Close Unused Credit Card Accounts . . . Yes? . . . No?

[apoppin]

I just off the phone with my primary credit card after getting some concessions from them (lower interest rate!). Then I realized i had a credit card thru FNANB for Circuit City that I no longer use - I used it for about 8 months to finance a no-interest camcorder and car audio system).

Well, I went ahead and cancelled it.

Wise move? or not? (assuming I want to build a better credit history - but I just don't need anything more from Curseit City)

 

[StageLeft]

Well to build credit the best is to have 2 or 3 cards. I only have one at the moment but 2 is better if they are in good standing. The limit on that card you cancelled was probably low but it would have been worth keeping open even to only buy a CD every 6 months.

 

[fr]

You can only use the CC card at CC (unless it was the VISA one) so it doesn't hurt if you're never going to shop there again.

 

[coolred]

I don't mean to intrude on the thread, but I just got sent one of those preapproved cards and I don't want it. I have not called the number to activate it, so can I just cut it up and throw it out or should I call and tell them i don't want it?

 

[Platinum]

You will want to leave at least one card open for a long period of time to develop credit history. So it might benefit you to open another one early (assuming you're responsible), so it'll be easier to apply for a mortgage/loan further down the road.

 

[apoppin]

Originally posted by: fr
You can only use the CC card at CC (unless it was the VISA one) so it doesn't hurt if you're never going to shop there again.

It was only the Curseit City Card - not the VISA one. While I was on vacation in Hawaii, FNANB sent me a pre-approved ap for a VISA one but I got it way after the deadline - the Customer Rep said there was no way to transfer the CC card into a VISA one (so I closed it).

I guess I should just sit tight (I guess FNANB won't like losing a customer) . . . and thanks for the replies.

EDIT: I am NOT closing my (only other - long-term) VISA Gold card . . . my payment history is perfect (so far).

 

[StageLeft]

Originally posted by: coolred
I don't mean to intrude on the thread, but I just got sent one of those preapproved cards and I don't want it. I have not called the number to activate it, so can I just cut it up and throw it out or should I call and tell them i don't want it?

Throw it.

 

[apoppin]

Originally posted by: coolred
I don't mean to intrude on the thread, but I just got sent one of those preapproved cards and I don't want it. I have not called the number to activate it, so can I just cut it up and throw it out or should I call and tell them i don't want it?

Don't worry about "intrusion" here. I like to learn all I can about (responsible) credit planning. I'm just suprised - the "credit master" - RossMAN, hasn't replied.

 

[RossMAN]

Since it's Circuit City's in house line of credit (not a traditional VISA or MasterCard cc) and it's not a "well established" (2 or more years old) credit card I say CLOSE IT.

Good move.

I recently closed my Sears department store card since I paid it off, why?

Eventually when we buy a new house we'll be buying a new fridge, chest freezer, washer, dryer, dishwasher, TV, etc. when we go on this bonanza shopping spree I want to be a "new" Sears credit customer so I can take advantage of their 10% off and other perks when you signup for a new Sears account.

 

[Gujski]

my citbank expired (ive used it once or twice) and they sent me a new one, i cut it up. after a month i get a letter saying did you get the card blah blah. so another month goes by and they send me another new card. Cant they take a hint? The new one got shredded too. i wonder how many more they will send.

 

[RossMAN]

Gujski - Just cutting up your cc's and not using them will not automatically close your account with them. You'll need to call customer service at 1-800-950-5114 and request your credit card be closed (assuming your current balance is $0.00) or better yet send them a letter.

Otherwise they'll keep sending you cc's until you activate one of them.

 

[apoppin]

Ah, the definitive reply.

Thanks, RossMAN (and everyone else too!)

 

[rahvin]

I've had a credit card for 6 years that I've canceled 3 times, in fact the last time I canceled it they sent me a letter saying it was closed. I got a letter a month ago with some promotional coupons urging me to use my credit card. I've come to the conclusion that I can't close this account. They won't let me.

 

[RossMAN]

rahvin - Which cc is that?

 

[Gujski]

is ther a website or something to get removed from Discover Cards list? i get an application from them at least once a week. I dont want a discover card!! stop sending me stuff!

Rossman-- thanks for the info, i will give them a call.

 

[rahvin]

It's a chase card. I may call them again and try to cancel again. You would think after sending me a letter saying the account was closed that it would have actually been closed.