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Is this possible? After coming back to this wonderful community here at myfico, I have been on an apping rampage. I feel I have sufficient credit that I'm able to keep track of but I may be going out of control by apping for more. I have the following cards:
Wells Fargo $8000
Chase Freedom $2000 CL
Chase Slate $1000 CL
Discover IT $1500
NFCU cash rewards $12500 (new)
DCU $2900 (new)
Barclay RM $6100
AMEX ED $8500 (new)
Victorias Secret $900
but can't seem to decide if I should be closing out any (although I will be closing the Chase Slate after the 0% APR is over next year). Does anyone feel this struggle? How do those with so many cards manage/juggle it all on top of bills?
There have been a lot of discussions on this topic in this forum. I think unless you can transfer one card's CL to another, there is no point to close a card by yourself. Maybe just leave it there for a while and come back to use once for small stuffs to keep it alive.
Right now, you need to stop and let all your new accounts age. If the plan is to get another card next year then wait till that time and assess your needs. But don't close anything right now as you have already taken the hardpulls for them.
They credit limits also pad your utilization so just let them age and re-assess your need for them when the time comes for a new card.
Don't close any account, just don't use it. And keep the Slate for the free Fico score. It helps with your utilization.
Don't apply any more. There is a diminishing return with too many new cards. You hurt your AAOA, spook some insurers, and seem more of a credit risk.
Enjoy what you have gotten.
What are you scores now and what were they before you starting apping?
You know the rule of thumb, NEVER close any accounts. It hurts your profile and takes away the padding you need to keep your utilization low and scores high should you need to make some large charges.
Just make some random small purchases on the cards you don't use much every 3-4 months.
I'd recon HD to $25k (they will counter)
I would move the $1k Slate to Freedom and Close the slate.
consider the $15k checking line of credit with Navy too and then garden!
@Anonymous wrote:You know the rule of thumb, NEVER close any accounts. It hurts your profile and takes away the padding you need to keep your utilization low and scores high should you need to make some large charges.
Just make some random small purchases on the cards you don't use much every 3-4 months.
If I never closed any accounts, I'd have over 100 and would not have been able to churn them. This is silly even for non-churners. Close what you don't use and don't need and focus on growing what you do use to reasonable limits for your spend. Buying unnecessary items to keep an account open is akin to paying an annual fee, And for what? So one can brag to their internet buddies about how they have 800K in store card limits but are still kicking around a $2,000 Chase Freedom.