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Old 03-03-2010, 07:51 PM
FBJ FBJ started this thread
 
Location: Tall Building down by the river
39,605 posts, read 53,321,981 times
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Radio Shack Account and just keep the American Express Card?
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Old 03-03-2010, 08:08 PM
 
Location: Planet Eaarth
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IMO the best end to this is for you to dump both then get a visa from one credit union limited to no more than $10,000 and lock it down there.
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Old 03-03-2010, 08:44 PM
 
13,595 posts, read 22,228,678 times
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Quote:
Originally Posted by TVandSportsGuy View Post
Radio Shack Account and just keep the American Express Card?
Nah, keep it open and don't use it... unless they decide to charge a fee. THEN dump it.
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Old 03-03-2010, 08:58 PM
 
Location: Planet Eaarth
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Quote:
Originally Posted by Tallysmom View Post
Nah, keep it open and don't use it... unless they decide to charge a fee. THEN dump it.
Keeping any credit card open is to tempting and is viewed as debt 'that can be"
owed by other lenders.

That said, close all cards that you know you don't need.
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Old 03-03-2010, 09:07 PM
 
Location: Sacramento
2,568 posts, read 6,239,807 times
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Quote:
Originally Posted by Tightwad View Post
Keeping any credit card open is to tempting and is viewed as debt 'that can be"
owed by other lenders.

That said, close all cards that you know you don't need.

Haven't you heard that it can drop your FICO score?
Also there is credit history if any of those cards is the oldest you have keep it open for sure.
Now if the OP can't control his spending habits the he should close them.
And also if anyone tries to charge an annual fee then he should close that one.
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Old 03-03-2010, 10:19 PM
 
13,595 posts, read 22,228,678 times
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Quote:
Originally Posted by Tightwad View Post
Keeping any credit card open is to tempting and is viewed as debt 'that can be"
owed by other lenders.

That said, close all cards that you know you don't need.
If it is too tempting then you shouldn't have credit cards at all..... and lenders stopped thinking that way years ago.
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Old 03-04-2010, 12:18 AM
 
Location: San Francisco, CA
15,091 posts, read 12,025,570 times
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Just be careful what the credit amount is of the card that you plan to close. Part of your score is influenced by the longevity of your credit accounts and your credit utilization ratio. Paradoxically, closing out a big credit account altogether can negatively impact your score.
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Old 03-04-2010, 12:20 AM
 
Location: Wherever I want to be... ;)
2,539 posts, read 9,257,294 times
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Quote:
Originally Posted by Tightwad View Post
Keeping any credit card open is to tempting and is viewed as debt 'that can be"
owed by other lenders.

That said, close all cards that you know you don't need.
Do adults seriously lack this willpower to not use a card because it's open??!

I have 2 credit cards that I know don't use because they offer me no benefits--but because I wish to keep my "available" credit as high as possible. Your debt to available credit DOES affect your FICO score.

Seriously people...even if you need to physically destroy/hide your card not to use it, you shouldn't have to close it to not risk "tempting" yourself.
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Old 03-04-2010, 05:59 AM
FBJ FBJ started this thread
 
Location: Tall Building down by the river
39,605 posts, read 53,321,981 times
Reputation: 9451
I was only thinking of closing the raduo shack card because I usualy use it when I need batteries or heaphones. Plus I saw they lowered my credit limit from 600 too 500 and I had no idea.

So when I get to work today, the radio Shack card will be closed
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Old 03-04-2010, 06:47 AM
 
Location: SARASOTA, FLORIDA
11,501 posts, read 14,033,771 times
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Never close an open card with aging on it.

Unless they start charging you fees.

Then and only then open an equal value no fee card to balances to loss of the open credit you had.

Closing cards is not a good thing in most cases.

Open credit is approx. 30% of your credit score.
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