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Advice on old credit union account
Posted on 3/24/18 at 8:11 pm
Posted on 3/24/18 at 8:11 pm
I currently have an account with a local credit union which I used for handling my rental property affairs. I have since sold the property.
Once everything winds down in a month or so, I will have around $60 left in the account. They require $25 minimum to keep the account open, but don't pay interest unless the balance is $100 or more.
I also have with that credit union a MasterCard which I used on rental property expenses, it has a $4,000 limit. I only owe around $425, of which $65 will be paid in April and the balance (once it hits the statement) will be paid off in May. There will be no more expenses on the card.
I'm at a point in my life where I won't be going back into owning rental property.
I'm seeking advice on which option to pursue:
Option 1--close the account and cancel the credit card.
Option 2--go ahead and deposit another $40 to put the balance over $100 so it draws interest, and keep the credit card for emergencies.
(I have three other general use credit cards: one with a $15K limit which is my primary one, one with a $10K limit which I previously used for rental property expenses but I only rarely use it, and a third with a $17K limit which I once used for an expense which is now totally paid off and again I rarely use it. The first two are with the credit union where my personal accounts are.)
Open to any suggestions on this.
Once everything winds down in a month or so, I will have around $60 left in the account. They require $25 minimum to keep the account open, but don't pay interest unless the balance is $100 or more.
I also have with that credit union a MasterCard which I used on rental property expenses, it has a $4,000 limit. I only owe around $425, of which $65 will be paid in April and the balance (once it hits the statement) will be paid off in May. There will be no more expenses on the card.
I'm at a point in my life where I won't be going back into owning rental property.
I'm seeking advice on which option to pursue:
Option 1--close the account and cancel the credit card.
Option 2--go ahead and deposit another $40 to put the balance over $100 so it draws interest, and keep the credit card for emergencies.
(I have three other general use credit cards: one with a $15K limit which is my primary one, one with a $10K limit which I previously used for rental property expenses but I only rarely use it, and a third with a $17K limit which I once used for an expense which is now totally paid off and again I rarely use it. The first two are with the credit union where my personal accounts are.)
Open to any suggestions on this.
This post was edited on 3/24/18 at 8:24 pm
Posted on 3/24/18 at 8:24 pm to Quidam65
You’re worrying about interest on $100??
Posted on 3/24/18 at 9:11 pm to Quidam65
my entrepreneurship teacher once told us put money in all the banks and borrow from them all as well. if they don't know you they might not do business with you
Posted on 3/25/18 at 9:44 am to Quidam65
Unless you plan to do business with them in the foreseeable future I'd just close everything and move on.
Posted on 3/25/18 at 11:48 am to Quidam65
Credit Union interest/dividends on $100 is going to be rather paltry =) So little I wouldn't even bother adding money to get to $100.
Honestly I'd leave the $60 in there, or maybe draw down to $25, keep the account, keep the credit card. Use it a few times a year.
No reason to close an old, good credit card, doing so could potentially cause a little ding on your credit score.
Honestly I'd leave the $60 in there, or maybe draw down to $25, keep the account, keep the credit card. Use it a few times a year.
No reason to close an old, good credit card, doing so could potentially cause a little ding on your credit score.
Posted on 3/25/18 at 11:52 am to Quidam65
Vanguard index fund is a fan favorite round these parts.
Posted on 3/25/18 at 8:00 pm to LSUFanHouston
quote:
Honestly I'd leave the $60 in there, or maybe draw down to $25, keep the account, keep the credit card. Use it a few times a year.
No reason to close an old, good credit card, doing so could potentially cause a little ding on your credit score.
I second this advice, unless you just want to simplify your life and not have so many outstanding accounts to keep track of. You can always reopen it if you need it. Plus, it will just be one more thing your kids have to deal with when they are unwinding your estate.
Posted on 3/31/18 at 1:17 pm to Quidam65
Thanks for the input.
I decided to keep it open and use it for some small investments that I have (Florida tax lien certificates).
I decided to keep it open and use it for some small investments that I have (Florida tax lien certificates).
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