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spuddly0014
Posts: 4
Registered: ‎10-22-2011
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Closing Credit Cards. Which ones, if any?

Current Accounts:

 

Capital One Secured(First) - Limit 300

Capital One - Limit 500

Chase Freedom - Limit 500

Orchard Bank - Limit 450

Jared - Limit 3000

 

First Card was opened a year and a half ago.  My current score is between 680 and 700.

 

I dont like having so many cards.  I know I went crazy with them.  Is it best to just keep them or close some.  Some advise would be appreciated.

Contributor
DVH1980
Posts: 255
Registered: ‎08-24-2011
0

Re: Closing Credit Cards. Which ones, if any?

ID aske for a CLI from Chase.Id close the secured cap one and any other card that has an AF. Not sure what the rest of your file looksl like but 680-700 scores will get you primecards with better limits and no AF's. Id decide which cards you want, applly for thos and then close your builder cards.

*USAA WORLD MC 12k* *USAA VISA 12k* *AMEX BCE 6k* *DISCOVER IT 11.5k* *AMEX ZYNC* *B of A SIGNATURE CASH 15k* *NAVY FEDERAL PLATINUM 20k* *CITI DOUBLE CASH 15k* *Veridian CU 14k* *Barclays Apple 12.5k*

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OptimasPrime
Posts: 348
Registered: ‎08-17-2012
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Re: Closing Credit Cards. Which ones, if any?

[ Edited ]

If you are not using certain cards that have annual fees, it would make sense to close those ones first. Once closed the cards will stay on your credit report for 10 years so aaoa will not take an immediate hit. The only way your scores could be negatively impacted is that closing accounts decreases the amount of credit you have available, which depending on your situation could hurt your utilization.

 

I would suggest that you leave any no annual fee cards open though.

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
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kimmiller112
Posts: 472
Registered: ‎04-09-2012
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Re: Closing Credit Cards. Which ones, if any?

My suggestions: app for Discover More or It card and for Amex Zync. Then get rid of Cap One and Orchard, especially if they have an AF.
Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500
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webhopper
Posts: 7,225
Registered: ‎09-16-2011
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Re: Closing Credit Cards. Which ones, if any?

I agree with an app for discover and zync.... then axe any of your cards carrying an annual fee (AF)

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Valued Contributor
nicholasyud
Posts: 1,737
Registered: ‎08-13-2012
0

Re: Closing Credit Cards. Which ones, if any?


spuddly0014 wrote:

Current Accounts:

 

Capital One Secured(First) - Limit 300

Capital One - Limit 500

Chase Freedom - Limit 500

Orchard Bank - Limit 450

Jared - Limit 3000

 

First Card was opened a year and a half ago.  My current score is between 680 and 700.

 

I dont like having so many cards.  I know I went crazy with them.  Is it best to just keep them or close some.  Some advise would be appreciated.


Make a list.

Dont closed your oldest tradeline card.

Close the most recent one or the one had AF and doesnt come with any benefit.

If the last time you apps for a card then right now you can go ahead and take some Discover card or American express that fits your need or if even they denied you then you can go ahead and apply for their zync card with only one Inquiry.

Right now you need to go for some prime card that earn benefit with your score and choose some card that stay with you for years. Good luck

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Frequent Contributor
scientifics
Posts: 411
Registered: ‎05-01-2010
0

Re: Closing Credit Cards. Which ones, if any?


Since your oldest card is your secured one, I'd see if you can convert it to unsecured. Also, close any cards with AFs. Any other no-AF cards you can just SD. I wouldn't close any of them yet because closing one will affect your Util. a lot. If you tell us what your scores are/Util., we can help you pick some new cards to apply for that might give you a higher CL, allowing you to close some of your builder cards.

 

New Member
spuddly0014
Posts: 4
Registered: ‎10-22-2011
0

Re: Closing Credit Cards. Which ones, if any?

[ Edited ]

Thanks for the replies.

 

Capital One was fun to talk with.  6 months ago I tried to convert the secured to unsecured.  A chat with the online "specialist" said that shouldnt be a problem.  So I called in and they all of a sudden they cannot convert it.

 

I have about a 20% Util. right now which isnt hard to clear up as my limits are small and nothing is on the Jareds Card.

 

I see conflicting answer as whether to close the secured card.  Oldest trade line isnt a good idea to close but will not come off for 10 years.

 

I get offers frequently for an AMEX card, I think its is the Gold Rewards.

 

So far what Im getting out of this is close all but Chase and open better cards.  I basically have 3 Cap One cards as HSBC sold my credit account to them.

 

Let me know if my extra info sways the jury.

 

Thanks again,

 

Matt

Senior Contributor
jsucool76
Posts: 4,084
Registered: ‎12-11-2011
0

Re: Closing Credit Cards. Which ones, if any?

      I would apply for cards before you start closing other ones if I were in the same situation, if you're looking for better cards at least.

 

     Depending on what you're looking for in a card we could make suggestions, but my first card to close would be the ones with highest AFs and least benefits. I would definitely suggest a CLI on chase but remember all chase customer initiated CLIs are a HP. 

;
Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
0

Re: Closing Credit Cards. Which ones, if any?


spuddly0014 wrote:

Current Accounts:

 

Capital One Secured(First) - Limit 300

Capital One - Limit 500

Chase Freedom - Limit 500

Orchard Bank - Limit 450

Jared - Limit 3000

 

First Card was opened a year and a half ago.  My current score is between 680 and 700.

 

I dont like having so many cards.  I know I went crazy with them.  Is it best to just keep them or close some.  Some advise would be appreciated.


I agree that you're better off apping for a new CC before closing any accts. CCs/Banks like to see open, positive TLs reporting. I'd say you have a good chance for Amex Zync. If you've had Chase for over 6 mos, then a CLI is a good idea, but w/be a HP. You could probably get a Citi or other major, prime CC. Maybe look around and see which ones have rewards you like.

 

Before you app or CLI, I'd pay all of your CCs and be sure they are reporting a zero bal with 1 reporting <10% util of that card's CL, on your CR. That will give your FICO a boost. And CCs like to see low util. The best is all CCs reporting 0 bal, with 1 reporting <10% util of that card's CL. I'd recheck your FICO at that point and see where it is. That might open up more CC possibilities for you, depending on how much your FICO goes up.

 

Closing your oldest acct really won't have an impact until it falls off your CR in 10 yrs, and by then you'll have 10 years' more history reporting.

 

Your Cap Ones won't go anywhere, and it doesn't surprise me that they told you they could unsecure and now say they can't. That's typical Cap One. Also, Orchard isn't going anywhere either. I'd close those, and just keep Chase (w/CLI). Jared is up to you. The $3k probably helps your util some. If you want to keep it, be sure you use it every so often so they don't close it on you for inactivity.

 

 

 

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EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!


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