Closing cards help/advice

[Skye12329]

So i once everything is paid off i am thinking about closing out like 6 of my cards since i dont ever use them and the limits are low. It wont be for like 6 months before they get closed or however long it takes to pay down debt. 

Closing:

Slate - November 2014 (600) 

Elan - January 2011 or 2010 (2000)

QS1 - May 2013 (2500)

Target - December 2013 (400)

Sears - September 2013 (1300)

BBY - January 2013 (600)

Leaving open my other cards:

Discover - July 2014 (4000)

Freedom - June 2014 (4000)

CSP - August 2014 (5000) 

I really dont need the closing cards list nor do i use them, i understand they would stay on my report for 10 years but would you recommend closing or leaving open? Why? I am still thinking about adding an Amex to my list. Also might add Barclay Ring because i would want a new MC and 8% APR is nice. 

[Revelate]

Keep Slate ($0 AF and BT is never a bad thing to have available when needed) or QS1 depending on needs (can you PC that to regular QS?), pickup Amex; can dump the rest in my opinion.  5 cards is a good place to be both from rewards mix and FICO purposes.

[Skye12329]

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@Revelate wrote:

Keep Slate ($0 AF and BT is never a bad thing to have available when needed), pickup Amex; can dump the rest in my opinion.  5 cards is a good place to be both from rewards mix and FICO purposes.

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Well it only has a $600 limit...but do they offer more BT offers on this card if kept open like after its Into APR?

Edited: Well i guess i should have said QS MC - No AF so its not causing any costs. 

[Anonymous]

If it's past the 0% APR period I would not keep it especially with a limit that low. Move that $600 to another Chase card and close.

[Skye12329]

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@Anonymous wrote:
If it's past the 0% APR period I would not keep it especially with a limit that low. Move that $600 to another Chase card and close.

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Thats what i was thinking too, it still has 0% for like a year or something like that. Currently the limit is technically 1600 because i moved 1k of CSP to it to complete a BT. However once its promo is done move its CL to CSP again and close. 

[Anonymous]

+1 good thinking....I just fail to see the point of a Slate approval for less tha $1,000 since it is primarily a BT card. Chase sometimes, lol.

[takeshi74]

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@Skye12329 wrote:

I really dont need the closing cards list nor do i use them, i understand they would stay on my report for 10 years but would you recommend closing or leaving open? 

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It's not a one-size-fits-all matter so what I or others recommend isn't necessarily relevant.  I don't keep cards open that are of no use to me.  Other people have different credit management strategies and you need to choose the approach that aligns with your own needs/wants/etc.

I can only say consider the info in this thread and calculate the impact to utilization to aid you in your decision making:

http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true

Do you have specific concerns not addressed by that thread?

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@Revelate wrote:

Keep Slate ($0 AF and BT is never a bad thing to have available when needed)

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Here's one example of the subjective nature of this.  I had no need for my Slate.  No AF and BT may not be a bad thing but I closed mine.

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@Anonymous wrote:
I just fail to see the point of a Slate approval for less tha $1,000 since it is primarily a BT card. Chase sometimes, lol.

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Limits aren't set based on how much the consumer needs to BT (or spend).  Limits are always based on credit and income.  If those support a $1K limit or less then that's what one will get.

[NRB525]

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@Skye12329 wrote:

So i once everything is paid off i am thinking about closing out like 6 of my cards since i dont ever use them and the limits are low. It wont be for like 6 months before they get closed or however long it takes to pay down debt. 

Closing:

Slate - November 2014 (600)  I'm not aware this has any follow on / later BT offers of 0%, so I would close.

Elan - January 2011 or 2010 (2000) Don't recognize, I would close

QS1 - May 2013 (2500) This is the No AF version? Given my very positive experience with CapOne over the years, I would keep open. Not a bad CL what is the APR?

Target - December 2013 (400) If this is closed, can you ever open another Target card? Not that it's a huge consideration, but $400 is 400, right

Sears - September 2013 (1300) Probably high APR, should close. I still have a Sears on my TU from 1985 I think. It's been closed for 20+ years.

BBY - January 2013 (600) If a store card, close (I don't recognize)

Leaving open my other cards:

Discover - July 2014 (4000)

Freedom - June 2014 (4000)

CSP - August 2014 (5000) 

I really dont need the closing cards list nor do i use them, i understand they would stay on my report for 10 years but would you recommend closing or leaving open? Why? I am still thinking about adding an Amex to my list. Also might add Barclay Ring because i would want a new MC and 8% APR is nice. 

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