funny man. Very nice one

 

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[xLEGENDARYx]

Citi Thankyou Preferred and Target RedCard

[cv91915]

It's good to have plans for what you intend to build, but sometimes it's more rewarding to tear some things down.

 

In 2014 I planned to close four cards. http://creditboards.com/forums/index.php?showtopic=521905&page=1

 

Of those four, I closed three... plus seven more.

 

Here are the list of candidates for closure for 2015, in no particular order:

 

CLOSED 1) Chase Sapphire Preferred. There is no question that this is the most under-appreciated card in my portfolio, and it's my fault for not making more lucrative use of it. Before closing it, I am liquidating the UR points for about 1.75 cpp in value when you factor in the frequent flyer miles I'll earn by booking revenue flights with the rewards... so it could be worse.

 

The AFs on all of my open cards are over $1,000 right now, and based on my spending and travel plans for 2015, there's no way this card can pull its own weight. Hotel transfers? Sure, but I already have more hotel rewards than I can use next year, and probably the following year as well.

 

2) Merrill+ (FIA). I opened this card solely so I had an additional account for limit consolidation purposes. That's the fate of this card in the next few months. Despite FIA sending me several hundred dollars in printed marketing materials last year, I never really absorbed what the rewards on this card can do for me.

 

CLOSED 3) Club Carlson (US Bank). This is another card that I opened only to combine limits later. I have ~90,000 Carlson points sitting here doing nothing. WTF am I going to do with those? Drive cross country and throw parties at every Radisson along the way? Now all I have to do is find a US Bank card that I want (no small feat), open it, and move the Carlson limit. Good thing I have eight months to figure this out.

 

4) American Express Blue Sky. I only ot this card for D* and for future limit consolidation. When the future arrives (13th statement), this card departs.

 

5) Discovery IT. It's thoroughly documented why this is such a ridiculous card. I gave it one last try in October and they shorted me on rewards on two of the three purchases I made. I have no idea why this piece of crap is still open, but I'm going to fix that in 2015 when the card turns two years old, and then I'm going to take a long, hot bath.

 

Edited August 27, 2015 by cv91915

[Burgerwars]

I don't close cards unless the issuer decides on an annual fee that I can't justify.

 

Closing cards is against my religion. I've had many cards closed for non-use, but I didn't ask for them to be closed.

[Mo Munny Mo Problems]

I don't close cards unless the issuer decides on an annual fee that I can't justify.

 

Closing cards is against my religion. I've had many cards closed for non-use, but I didn't ask for them to be closed.

+1 except Crap 1 stuck @ 300 and denied credit steps increase because of their illegal "payment protection" sales tactics charged me $3.12 without me knowing so i had a late(1 day or so before i caught it)

 

I even got paid out from a class action lawsuit I was part of, and they still would not increase the limit l_o_l.

 

They sure have a funny way of trying to coax a good customer back, or rather keep a good customer.

 

Screwem... I don't really want any of their cards, but I sure will take their sign up bonuses churn the crap out of them..

 

That is the bright side of the coin, if they close any of my cards, I honestly won't care at all. Lol good riddance

 

And their bank account, I only come in to change small bills for large bills and leave with their Benjamins lol

 

Also, my cheque book was stolen, & I never did get refunded a few hundred dollars worth of insufficient funds fees because I quickly close the account to prevent further checks from being written on the account. It would have probably been a never ending problem so I just close the account. Apparently when you close an account, there is absolutely no way for them to refund you the fees because the account is closed and that's that

[mendelssohn]

I don't close cards unless the issuer decides on an annual fee that I can't justify.

 

Closing cards is against my religion. I've had many cards closed for non-use, but I didn't ask for them to be closed.

Many of us don't want huge portfolios of cards, and you also generally have to close a rewards card before you can get the bonus on it again. Closed cards also add to AAOA for up to 10 years after DOLA.

[mendelssohn]

I just closed my Amex BGR via chat. 12 months...tick tock tick tock.

 

Chase United Mileage Plus Visa: I'll close this in November before the AF hits and move the CL to my CSP. I got this card for the bonus.

Amex Blue Cash Preferred: I'll close this in December in preparation for 2 new Amex apps in January 2016, including the Everyday Preferred which will be my new grocery card. I'm going to close this in April and am using my PRG as my grocery card this year. I'll replace it with the Everyday Preferred in January 2016.

 

Barclays Rewards MC: I'm on the fence as to whether or not I want to keep this card around until I have more accounts reporting 2 years old. I may keep it around another year, or I may just close it. I'm considering the additional year since I have closed several cards with AFs in under a year.

 

Amex Business Gold Rewards: This will be closed in December and the clock starts for the next one with a signup bonus.

 

Amex Starwood Preferred Guest Business: This will be closed in December and the clock starts for the next on with a signup bonus.

 

CitiBusiness AAdvantage Platinum MC: I will probably close it after the statement closes at the end of August.

 

Citi Hilton HHonors: There is no AF, but I already have the bonus and want the clock to start ticking ASAP. I may close it as early as December.

[minnie aubre]

Closed: Kohl's, Gap, and Old Navy.

[Losluv]

Closed: Kohl's, Gap, and Old Navy.

Store card purge - nice!

[cv91915]

 

Closed: Kohl's, Gap, and Old Navy.

Store card purge - nice!

 

 

Now if this flight stays feces free like her purse is now, I'll arrive in Chicago a happy man!

[minnie aubre]

 

Closed: Kohl's, Gap, and Old Navy.

Store card purge - nice!

 

 

[minnie aubre]

 

 

Closed: Kohl's, Gap, and Old Navy.

Store card purge - nice!

 

 

Now if this flight stays feces free like her purse is now, I'll arrive in Chicago a happy man!

 

 

We know that won't happen.

[unixkid]

Does it hurt your credit score when you close your credit card?

[minnie aubre]

Does it hurt your credit score when you close your credit card?

 

If it affects your utilization, it could.

 

Positive accounts stay on your report for 10 years or more.

 

In my case, these were zero balance accounts with crappy limits ($200 - $300), so I expect no change to my score.

[lucky4]

I just closed my CSP, first card I have closed in years. Had it for 12 months and believe that I avoided the annual fee. Did it through secure online message where Chase moved the entire limit save $500 to my Freedom.

 

Next up for closure is the Zync, which has a annual fee of $25 coming due in October. Only planning to close it because everything I have read and everyone I have talked to at AMEX guarantees me that my PSL will never go away and that is preventing me from CLIs on my AMEX revolver. The Zync is benefiting from D* which makes the decision harder, but it now seems like I have to bite the bullet.

[Alexa530]

I closed Citi HH (after consolidating limit with Double Cash, via EO).

 

Plan on closing BOA Travel Rewards (I rarely used it after getting bonus) and AMEX Everyday.

 

may close CSP (moving limit first) as I don't use it much, as well as BMW Visa. Looking at closing/consolidating cards with AF's that I don't use.

[RussInGotham]

Plan on closing BOA Travel Rewards.

 

This is a no annual fee card. I'd keep it open. If you ever have enough assets with BofA and/or Merrill Edge, it can become of the best cards available. The rewards rate can grow as high as 2.625%.

[RussInGotham]

AMEX Everyday

 

This is another no annual fee card that I'd keep open. It's insurance for MR points from other Amex cards. If you close one with an annual fee, and have the ED open, those points stay alive.

[Alexa530]

I have no other MR points card. The last one I had was the Gold Prem Rewards. I used transferred all of the points before closing that one. I have 1100 pts on the Everyday that I am transferring before I close it (may lose 100 pts). I can move all but $500 of the limit to another card (Limit is 5k).

 

I am going to look into your suggestion about the BOA Travel Rewards card, as I do have a rental property mortgage through BOA. Limit on that card is measly $3k, which they so far won't increase.

 

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