Advice Needed..Please

[Anonymous]

Hi everyone!! 

I am looking into closing some of my un-used/ un-needed cards. In the begining of my rebuild journey post BK7 I went a little app and SCT crazy. I regret that now but whats done is done. I want to slim down my store cards so I can continue to grow my major CC. Im just looking for some advice on the best way to do it without causing to much damage to my score.

Here is whats currently in my wallet

CC: Barclay Reward MC $3300, Discover $1200, Merrick $1200, CO Quicksilver $500, CO Mastercard $500

Store Cards I use: Walmart $700, Kohls $300, CareCredit $1000, Amazon $800, Maurices $250

Store Cards I have never used: JCrew $250, Venus $250, VS $250, HSN $1000, Old Navy $200, Fingerhut $600

What would you recommned I trim down? Whats the best way to do it?

I have about 13% UTL on my cards currently with the plan of that being under 1% by the end of this month.

[Anonymous]

Close all the ones you don't use with the Credit One thrown in there.  All the closed accounts will remain on your report for the next few years.  Then moving forward, work on getting a CLI increases on the remaining ones until your profile gets you to a place where you can get big limits on new very good cards.

[ScoreOrBeScored]

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@Anonymous wrote:

Hi everyone!! 

I am looking into closing some of my un-used/ un-needed cards. In the begining of my rebuild journey post BK7 I went a little app and SCT crazy. I regret that now but whats done is done. I want to slim down my store cards so I can continue to grow my major CC. Im just looking for some advice on the best way to do it without causing to much damage to my score.

Here is whats currently in my wallet

CC: Barclay Reward MC $3300, Discover $1200, Merrick $1200, CO Quicksilver $500, CO Mastercard $500

Store Cards I use: Walmart $700, Kohls $300, CareCredit $1000, Amazon $800, Maurices $250

Store Cards I have never used: JCrew $250, Venus $250, VS $250, HSN $1000, Old Navy $200, Fingerhut $600

What would you recommned I trim down? Whats the best way to do it?

I have about 13% UTL on my cards currently with the plan of that being under 1% by the end of this month.

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Can you please list the open dates of the cards that you do NOT use ? 

[Chris679]

Personally I would close all of the store cards unless the rewards were crazy good. Maybe keep Walmart if you can still PC it to a real card.

[Anonymous]

Store Cards I have never used: JCrew $250 (Aug), Venus $25(Aug), VS $250(Jul), HSN $1000 (Aug), Old Navy $200(Aug), Fingerhut $600(Jan15)

I also closed Credit One prior to the annual fee coming due (October). I was not paying that again!

[Anonymous]

Walmart can be upgraded to a MC, Kohls gives really good coupon when you use the cards, Amazon i get 5% back with my prime account, maurices I only use for the coupons as well. I dont want to close them all as I dont want it to affect my ultilization? or as long as I continue to keep under it doesnt matter?

[9CLINE]

Great question.I would close the ones you don't use and never have used... There isn't anything wrong w/ having some store cards if they are stores us shop at,,, Some like variety..
Also learn up on the cards you have as to CLI policies, trends, who grows who doesn't..and add ones that don't/won't grow to ur list of tossers
Then as YIM stated above work on cli's on the keepers as the closed cards won't go off report for a while...
Good Luck 2 ya......

[AAstra]

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@Anonymous wrote:

Close all the ones you don't use with the Credit One thrown in there.  All the closed accounts will remain on your report for the next few years.  Then moving forward, work on getting a CLI increases on the remaining ones until your profile gets you to a place where you can get big limits on new very good cards.

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+1. Agree with everything stated above. I leave my Sears card open only because it is my first credit card (oldest revolving line of credit) and have my Barclay's because I purchase from Apple a lot and hope to PC it one day.

The only store cards I would even consider keeping open if I were you are ones where the rewards or benefits are that great. Otherwise, way better cards to be had as you go along your journey.

All the best as you continue to rebuild and work on your credit profile.

[FinStar]

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@Anonymous wrote:

Hi everyone!! 

I am looking into closing some of my un-used/ un-needed cards. In the begining of my rebuild journey post BK7 I went a little app and SCT crazy. I regret that now but whats done is done. I want to slim down my store cards so I can continue to grow my major CC. Im just looking for some advice on the best way to do it without causing to much damage to my score.

Here is whats currently in my wallet

CC: Barclay Reward MC $3300, Discover $1200, Merrick $1200, CO Quicksilver $500, CO Mastercard $500

Store Cards I use: Walmart $700, Kohls $300, CareCredit $1000, Amazon $800, Maurices $250

Store Cards I have never used: JCrew $250, Venus $250, VS $250, HSN $1000, Old Navy $200, Fingerhut $600

What would you recommned I trim down? Whats the best way to do it?

I have about 13% UTL on my cards currently with the plan of that being under 1% by the end of this month.

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I would recommend another method that might work (as suggested upthread by Yes-Its-Me), is wait until everything is optimal (utilization-wise) and then you can start closing the 6 accounts you've identified that have never been used.

[Anonymous]

I don't have either Walmart card, but I've read on here that now that it's MC rather than Discover, they don't let you upgrade anymore and you have to re-app. I don't know this to be true, just repeating what I've read on here. 

Closing the cards you haven't used/don't plan to use sounds like a good plan.