Keep It or Trash It

[cooliemae]

I just got my new (old card expired) Citi credit card in the mail today and it had an interesting note on the letter.

"If you don't want this card then call....and we'll cancel it."

I think this is the first time that I've seen an actual offer by a credit card company to end our relationship.

So should I do it.

I have around $60k of credit on 7 cards (including this Citi). I currently am using about 5.5% of this credit (all of it is on 0% and will be paid off before the 0% ends). If I were to close the Citi account, an account I have never used, then my debt ratio would go up to about 6.2%. I've had the card for only three years.

Should I not worry about closing the account? Is there something I should tell the CSR specifically to place on the account if I do close it (i.e. "Account closed by cardholder")?

[maat55]

If you have no use for it, close it. You appear to be micromanaging your debt. My answer is based on simplicity. A temporary point or two on your fico is not worth the risk or headache. IMO.

[Gailete]

Cancel it and in the meantime see if you can get them to quit sending us their garbage! We get probably 3-4 or more offers from them per week!

All that credit card will do is sit there lurking in your purse/wallet/whatever waiting for a chance to be used. No one needs $60K of available non-secured credit.

[deadgoon]

Close it and close the other ones too when they are paid off. If you want to buy something, save up for it. You'll be happier and will spend a lot less time worry about making payments and credit scores.

[safari]

There is no harm in having a large credit line available. I have over $150K total credit line and I was able to leverage most of it to get advantage of 0% balance transfer offers.

[cooliemae]

I got most of the accounts when I was in college and was looking at adding to my meager credit history.

I wonder what the average person with a good credit score has in available unsecured credit?

I thought that $60k was rather average.

As for the using of the credit, I don't have any worries. I use my Discover card for monthly purchases and pay it off each month, thus earning 3% interest in my Electric Orange account and 1% and 5% on my Discover purchases.

Most of the $5,000 I have on credit cards is for sleepnumber bed that I bought for my fiance and I, which was financed at 0% for 5 years.

[maat55]

I got most of the accounts when I was in college and was looking at adding to my meager credit history.

I wonder what the average person with a good credit score has in available unsecured credit?

I thought that $60k was rather average.

As for the using of the credit, I don't have any worries. I use my Discover card for monthly purchases and pay it off each month, thus earning 3% interest in my Electric Orange account and 1% and 5% on my Discover purchases.

Most of the $5,000 I have on credit cards is for sleepnumber bed that I bought for my fiance and I, which was financed at 0% for 5 years.

I have 2k and both of our scores are over 720.

[PrincessPerky]

one less card is one less item that could be stolen, one less report you have to check a couple times a year.

that said it isn't all that big a deal. I don't know what our available credit is, but I think I recall DH joking we could buy a house with it
(not that we would)

[toptaxguy]

Close it and tell them not to send any more