cancel
Showing results for 
Search instead for 
Did you mean: 

How Do I Proceed From Here?

Valued Member

How Do I Proceed From Here?

I've been a member of these forums for a while but have not posted much, did a lot of reading and rebuilt my credit to where I am today. I always wanted to have about 5-6 good credit cards with good limits and do away with the low limit cards I'd gotten when I was in rebuilding mode. Now I have the cards I wanted; Amex Delta Gold, Amex Blue Cash, Chase Sapphire, Penfed Platinum Rewards, BofA Platinum Plus...what do I do about the lower limit cards that I have open?

 

I have already closed 2 of the lower limit cards but currently have about another 5 cards with limits from $1,500-$3,000 I'd like to get rid of. What would you folks that have gone through this recommend? I really do not want 9 CC's revolving, it's more than I need and harder to keep track of. Should I gradually or at once close all these lower limit accounts that I have. BofA is the oldest revolving account on my file and I recently got the limit raised from the initial $500 they gave me 5 years ago to $10,000, so I will be keeping this one for account age...Amex's have backdated to 2008...The Penfed and Chase will be the newer accounts, any recommendations?

Photobucket
Message 1 of 8
7 REPLIES
Valued Contributor

Re: How Do I Proceed From Here?

if util is at 0%, then close the ones you do not need.
5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 2 of 8
Valued Contributor

Re: How Do I Proceed From Here?

I would suggest keeping them open. Just sock drawer them until a lender decides to close them for non-use. This is of course as long as they don't have an annual fee.

 

This is the positive reasons to doing it this way:

 

Some lenders may let these cards ride for years before closing them.

Your base of good credit remains large and if, heaven forbid, something should happen to negatively impact your scores it will be diluted by the good credit these cards will provide.

You already took the hit with hard pulls getting this credit, why just throw that away now?

It makes no difference to your scores if you close the account or the lender closes the account in good standing.

 

There really aren't any negatives to leaving them open.


Starting Score: EQ 653 6/21/12
Current Score: EQ 703 8/5/17 - EX 743 8/5/17 - TU 731 8/5/17
Message 3 of 8
Established Contributor

Re: How Do I Proceed From Here?


Fenerbahce wrote:

I've been a member of these forums for a while but have not posted much, did a lot of reading and rebuilt my credit to where I am today. I always wanted to have about 5-6 good credit cards with good limits and do away with the low limit cards I'd gotten when I was in rebuilding mode. Now I have the cards I wanted; Amex Delta Gold, Amex Blue Cash, Chase Sapphire, Penfed Platinum Rewards, BofA Platinum Plus...what do I do about the lower limit cards that I have open?

 

I have already closed 2 of the lower limit cards but currently have about another 5 cards with limits from $1,500-$3,000 I'd like to get rid of. What would you folks that have gone through this recommend? I really do not want 9 CC's revolving, it's more than I need and harder to keep track of. Should I gradually or at once close all these lower limit accounts that I have. BofA is the oldest revolving account on my file and I recently got the limit raised from the initial $500 they gave me 5 years ago to $10,000, so I will be keeping this one for account age...Amex's have backdated to 2008...The Penfed and Chase will be the newer accounts, any recommendations?


Call BofA and ask to pc to Cash Rewards (non sig) so you can get some cash back. They are nice and will just give it to you. If you would see if you could take the limit from your Amex Delta and move it to your Amex Blue Cash so you can close the Amex Delta, and by doing that you will avoid having to keep paying the $95 annual fee.

Capital One QuickSilver MC $4.5K | Walmart $5K (CLOSED) | BOA Cash Rewards Sig $6.5K | BOA BBR $1K | Discover IT $13.5K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K | Chase Freedom Sig $8K | CapOne Spark BIZ Cash Visa Sig $5k | AMEX SimplyCash Biz CC $10k (LLC) | AMEX Everyday $2k | Sallie Mae WMC $6.4K | Citi Double Cash WEMC $6.2k | DCU Visa Platinum $1K (CLOSED0 | PSECU Visa w/PSL $8k | Chase Ink Cash BIZ Sig CC $3k | FNBO Biz Visa $9.5K | AMEX SimplyCash Plus BIZ CC $10k | Fidelity Rewards Visa Sig $4.7k | AARP Visa $500 |
Message 4 of 8
Valued Member

Re: How Do I Proceed From Here?


linux007969 wrote:


Call BofA and ask to pc to Cash Rewards (non sig) so you can get some cash back. They are nice and will just give it to you. If you would see if you could take the limit from your Amex Delta and move it to your Amex Blue Cash so you can close the Amex Delta, and by doing that you will avoid having to keep paying the $95 annual fee.


Yeah didn't even think about the ladder, that's a great idea to avoid the fees...have they been known to combine limits like that? BofA customer rep did tell me she would upgrade to the cash back card so I will be able to benefit from it. Thanks for the heads up!

Photobucket
Message 5 of 8
Highlighted
Established Contributor

Re: How Do I Proceed From Here?


Fenerbahce wrote:

linux007969 wrote:


Call BofA and ask to pc to Cash Rewards (non sig) so you can get some cash back. They are nice and will just give it to you. If you would see if you could take the limit from your Amex Delta and move it to your Amex Blue Cash so you can close the Amex Delta, and by doing that you will avoid having to keep paying the $95 annual fee.


Yeah didn't even think about the ladder, that's a great idea to avoid the fees...have they been known to combine limits like that? BofA customer rep did tell me she would upgrade to the cash back card so I will be able to benefit from it. Thanks for the heads up!


not sure if there known for combinding but i've seen people here suggest it on this forum before for accounts, so it's worth a try. Your Welcome! Smiley Very Happy

Capital One QuickSilver MC $4.5K | Walmart $5K (CLOSED) | BOA Cash Rewards Sig $6.5K | BOA BBR $1K | Discover IT $13.5K | AMEX Sr Green Charge (NPSL) | PNC CashBuilder $1.5K | Paypal Extras MC $6k | PNC Auto Loan $20,038.75 | AMEX SimplyCash Biz CC $3k | BOA Cash Rewards Biz CC $3.5K | Chase Freedom Sig $8K | CapOne Spark BIZ Cash Visa Sig $5k | AMEX SimplyCash Biz CC $10k (LLC) | AMEX Everyday $2k | Sallie Mae WMC $6.4K | Citi Double Cash WEMC $6.2k | DCU Visa Platinum $1K (CLOSED0 | PSECU Visa w/PSL $8k | Chase Ink Cash BIZ Sig CC $3k | FNBO Biz Visa $9.5K | AMEX SimplyCash Plus BIZ CC $10k | Fidelity Rewards Visa Sig $4.7k | AARP Visa $500 |
Message 6 of 8
Senior Contributor

Re: How Do I Proceed From Here?

What if your total cls are > your income? Is it a better idea to close unused, low cl accounts at that point? I want to close my $1500 chevron cl. I just got it in January, which was a mistake. Lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 7 of 8
Senior Contributor

Re: How Do I Proceed From Here?

Go ahead and close them, it won't hurt your score, and you already have a high credit score anyway.   You still have to keep track of open accounts you don't use, so why keep them open.  

Message 8 of 8