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Established Member
Posts: 19
Registered: ‎04-13-2011
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Citi Thank you Approval/Need advice on next step

[ Edited ]

Finallyyyyyy I was approved by Citi for the Thank You card with a CL of 8K! This is my biggest CL yet! But aside from all the excitement, I need your help/opinion on what I should do with some of my cards that are in the sock drawer. I currently have:

 

Zales: 500CL/0 balance

Chase: 300CL/0 balance

Cap 1: 500 CL/0 balance

Amex Zync

Macys: 1500CL/95.00 balance

Banana: 5000 CL/ 1700 balance

BOA: 1000 CL/ 0 balance

Discover More: 4000CL/0 balance

 

My Zales, Chase, and Cap1 all are my longest active cards in my history. But, they also are my smallest limits and really just collecting dust. I really do not want to have 9 accounts to my name so I am thinking of cancelling 1-3 cards. Which ones should I close? Also, will closing cards all at the same time hurt my credit at all?

 

Thanks for everyones advice in advance!  

 

Ps..the order that I listed my CCs in is the order that I received them. Top CC (Zales) has the longest history.


Starting Score: EQ 696 TU 709
Current Score: EQ 746 TU 742 as of 5/12 Ex. 732 as of 6/1/12 (Off EX. website)
Goal Score: 760 by 12/31/12


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Regular Contributor
Posts: 154
Registered: ‎12-21-2011
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Re: Citi Thank you Approval/Need advice on next step

Dump Cap One and Chase.  I would keep Zales only for the history.

 

Why is Chase holding you hostage at $300?

Starting Score Aug 2011 590/ Gardening until 2013!!
Current Score Walmart 683/ FICO Equifax 722/738/ 708 Transunion FICO 700/ 725 Credit Karma 648/678/
Goal Score 750
Credit Cards- Orchard $300, Capitol One $300/$500, Amazon $600/$1300 Pennys $700, Walmart $250/$700, Discover $2000, Chase $1500 Pending Citi/Declined Cit- Inquires and new credit....... GARDENING UNTIL 2013 or home loan time!!! Help me stay strong!!
Established Contributor
Posts: 1,002
Registered: ‎12-06-2011
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Re: Citi Thank you Approval/Need advice on next step

doesn't it depend on which CCs have an AF?

why not SD the small limit cards for awhile if you don't pay AF? you haven't mentioned how long you have them.

Starting Score: 486 EQ, 529 TU, 518 EX 12/6/2011 (FICOS - lender pull)
Current Score: 595 EQ SW 1/10/13 628 TU08 1/10/2013 593 EX (BoA HP) 1/5/12
Goal Score: > 620
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Regular Contributor
Posts: 154
Registered: ‎12-21-2011
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Re: Citi Thank you Approval/Need advice on next step

I'd be interested in knowing how long you have had the cards as well.  Citi just declined me for inquiries (forget that I was auto loan shopping) and new accounts. 

Starting Score Aug 2011 590/ Gardening until 2013!!
Current Score Walmart 683/ FICO Equifax 722/738/ 708 Transunion FICO 700/ 725 Credit Karma 648/678/
Goal Score 750
Credit Cards- Orchard $300, Capitol One $300/$500, Amazon $600/$1300 Pennys $700, Walmart $250/$700, Discover $2000, Chase $1500 Pending Citi/Declined Cit- Inquires and new credit....... GARDENING UNTIL 2013 or home loan time!!! Help me stay strong!!
Established Member
Posts: 19
Registered: ‎04-13-2011
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Re: Citi Thank you Approval/Need advice on next step


lovinlifeinkc wrote:

I'd be interested in knowing how long you have had the cards as well.  Citi just declined me for inquiries (forget that I was auto loan shopping) and new accounts. 


Cap 1 - 10/2007

Chase - 5/2007

Zales - 6/2007

Amex - 5/10

Macys - 8/10

Banana Rep - 3/11

BOA - 10/2011

 

 


Starting Score: EQ 696 TU 709
Current Score: EQ 746 TU 742 as of 5/12 Ex. 732 as of 6/1/12 (Off EX. website)
Goal Score: 760 by 12/31/12


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Established Contributor
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Registered: ‎02-27-2012
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Re: Citi Thank you Approval/Need advice on next step

Do any of them have annual fees?

AMEX: $0/$25,000, CSP: $0/$6500, Chase Priority Club: $0/$3500, Freedom: $0/$6000, Barclays NFL: $0/$7000 Discover: $0/$14,000, Citi Dividend: $0/$3500

EQ FICO - 728
TU FICO - 743
EX FICO(AMEX) - 712
Regular Contributor
Posts: 154
Registered: ‎12-21-2011
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Re: Citi Thank you Approval/Need advice on next step

You might want to keep one of the ones from 2007 for history.  I think just one should be enough.  And yes, if any have an annual fee I would surely sing good riddance to that one!

 

Congrats on the Citi.

Starting Score Aug 2011 590/ Gardening until 2013!!
Current Score Walmart 683/ FICO Equifax 722/738/ 708 Transunion FICO 700/ 725 Credit Karma 648/678/
Goal Score 750
Credit Cards- Orchard $300, Capitol One $300/$500, Amazon $600/$1300 Pennys $700, Walmart $250/$700, Discover $2000, Chase $1500 Pending Citi/Declined Cit- Inquires and new credit....... GARDENING UNTIL 2013 or home loan time!!! Help me stay strong!!
Established Member
Posts: 19
Registered: ‎04-13-2011
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Re: Citi Thank you Approval/Need advice on next step


lovinlifeinkc wrote:

You might want to keep one of the ones from 2007 for history.  I think just one should be enough.  And yes, if any have an annual fee I would surely sing good riddance to that one!

 

Congrats on the Citi.


Ideally, Id like to take out 3. Cap 1 seems like the it will be the first casualty. It has an AF of $39 every year. After Cap 1, should I cancel the chase or Zales? Also, should I cancel another card like Macys or BOA? 


Starting Score: EQ 696 TU 709
Current Score: EQ 746 TU 742 as of 5/12 Ex. 732 as of 6/1/12 (Off EX. website)
Goal Score: 760 by 12/31/12


Take the FICO Fitness Challenge
Regular Contributor
Posts: 154
Registered: ‎12-21-2011
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Re: Citi Thank you Approval/Need advice on next step

Always cancel a department store card over a prime card.  Bye Bye Macy's.  Plus, you can use BOA at Macy's, DIllards, Penny's, Kohls, Walmart......see the point?  :smileywink:

Starting Score Aug 2011 590/ Gardening until 2013!!
Current Score Walmart 683/ FICO Equifax 722/738/ 708 Transunion FICO 700/ 725 Credit Karma 648/678/
Goal Score 750
Credit Cards- Orchard $300, Capitol One $300/$500, Amazon $600/$1300 Pennys $700, Walmart $250/$700, Discover $2000, Chase $1500 Pending Citi/Declined Cit- Inquires and new credit....... GARDENING UNTIL 2013 or home loan time!!! Help me stay strong!!
Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Citi Thank you Approval/Need advice on next step


lovinlifeinkc wrote:

Always cancel a department store card over a prime card.  Bye Bye Macy's.  Plus, you can use BOA at Macy's, DIllards, Penny's, Kohls, Walmart......see the point?  :smileywink:


Uhh utilization ratio and AAoA.  I would never close any of the OPs cards before closing the AF cards. 

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