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Advice on which to close

Established Member

Advice on which to close

Hello Guys,

 

Very long time lurker.. never thought I would end up posting on this forum! I really appreciate all your tips you have given me over the years. I am asking for a small favor, I want to know what cards to close out? I feel like I should do some cleaning up. 

 

I would like to share my portfolio of cards currently:

 

Amex Platinum Charge Card- open date 10/09

Amex Blue Cash- 3,000 CL- open date backdated to 10/09 (opened on 3/11)

 

Chase Slate- 5,000 CL- opened 1/11

Chase Sapphire- 5,000 CL- opened -8/10

 

Bank of America Power Rewards Platinum- $2,500 CL- opened on 02/11

Bank of America Platinum WorldPoints- $2,500 CL-opened 04/08

 

Discover More- $1350 CL- opened 12/09

 

Sears Mastercard- $1000 CL- opened -07/09

 

Citi Dividend Cash Back- $7,500 CL- opened 07/08

 

Macys store card- opened 04/08

 

Best Buy store card hsbc- 1500 CL- opened 05/09 

 

 

I would love to hear your advice on what to do with these cards?

 

 

 

 

EQ 727/TU 724/EX 716 myFICO 4/3/2016

Amex PRG NPSL/BoFA Cash Rewards Visa Signature 21k/Capital One Quicksilver VS 21k/Chase Sapphire 20k/Amex Gold Delta 12.3k/Discover It 11.9k/Citi ThankYou Preferred WMC 10.1k/American Airlines Silver WEMC 10k/Best Buy store card 10k/Macy's store card 10k/JCP store card 10k/Chase Marriott Premier VS 6.5k
Message 1 of 27
26 REPLIES
Moderator Emeritus

Re: Advice on which to close

I know the Platinum has a fee...any others?

 

Why do you want to close them? Less to think about? AF?

 

Be sure to read Closing Credit Cards

Message 2 of 27
Valued Contributor

Re: Advice on which to close

Depending on your spending pattern, my decision may differ from yours.

 

I would close,

 

Best Buy Store Card

Sears MC

Both BofA cards. (You already have Chase Sapphire as alternative to AMEX)

 

I would merge the following card,

 

Chase Slate CL transfer into Chase Sapphire.

 

I would PC the following card,

 

Blue Cash into either Blue Cash Everyday/Preferred, or Blue Sky/Preferred. (This depends if you travel a lot, or do you want to close AMEX Platinum for high AF)

Message 3 of 27
Valued Contributor

Re: Advice on which to close

+1   on  llecs' reply        You can close Amex charge card due to the AF.

+1   on  trumpet's  reply too.    I agree ~ everyone's spending habit is different.

 

About your store cards:

Are these cards gives you some discount when you make a purchase?

Do you shop a lot at these stores?

Do you get a lot of benefit by using these cards compared to other rewards cards?

 

May be you can close three of store cards, if you really want to close some.

  • Sears Mastercard- $1000 CL- opened -07/09
  • Macys store card- opened 04/08
  • Best Buy store card hsbc- 1500 CL- opened 05/09 

 

How about ~ question like these ~

Do you like to and able to combine the two cards with BoA?   Do they let you do it?

Which Chase cards do you like or gives you more benefit ... Slate?  or  Sapphire?

 

These are the keeper ... definitely ... unless you want to close one each with Chase and BoA

  • Amex Blue Cash- 3,000 CL- open date backdated to 10/09 (opened on 3/11)
  • Chase Slate- 5,000 CL- opened 1/11
  • Chase Sapphire- 5,000 CL- opened -8/10
  • Bank of America Power Rewards Platinum- $2,500 CL- opened on 02/11
  • Bank of America Platinum WorldPoints- $2,500 CL-opened 04/08
  • Discover More- $1350 CL- opened 12/09
  • Citi Dividend Cash Back- $7,500 CL- opened 07/08
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It's very tough with small income ~ The Rewards are big little helper to me.
Message 4 of 27
Senior Contributor

Re: Advice on which to close

I am curious why people would close store cards if there is no annual fee? All I can see is the positive with store cards...just because an account is open does not mean you have to carry a balance

Message 5 of 27
Valued Contributor

Re: Advice on which to close


RyGuy4690 wrote:

Amex Platinum Charge Card- open date 10/09

Amex Blue Cash- 3,000 CL- open date backdated to 10/09 (opened on 3/11)

-Unless you benefit from the Platinum card, closing plat should be fine

 

Chase Slate- 5,000 CL- opened 1/11

Chase Sapphire- 5,000 CL- opened -8/10

-Merge these two, you should be able to roll them into a $9,500 Sapphire card

 

Bank of America Power Rewards Platinum- $2,500 CL- opened on 02/11

Bank of America Platinum WorldPoints- $2,500 CL-opened 04/08

-See if BofA will let you merge them, if not, power rewards > worldpoints, see if you can convert the worldpoints to power rewards, then close the new PW.

 

Discover More- $1350 CL- opened 12/09

-Close this unless you run a lot through it

 

Sears Mastercard- $1000 CL- opened -07/09

 

Citi Dividend Cash Back- $7,500 CL- opened 07/08

-Keep open

 

Macys store card- opened 04/08

 

Best Buy store card hsbc- 1500 CL- opened 05/09 

 

Close the subprime cards, denoted in purple.


 

BofA Cash Rewards VS - $25k | Citi Double Cash World MC - $18.9k | Amex BCE - $50k | Discover it - $50k | Chase Freedom Unlimited VS- $10k | Barclay Ring $5k |
Message 6 of 27
Senior Contributor

Re: Advice on which to close


john398 wrote:

I am curious why people would close store cards if there is no annual fee? All I can see is the positive with store cards...just because an account is open does not mean you have to carry a balance


I don't understand this either.  Is it because the person is worried about the card being closed down for inactivity and potentially having a notation on the report that the card was closed by credit grantor and that it might then look worse on manual review? 


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 7 of 27
Member

Re: Advice on which to close

If a credit card company closes a card themselves. I don't think it is fair to put a notation like that on the report. Maybe they can say something like "closed due to longterm inactivity". Has this actually happened to anyone?

Message 8 of 27
Senior Contributor

Re: Advice on which to close


iirundis05 wrote:

If a credit card company closes a card themselves. I don't think it is fair to put a notation like that on the report. Maybe they can say something like "closed due to longterm inactivity". Has this actually happened to anyone?


I have had cards closed due to inactivity that say exactly that, "closed due to inactivity."  But I think I have seen "closed by credit grantor" for the same thing.  I could be wrong on that though.  I am thinking about my wife's report, and I might be misremembering.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 9 of 27
Valued Contributor

Re: Advice on which to close

Some people just don't like having things hanging out there.  I like simplicity, I shoot for 4 cards that I can manage (using only 2 at a time)...

BofA Cash Rewards VS - $25k | Citi Double Cash World MC - $18.9k | Amex BCE - $50k | Discover it - $50k | Chase Freedom Unlimited VS- $10k | Barclay Ring $5k |
Message 10 of 27