17 Credit Cards

[tinom1234]

Hi All,

I have too many cards and would like to close some of them, but I have a short aaoa. Should I keep them open until my newer, better cards that I want to keep, age?

[longtimelurker]

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@tinom1234 wrote:

Hi All,

I have too many cards and would like to close some of them, but I have a short aaoa. Should I keep them open until my newer, better cards that I want to keep, age?

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Closing doesn't impact aaoa for about 10 years, just possibly utilization by reducing total available credit.

One reason for not closing while applying for better cards is that you can possibly transfer the credit line from the existing card to the new card.  Some issuers are better at this than others!

[maiden_girl]

Your AAoA won't be affected for 10 years. Your UTL will be affected immediately. This is just my opinion...but I think you should close the following cards.

Sam's Club/GECRB $2000 (Keep Walmart for FICO. Same store so why have both. I thought you could use the store card at both stores no?)

Children's Place $1600 (They have a credit card??)

Kohl's $300 

Old Navy/GECRB $800

Justice/Commenity Bank $500

Pier 1/Commenity Bank $700

Best Buy Mastercard $500

Capital One Visa Rewards $750 (Call EO and maybe have your other cards made into one?)

Kirkland's WFNB $700

Capital One Platinum MC $750 (Combine limits if possible)

Orchard Bank/Cap 1 $800 (Combine limits if possible)

Credit One $850 (Close. AFs must be killing you)

[tinom1234]

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@maiden_girl wrote:

Your AAoA won't be affected for 10 years. Your UTL will be affected immediately. This is just my opinion...but I think you should close the following cards.

Sam's Club/GECRB $2000 (Keep Walmart for FICO. Same store so why have both. I thought you could use the store card at both stores no?)

Children's Place $1600 (They have a credit card??)

Kohl's $300 

Old Navy/GECRB $800

Justice/Commenity Bank $500

Pier 1/Commenity Bank $700

Best Buy Mastercard $500

Capital One Visa Rewards $750 (Call EO and maybe have your other cards made into one?)

Kirkland's WFNB $700

Capital One Platinum MC $750 (Combine limits if possible)

Orchard Bank/Cap 1 $800 (Combine limits if possible)

Credit One $850 (Close. AFs must be killing you)

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Thanks for your suggestions! Most of those are on my list, too, especially Credit One. They helped me when I needed them, but $9/month is $9/month that I don't need to be giving them.

Ha, yes, Children's Place has a credit card. No way would I ever spend $1600 at the store, though...I was shocked when they have me that high of a limit there. I use the Old Navy, Kirkland's, and Children's Place since they always have discounts and promotions when you use the card (I pay it off right away). Right now I am at .023% utilization ($843 balance out of current $35,600 available credit, across all lines).

I've tried to get Cap-1 to combine limits and they won't. I have a perfect payment history with them, yet they won't increase any of my limits or combine. They are so frustrating.

The Sam's Club card...I don't use it, but it has a decent credit limit and no fees. GECRB has been very good to me and very generous with their CLI's, so I think I'll hold off on that one, unless closing it would have a benefit in the long run? I haven't tried using my Walmart card at Sam's. I actually switched to Costco, so I haven't been to Sam's in quite some time.

Thoughts on this list?

Close:

Kohl's $300

Pier 1/Commenity $750

Best Buy Mastercard $500

Capital One Visa Rewards $750

Capital One Platinum MC $750

Orchard Bank/Cap 1 $800

Credit One $850

[tinom1234]

Also...I am done app'ing for at least a year to get to my score goal of 780's across the board. Other than keeping my utilization down, is the only other thing I need to do is wait for the HP's to fall off?

[TheConductor]

I'd keep the Best Buy if you shop at Best Buy at all, since the rewards are decent and occasionally better than decent when they do promos. Otherwise, kill it.

I agree with the other recommended closures.

I'd also go ahead and app another Amex if you have a good history with them and not too many inquiries.  The backdating will help your AAoA in the long term.

I'd also personally close the CareCredit since I believe in saving in advance for medical expenses (ideally with a tax-advantaged health savings account divided between high-yield savings, fixed-income investments, and low-risk equity funds) . But that's not everyone's philosophy, nor does everyone have access to an HSA-compatible health plan.

[tinom1234]

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@TheConductor wrote:

I'd keep the Best Buy if you shop at Best Buy at all, since the rewards are decent and occasionally better than decent when they do promos. Otherwise, kill it.

I agree with the other recommended closures.

I'd also go ahead and app another Amex if you have a good history with them and not too many inquiries.  The backdating will help your AAoA in the long term.

I'd also personally close the CareCredit since I believe in saving in advance for medical expenses (ideally with a tax-advantaged health savings account divided between high-yield savings, fixed-income investments, and low-risk equity funds) . But that's not everyone's philosophy, nor does everyone have access to an HSA-compatible health plan.

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I just got the AMEX two weeks ago, and I have 4 or 5 inq's on EX from June and August. (Credit took a 26 point hit due to the inquiries...) Should I apply? And if so, for which one?

[maiden_girl]

I'd wait on the AMEX. You already have an account with them and it will be backdated regardless of when you apply with them so I'd hold off. Need verus want

[tinom1234]

Got it. Will wait and just apply for the CLI after 61 days.

I'm going to call Cap-1 now and close my cards. Who knows, maybe they'll offer to combine to keep my business.

[maiden_girl]

You should call the Exec ofice first before you do that. Regular CP CSR can not combine limits.