Help Recovering From App Spree

[teemolicus]

Hi all.  I have been lurking for a while and would like some help in managing my credit profile. FICO 779 last checked on 07/13.

Account - CL - Date Opened

1) Express Credit Card - 900 - 05/07

2) Local Credit Union Visa - 7500 - 12/09

3) AMEX BCE - 8000 - 07/13

4) PenFed Platinum Cash Rewards - 2500 - 08/13 (Still haven't received it in the mail)

5) Sallie Mae World Mastercard - 5000 - 08/13 (Just approved this AM)

As you can see, I just recently went on an app spree.  I wanted to get in on some cash back rewards.  I like my new AMEX but wanted a better gas rewards card so I apped with PenFed, refinanced a car loan at 1.99% (it was totally worth the HP for this alone) and got their gas card.  Unfortunately, they reduced the 5% cash back on gas to 3% this week before I even got my card in the mail.  Out of frustration and a desire for 5% cash back on gas, I applied for the Sallie Mae World Mastercard this morning and was approved for 5k.  It may just be wishful thinking, but I am hoping they will not reduce their rewards since they are capped so low at 250 gas and 250 groceries.  Hopefully the low caps will prevent abuse and make this card sustainable.

Questions:

1)  I really have no interest in the PenFed card anymore.  Honestly,  there is no reason for me to use it or even activate it and I was disappointed in the low credit limit too.  Should I cancel it upon receipt or just sockdrawer it?

2) I have no use for my local credit union visa anymore as well.  It uses a points system that you redeem for stupid little doodads.  I'd rather have cash back.  Should I cancel it or sockdrawer it?

3) Have I ruined my chance at the AMEX 3X CLI by apping for PenFed and Sallie Mae so soon after my initial AMEX approval?

I know I should probably leave my Express card alone since it is my oldest revolver.  My plan is to use the Sallie Mae for gas and groceries and then utilize my BCE for anything over the $250 limits each month.  I just want to be careful not to tank my FICO too much by closing too many cards too quickly.  Any advice is appreciated.

[coolerscouter]

There is no real advantage to cancelling a no fee card.

I'd say just let them age in your sockdrawer, especially the PenFed card as it is brand new. The new account damage has been done, reducing your AAoA so let them age, using them once every six months or so to keep them active.

With regards to Amex, if you're good to them, they'll be good to you. I'd say you still have a shot as they use an internal scoring model and favor that over your FICO.

[myjourney]

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@teemolicus wrote:

Hi all.  I have been lurking for a while and would like some help in managing my credit profile. FICO 779 last checked on 07/13.

Account - CL - Date Opened

1) Express Credit Card - 900 - 05/07

2) Local Credit Union Visa - 7500 - 12/09

3) AMEX BCE - 8000 - 07/13

4) PenFed Platinum Cash Rewards - 2500 - 08/13 (Still haven't received it in the mail)

5) Sallie Mae World Mastercard - 5000 - 08/13 (Just approved this AM)

As you can see, I just recently went on an app spree.  I wanted to get in on some cash back rewards.  I like my new AMEX but wanted a better gas rewards card so I apped with PenFed, refinanced a car loan at 1.99% (it was totally worth the HP for this alone) and got their gas card.  Unfortunately, they reduced the 5% cash back on gas to 3% this week before I even got my card in the mail.  Out of frustration and a desire for 5% cash back on gas, I applied for the Sallie Mae World Mastercard this morning and was approved for 5k.  It may just be wishful thinking, but I am hoping they will not reduce their rewards since they are capped so low at 250 gas and 250 groceries.  Hopefully the low caps will prevent abuse and make this card sustainable.

Questions:

1)  I really have no interest in the PenFed card anymore.  Honestly,  there is no reason for me to use it or even activate it and I was disappointed in the low credit limit too.  Should I cancel it upon receipt or just sockdrawer it?  Activate it use it once a month for small purchases

2) I have no use for my local credit union visa anymore as well.  It uses a points system that you redeem for stupid little doodads.  I'd rather have cash back.  Should I cancel it or sockdrawer it? If it has no AF SD or cancel your choice the only thing it will hurt is UTL but will report as a positvie TL for 10 yrs 

3) Have I ruined my chance at the AMEX 3X CLI by apping for PenFed and Sallie Mae so soon after my initial AMEX approval? Hard to say you can still try the Amex CLI and if not approved wait 90 days and try again

I know I should probably leave my Express card alone since it is my oldest revolver.  My plan is to use the Sallie Mae for gas and groceries and then utilize my BCE for anything over the $250 limits each month.  I just want to be careful not to tank my FICO too much by closing too many cards too quickly.  Any advice is appreciated. Same as question 2 wont hurt scores unless it affect overall UTL .......so before closing two cards look at the numbers first .......how much of your total limits are you cutting?

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