Close these cards? Let them sit inactive ? Advice please.

[Anonymous]

I'm working on getting my scores up. Utilization is way down now - I only have a balance on the American Express (Balance Transfers), and don't have any plans of carrying balances on any of these cards again. I plan to be on the use and pay immediately plan. I've accumulated about 12 accounts.  I need to know if I should close some of these, consolidate, or let them just stay inactive - Potentially using them every once in a while to get discounts etc. I got a little app happy recently and now looking back I think I may have gotten carried away. Now that I have the 2 Penfed cards I want with good limits, I am not too concerned with keeping much else, except for my capital one as it is my oldest account. What do you guys think? 

PS i apped for a lot of accounts that you see recently to try and lower overall utilization to help with an approval for the penfed cards. 

Cards I'm Keeping Regardless: 

PenFed Premium Travel Rewards American Express - $5k - Opened 11/2016

Penfed Platinum Rewards Visa Signature - $5k Opened 1/2017

2 capital one accounts were opened close together, and I'd like to consolidate - as I don't want to lose my oldest credit line. Only consideration here is bringing down AOAA: 

Capital One Quicksilver One - $1750 - Opened 8/2007 (18.15%) 

Capital One Quicksilver One - $700 - Opened 6/2011 (20.15%) 

Store Cards: 

America's Tire - $400 - Opened 3/2014

Kohl's MVC - $700 - Opened 10/2014

Firestone - $1200 - Opened 6/2015

Amazon Prime - $700 - Opened 1/2016

Nordstrom Rewards Card - $300 - Opened 12/2016 

Target Redcard - $1000 - Opened 12/2016 

I apped for a lexus card at the dealer and ended up getting the Toyota card by mistake. When I called about the mistake, I was told I would need to re-apply and I could close the toyota. I wonder if I could consolidate these. But I would like to keep the Lexus account: 

Toyota Rewards - $1000 - Opened 11/2016

Lexus Persuit - $1000 - Opened 12.2016 

[gdale6]

bump

[enjoimorenow]

I would say if you don't shop at the stores regularly you could close them, but if you plan to make purchases there it may be beneficial to take advantage of discounts and no interest financing at some of the places.

You can combine the CapOne accounts, just make sure that you keep the older of the two.  You'd have to call about combining the toyota/lexus cards, not sure their policy.

Remember that when you close some accounts you could see a score drop because your utilization will raise and your AAoA could go down if you close some of the old(est) cards that you have.  You might want to wait to close down the cards until after you pay down your balance on your BT card so that you don't increase your utilization.  

You should keep at least 3 revolving lines of credit open.  For the optimal score, make sure that 2 are PIF to a zero balance BEFORE the statement cuts, and the other card should have <10% utilization.

[JayTee1]

I believe in FICO score models, AAOA is not affected by closing accounts.  They contribute to your AAOA until they drop off the report (usually 10 years, I'm not sure if that's from opening or closing date).

So, closing accounts won't affect your AAOA.  Vantage scores do not include closed accounts when calculating AAOA.

[Anonymous]

Close out the accounts you will not use and make use of. Request a credit limit increase on your Amazon Credit Card, it will be a soft pull and you may have to call credit solutions but it will be worth it. 

[austinguy907]

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@nwmusic wrote:

PenFed Premium Travel Rewards American Express - $5k - Opened 11/2016

Penfed Platinum Rewards Visa Signature - $5k Opened 1/2017

- eventually combining the limits on these should be a game plan if PF does this.... I'm not quite up to date on what they do these days since dumping them awhile back

Capital One Quicksilver One - $1750 - Opened 8/2007 (18.15%) 

Capital One Quicksilver One - $700 - Opened 6/2011 (20.15%) 

- theese will combine into the oldest card to maintain the age and history as someone else pointed out

Store Cards: 

America's Tire - $400 - Opened 3/2014

Firestone - $1200 - Opened 6/2015

- both of these fall under "carcareone" and can be used in a variety of places and/or gas stations.... plus since they're Synch based they can GROW 

Amazon Prime - $700 - Opened 1/2016

- Synch based and can GROW

Kohl's MVC - $700 - Opened 10/2014

- this one will come down to personal preference but, since it's not v/mc then it may not really be useful 

Nordstrom Rewards Card - $300 - Opened 12/2016 

Target Redcard - $1000 - Opened 12/2016 

 - if you can get an upgrade on these to V/MC in the next year then keep them otherwise throw them to the curb

Toyota Rewards - $1000 - Opened 11/2016

Lexus Persuit - $1000 - Opened 12.2016 

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 ETA:  If you're looking to score points and boost your score you need to use each of them occasionally as they go dormant though you quit collecting score points on them.  You'll get a boost in points if you use them at least 2 times per year.

[AverageJoesCredit]

Amazon could be a keeper as that puppy can grow adult sized fast.

[longtimelurker]

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@JayTee1 wrote:

I believe in FICO score models, AAOA is not affected by closing accounts.  They contribute to your AAOA until they drop off the report (usually 10 years, I'm not sure if that's from opening or closing date).

So, closing accounts won't affect your AAOA.  Vantage scores do not include closed accounts when calculating AAOA.

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Closing date (or possibly last reporting date).   Wouldn't be opening date, or closing an 11 year old card would cause it to immediatly fall off.