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Established Member
Posts: 24
Registered: ‎03-04-2011
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Clean Up CC Portfolio

 

Hi. I've recently got back to pif status on all my acounts. I have no derogs, lates or overlimit at all. I would like to close a two cap one cards, and hsbc card and a boa credi line, leaving me with just two no af reward cards, a chase visa and a boa visa. Is is bad to close them all at once ?

 

Second, once closed, I would like to apply for an amex blue cash. I just pulled my fico from here and it's 808 and about the same at the the CRA's per a monitoring service I use. I have never tried for amex and am wondering how this will look. I've carried near maximum on all accounts at various points but finally got some sense and got them all paid off. What are my chances with amex, noting I will let the closures show up before applying.

 

Thanks.

EX: 785 EQ: 759 TU: 760 (9/14 via MyFico)
Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
0

Re: Clean Up CC Portfolio

I would actually apply before you close those accounts.

 

Closing them all at once won't be any different than staggering their closing in the long run.

 

Why are you closing them?  With zero balances, it won't negatively affect your score to close accounts, but if you ever need to carry a balance, you may wish you had the extra credit limits.


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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Established Member
Posts: 24
Registered: ‎03-04-2011
0

Re: Clean Up CC Portfolio

I have for three years been trying to get back to zero and now that I am, I no longer feel comfortable comfortable carrying some of these cards. The gold option line from BOA is 17.99 + prime with a cl of 22,500. It's a non-starter for the rate, not really usable except for BT's and I feel some creditors like Amex may turn me down due to too much available credit. Aside from the loan, the others I intend to close are an hsbc visa $2000, a cap one visa $3900, and cap one mastercard $6000. The two I will keep both have cash rewards, A chase visa at $8000 and the boa visa at $7800. I plan to try to add the amex blue cash to restore the credit I will be closing in part, and to get access to their rewards as well. I have no problem with capital one per se but the cl's are probably at their max and their lack of rewards doesn't help. For HSBC, it's a pile of advertising garbage all the time and I only took it to do a  0% BT not knowing it advance I would get such a low CL.

EX: 785 EQ: 759 TU: 760 (9/14 via MyFico)
Valued Contributor
Posts: 1,157
Registered: ‎05-21-2008
0

Re: Clean Up CC Portfolio

Being denied for too much available credit is very rare.  Some people on these boards have $100,000+ in revolving credit available.

 

If you're afraid you lack the discipline to leave these cards at zero balance, then by all means close them.  The Blue Cash rewards program is great if you spend a lot of money on the card.  You would have to spend $1000+/mo. on the AMEX to rival Chase Freedom rewards, and you would have to do that for 12 months of the year.


Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


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New Contributor
Posts: 91
Registered: ‎01-12-2009
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Re: Clean Up CC Portfolio

If it's rewards that you want for you to keep your cards, I'd call the Backdoor Cap 1 number and see if you're eligible for an upgrade.  I did this last week, and was upgraded to a VentureOne Card with 1.25% Cash Back....the 2% Venture Card was also an option, but it had an AF

Amex Gold, Capital One VentureOne & Platium Cards, AAA BoA Signature Visa, Barclays Airtran & Frontier Airlines Cards, Paypal MC, Best Buy RewardZone Mastercard and Chase Speedway Mastercard....and I FINALLY Welcome to Discover...thank you and have a great day!!!!
EX: 667 (8/6 Amex App) - EQ 700 - TU 697
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