When to close a CC account?
Mar 15, 2013 | 9:11 am
#16
Join Date: Jan 2008
Location: TPA
Programs: Hilton Diamond, AA platinum
Posts: 417
I only close a card when the annual fee is do and the benefits don't out way the fee. Or when the card is keeping me from getting another card.Other wise what's the big deal about keeping it and letting it age?
Mar 15, 2013 | 12:36 pm
#17
Join Date: Mar 2013
Posts: 179
The AMEXs (ie--SPG, DELTA, GOLD, ETC) Say you "can't get the signup bonus if you've had the product within the last year"...
So, don't I need to close it to get the clock moving on the "1 year"?
Also, if an issuer only lets yu have a certain number of cards (ie--only 4 chase cards at one time--or whatever)...doesn't canceling cards free you up for more signup bonuses??
ALSO--Note I'm not concerned about my credit score...just interested in keeping the signup gravy train flowing...
Mar 15, 2013 | 3:00 pm
#18
Join Date: Jan 2008
Location: TPA
Programs: Hilton Diamond, AA platinum
Posts: 417
Your beginning to sound greedy, don't forget if you start to look like a customer that is not profitable the banks will not continue awarding you CC. You don't care about your credit scores, just want to get all that you can. This is not sustainable, it will work for the short term however most of us look for a plan that will work in the long term.
Mar 15, 2013 | 3:19 pm
#19
Join Date: Dec 2011
Posts: 10
I'm still a newbie particularly in regards to CCs. I just opened up a new CC, but was only given a $500 CL. I have other CCs with the bank (Chase). Should I call the rep and ask her to switch around the CLs of the other cards I am really not using or should I just close them (to open up available credit)? Also will it cause them to do another hard pull on my credit - so soon after I got one for opening a new CC? Thanks in advance.
Mar 15, 2013 | 3:51 pm
#20
In memoriam
Join Date: Jan 2006
Posts: 4,020
IMHO, a $500 CL is a warning shot from the bank. Take it very easy.
I note that, IME, Chase hands out CLs in the $5K to $20K area very freely.
What kind of card brought you this tiny limit? Do you anticipate a bonus on the card?
If it were me, I'd use the card to approach the limit every month for a few months, paying in full and before the due date.
Good chance the bank will then raise your CL.
Or, perhaps, you are a student or very low income person and that creates the issue.
We need more details from you.
I note that, IME, Chase hands out CLs in the $5K to $20K area very freely.
What kind of card brought you this tiny limit? Do you anticipate a bonus on the card?
If it were me, I'd use the card to approach the limit every month for a few months, paying in full and before the due date.
Good chance the bank will then raise your CL.
Or, perhaps, you are a student or very low income person and that creates the issue.
We need more details from you.
Mar 22, 2013 | 12:01 pm
#21
Join Date: Feb 2013
Posts: 7
When do you call to cancel/convert?
Say you have a card with an annual fee. The first year was waived, but you know you will be charged soon. Your options are to pay, ask them to waive it again, convert to a fee-free card or cancel. When do you call? Before the fee is charged? After it shows up? Does it depend on what your objective is?
Mar 22, 2013 | 12:53 pm
#22
Join Date: Jul 2012
Location: PVG
Programs: BA, LM // HH, CP
Posts: 216
When do you call to cancel/convert?
I've read to do it a few months out. then every month up until the year mark.
if you're closer than that just call a month before and ask for a retention bonus. if they say no then you decide what to do
if you're closer than that just call a month before and ask for a retention bonus. if they say no then you decide what to do
Mar 24, 2013 | 5:00 pm
#23
Join Date: Mar 2013
Programs: Delta PM, SPG Gold, CC Gold, HH Gold, PC Platinum
Posts: 82
Here's what I'm thinking...let me know the error in my ways...
The AMEXs (ie--SPG, DELTA, GOLD, ETC) Say you "can't get the signup bonus if you've had the product within the last year"...
So, don't I need to close it to get the clock moving on the "1 year"?
Also, if an issuer only lets yu have a certain number of cards (ie--only 4 chase cards at one time--or whatever)...doesn't canceling cards free you up for more signup bonuses??
ALSO--Note I'm not concerned about my credit score...just interested in keeping the signup gravy train flowing...
The AMEXs (ie--SPG, DELTA, GOLD, ETC) Say you "can't get the signup bonus if you've had the product within the last year"...
So, don't I need to close it to get the clock moving on the "1 year"?
Also, if an issuer only lets yu have a certain number of cards (ie--only 4 chase cards at one time--or whatever)...doesn't canceling cards free you up for more signup bonuses??
ALSO--Note I'm not concerned about my credit score...just interested in keeping the signup gravy train flowing...
That said, I am keeping my (high signup bonus) cards a minimum of 6 months UP to a year. Occasionaly I'll hold onto a fee card if I like it (Chase Sapphire Pref).
At the same time, I'll hold onto other (fee free) cards from the same issuing bank indefinitely (ie churn Amex Gold...hold Amex Blue).
Maybe I balance my good and bad karma that way?
Mar 24, 2013 | 6:54 pm
#24
Join Date: Apr 2011
Posts: 567
Yes I have the same dilemma. My last AOR was in 6 cards in August 2012, and then another 4 in Feb 2013, should I cool it a bit? Or keep going till the banks keep approving me? I am getting greedy here I know but who knows when these offers may end?
What are the chances of getting shut down by the big boys - like Amex or Chase? I am all for letting the market decide and keep maxing out my apps till the banks start declining me regularly.
What are the chances of getting shut down by the big boys - like Amex or Chase? I am all for letting the market decide and keep maxing out my apps till the banks start declining me regularly.