topic Re: Too many cards - which one to close? in Credit Cards

Too many cards - which one to close?

sqrt — Wed, 16 Jan 2013 01:01:39 GMT

Question: If my total CL is close to my gross income, can I still get new CC?

I've tired of too many CCs, which one to close?

Citi: Dividend 3.5k, Forward 5k

Chase: CSP 5K, UA 7K, Freedom 5K

Amex: Delta 9.5K, SPG 3K

Barclay: NFL 1.5K

Discover: It 5.4K

Intend to close Delta and UA soon.

Thanks.

Re: Too many cards - which one to close?

Repo-ed — Wed, 16 Jan 2013 01:01:40 GMT

Close none.

Re: Too many cards - which one to close?

sqrt — Wed, 16 Jan 2013 01:04:00 GMT

Repo-ed wrote:
Close none.

Then do I need to, say, use Delta card every 3 month?

I may switch Delta to Blue cash anyway because the annual fee.

Re: Too many cards - which one to close?

nicholasyud — Wed, 16 Jan 2013 01:04:14 GMT

sqrt wrote:
Question: If my total CL is close to my gross income, can I still get new CC?

I've tired of too many CCs, which one to close?

Citi: Dividend 3.5k, Forward 5k
Chase: CSP 5K, UA 7K, Freedom 5K
Amex: Delta 9.5K, SPG 3K
Barclay: NFL 1.5K
Discover: It 5.4K

Intend to close Delta and UA soon.
Thanks.

Why would you want to closed credit card then re-apply for another CC ?

I dont understand ..........

Stay with your current card . Treat them good make a good solid payment every month and stop messing with those new APP.

Re: Too many cards - which one to close?

nicholasyud — Wed, 16 Jan 2013 01:05:33 GMT

sqrt wrote:
Repo-ed wrote:
Close none.
Then do I need to, say, use Delta card every 3 month?
I may switch Delta to Blue cash anyway because the annual fee.

Give them a call tell them you want a product change from your Delta to BCE.

It's can be done less than 5 mins and your new BCE card should be arrived in a few days.

Re: Too many cards - which one to close?

sqrt — Wed, 16 Jan 2013 01:05:42 GMT

nicholasyud wrote:
sqrt wrote:
Question: If my total CL is close to my gross income, can I still get new CC?

I've tired of too many CCs, which one to close?

Citi: Dividend 3.5k, Forward 5k
Chase: CSP 5K, UA 7K, Freedom 5K
Amex: Delta 9.5K, SPG 3K
Barclay: NFL 1.5K
Discover: It 5.4K

Intend to close Delta and UA soon.
Thanks.

Why would you want to closed credit card then re-apply for another CC ?
I dont understand ..........
Stay with your current card . Treat them good make a good solid payment every month and stop messing with those new APP.

Well, I have large spending coming and I want to apply a card with 0 intro APR.

Re: Too many cards - which one to close?

FutureBillionaire — Wed, 16 Jan 2013 01:08:58 GMT

sqrt wrote:
Repo-ed wrote:
Close none.
Then do I need to, say, use Delta card every 3 month?
I may switch Delta to Blue cash anyway because the annual fee.

PC to a card that you like. Close none unless you opened them just in the past couple of months.

Re: Too many cards - which one to close?

sqrt — Wed, 16 Jan 2013 01:10:57 GMT

FutureBillionaire wrote:
sqrt wrote:
Repo-ed wrote:
Close none.
Then do I need to, say, use Delta card every 3 month?
I may switch Delta to Blue cash anyway because the annual fee.
PC to a card that you like. Close none unless you opened them just in the past couple of months.

Well, I got the NFL card in Nov, so it's better to close this one?

Re: Too many cards - which one to close?

LostTime — Wed, 16 Jan 2013 01:14:21 GMT

I dont know if it makes sense to close your two highest limit cards (33% of your total credit) with the hope that you will be able to replace them with cards of like limits. You will risk killing your util with the hopes of getting a lower rate?

Also considering that you plan a big purchase, what happens if you cant get the rates you want or cant get another card. Now you have to still make your large purchase, but you have given away 33% of your limits.

Re: Too many cards - which one to close?

LostTime — Wed, 16 Jan 2013 01:15:45 GMT

sqrt wrote:
FutureBillionaire wrote:
sqrt wrote:
Repo-ed wrote:
Close none.
Then do I need to, say, use Delta card every 3 month?
I may switch Delta to Blue cash anyway because the annual fee.
PC to a card that you like. Close none unless you opened them just in the past couple of months.
Well, I got the NFL card in Nov, so it's better to close this one?

I think you are missing what everyone is saying. there is NO reason to close a card. DONT CLOSE YOUR CARDS

Re: Too many cards - which one to close?

creditnocash — Wed, 16 Jan 2013 01:16:25 GMT

it doesn't really matter which one's you close.

they all report for 10 years if closed in good standing.

you already took the aaoa hit so you might as well leave it open if there is no af.

doesnt the nfl card come with a 0% apr?

i dont think youll have too much trouble getting another card unless you have high util and low income. (and or high # of inqs)

people want to be paid back

Re: Too many cards - which one to close?

Revelate — Wed, 16 Jan 2013 01:16:28 GMT

FutureBillionaire wrote:
sqrt wrote:
Repo-ed wrote:
Close none.
Then do I need to, say, use Delta card every 3 month?
I may switch Delta to Blue cash anyway because the annual fee.
PC to a card that you like. Close none unless you opened them just in the past couple of months.

I'm a bit confuzzled apparently; where does that make a difference in FICO or in underwriting? If anything, uber short tradelines would be frowned upon by underwriting in my estimation, and I don't see where FICO cares (at least much, no seasoning bonus to be sure, may be a penalty in there somewhere but minor) either.

Re: Too many cards - which one to close?

nicholasyud — Wed, 16 Jan 2013 01:18:12 GMT

He might end up closed a few card and end up denied for his new app spree......

That's even hurt more with Utili and large spending in a couple months.

Re: Too many cards - which one to close?

sqrt — Wed, 16 Jan 2013 01:20:07 GMT

Revelate wrote:
FutureBillionaire wrote:
sqrt wrote:
Repo-ed wrote:
Close none.
Then do I need to, say, use Delta card every 3 month?
I may switch Delta to Blue cash anyway because the annual fee.
PC to a card that you like. Close none unless you opened them just in the past couple of months.
I'm a bit confuzzled apparently; where does that make a difference in FICO or in underwriting? If anything, uber short tradelines would be frowned upon by underwriting in my estimation, and I don't see where FICO cares (at least much, no seasoning bonus to be sure, may be a penalty in there somewhere but minor) either.

Yes, I am a bit confuse too...

Re: Too many cards - which one to close?

sqrt — Wed, 16 Jan 2013 01:21:47 GMT

LostTime wrote:
I dont know if it makes sense to close your two highest limit cards (33% of your total credit) with the hope that you will be able to replace them with cards of like limits. You will risk killing your util with the hopes of getting a lower rate?

Also considering that you plan a big purchase, what happens if you cant get the rates you want or cant get another card. Now you have to still make your large purchase, but you have given away 33% of your limits.

Well, close the card is not equal to lose CL.

I want to transfer CL of UA to freedom, also CL of Delta to SPG.

Re: Too many cards - which one to close?

sqrt — Wed, 16 Jan 2013 01:23:23 GMT

nicholasyud wrote:
He might end up closed a few card and end up denied for his new app spree......
That's even hurt more with Utili and large spending in a couple months.

I won't have a app spree.....just want to apply one 0 apr card for large purchase.

Re: Too many cards - which one to close?

LostTime — Wed, 16 Jan 2013 01:24:24 GMT

sqrt wrote:
LostTime wrote:
I dont know if it makes sense to close your two highest limit cards (33% of your total credit) with the hope that you will be able to replace them with cards of like limits. You will risk killing your util with the hopes of getting a lower rate?

Also considering that you plan a big purchase, what happens if you cant get the rates you want or cant get another card. Now you have to still make your large purchase, but you have given away 33% of your limits.
Well, close the card is not equal to lose CL.
I want to transfer CL of UA to freedom, also CL of Delta to SPG.

If your concern is that your limits are toohigh, how will that help you? youd have the same limits just on different cards. But in any event, this is better than closing the cards and losing the limits

Re: Too many cards - which one to close?

sqrt — Wed, 16 Jan 2013 01:31:21 GMT

LostTime wrote:
sqrt wrote:
LostTime wrote:
I dont know if it makes sense to close your two highest limit cards (33% of your total credit) with the hope that you will be able to replace them with cards of like limits. You will risk killing your util with the hopes of getting a lower rate?

Also considering that you plan a big purchase, what happens if you cant get the rates you want or cant get another card. Now you have to still make your large purchase, but you have given away 33% of your limits.
Well, close the card is not equal to lose CL.
I want to transfer CL of UA to freedom, also CL of Delta to SPG.
If your concern is that your limits are toohigh, how will that help you? youd have the same limits just on different cards. But in any event, this is better than closing the cards and losing the limits

Well - I will have less cards in wallet, less cards to concern "which one to use".

I just hate that you have to use the card every 6 month to keep it open. (not sure about this)

Re: Too many cards - which one to close?

Revelate — Wed, 16 Jan 2013 01:31:33 GMT

Oh and to jump on the main point; if you apply for a card and are denied, and they tell you it's because you have too many cards or too much available credit, then offer to close a card. No need to do that beforehand really.

While it's true you don't lose much by closing a card, keeping it open even a day longer is marginally better at some point in the future; that extends into the advice of open a tradeline as soon as you can, and close it as late as possible too. Other than a non-utilized card with an AF (or a security deposit), I think I'll struggle to come up with a rationale (I don't personally think the additional fraud risk is much if any) to close any card of mine in the next several decades... and even in those two scenarios I don't always decide to close it either honestly.

Re: Too many cards - which one to close?

sqrt — Wed, 16 Jan 2013 01:34:52 GMT

Revelate wrote:
Oh and to jump on the main point; if you apply for a card and are denied, and they tell you it's because you have too many cards or too much available credit, then offer to close a card. No need to do that beforehand really.

While it's true you don't lose much by closing a card, keeping it open even a day longer is marginally better at some point in the future; that extends into the advice of open a tradeline as soon as you can, and close it as late as possible too. Other than a non-utilized card with an AF (or a security deposit), I think I'll struggle to come up with a rationale (I don't personally think the additional fraud risk is much if any) to close any card of mine in the next several decades... and even in those two scenarios I don't always decide to close it either honestly.

Hmm. Good point. Thanks!

I'll keep them open and sock drawed!