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Contributor
supervelous
Posts: 125
Registered: ‎08-09-2013
0

I Don't Want These Cards! Advice?

[ Edited ]

 

So, I am trying to build good credit from a not great credit past, and I have found myself with a list of low limit or AF cards, and don't really want so many.  Struggling with which to close, which to keep for their age, relationship with the company, etc.  So, here's my list:

 

BOA - $0 balance, $500 limit, Opened in August 2011, never late:  applied for CLI in Feb 2013, denied (had high util. and more debt, lower score at time)

Capital 1 Visa Plat - $0 balance, $300 limit, opened in April 2007, 30 day lates in May 10', Feb 08' and Nov 07' (denied CLI on 8/14/14), my lowest APR 16.9, $19 AF

Chase Slate - $0 balance, $300 limit, opened in April 2006, 30 day late in Dec 07' - super high 27.24%, no rewards

Chase - $0 balance, $250 limit, opened in Jan 07, 30 day late in Nov 07', 18.24 APR, formerly WAMU

Amazon - $132 balance, $700 limit, opened in May 2013, never late, super high APR but good promos, shop Amazon a lot, want higher limit

Comenity Express - $0 balance, $2,030 limit, opened in October 2006, no lates

2 Cap 1/Orchard - Closed Already, $0 balance, old history no lates but closed both due to $79 and $59 AF's, $1k and $850 limits

 

My credit score has jumped a lot in the last couple months, 692 TU FICO, 682 Equifax FICO.  I got approved for $5K Chase Freedom the other day.  I really don't want a ton of credit cards, especially low limits and AF's without benefits that make them worth it.   I'd like 3-5 cards total.  From my current I want to keep the Chase Freedom & Amazon for sure.  Possibly Comenity bc high limit and old history although I have moved away from wearing Express clothes.  

 

Other than that I'm open to closing everything else, but worried about impact to score, relationships, etc.  I imagine my relationship with Chase might have helped me get the Freedom, I have 2 checking accounts, a savings, and 2 credit cards before getting approved for the Freedom.   I really want Saphire Preffered so worried closing my old Chase accounts will diminish the relationship that helped me get approved for Freedom?  Also, if I want Saphire should I app now since they already Hard Pulled, or should I stick with my plan of waiting 6 months as my FICO hopefully shoots north of 700 and prove to Chase I can handle their higher limit they just gave me?

 

Is it safe to close the accounts I no longer want to use?  

 

 

 

Regular Contributor
WolfMan
Posts: 152
Registered: ‎02-01-2013
0

Re: I Don't Want These Cards! Advice?

If they dont have an AF, keep them, If the APR is high, don't carry a balance. But the open trade lines are good. 

Don't close anything old, if it doesn't have an AF. This will help your AAoA, Just sock drawer them.

I would personally just ditch the ones with the AF. I hate AF!

MyFico Scores 8/2013: EX:702 EQ:724 TU:730 -- 2009: I had BAD credit. -- PIF Weekly!
Contributor
supervelous
Posts: 125
Registered: ‎08-09-2013
0

Re: I Don't Want These Cards! Advice?

Update!  I am VERY impatient these days as I see my credit score go up!  Still not great but after years of being bad, a near 700 and almost all 0 balances has me feeling good!

 

I got approved for Freedom for 5K, so got impatient today and applied for Chase Saphirre Preferred as well.  APPROVED for $6,200!  

 

I really don't want 4 Chase Credit Cards, do you think it's OK to close the other ones?  Hate logging into my online seeing listed down my 2 checkings, saving, then 4 credit card accounts.

Contributor
supervelous
Posts: 125
Registered: ‎08-09-2013
0

Re: I Don't Want These Cards! Advice?


WolfMan wrote:

If they dont have an AF, keep them, If the APR is high, don't carry a balance. But the open trade lines are good. 

Don't close anything old, if it doesn't have an AF. This will help your AAoA, Just sock drawer them.

I would personally just ditch the ones with the AF. I hate AF!


Thanks I hate them too!! But hope the $95 on the Chase SP will pay for itself, plus it's waived for first year.  But will cancel my only remaining AF card, my Cap 1, who wouldn't even give me over $300.  

 

I love Chase!

Valued Contributor
takeshi74
Posts: 3,244
Registered: ‎06-05-2013
0

Re: I Don't Want These Cards! Advice?

[ Edited ]

supervelous wrote:

 

Other than that I'm open to closing everything else, but worried about impact to score, relationships, etc. 

 


Immediate impact to score from closing will mostly be due to changes in utilization which you can calculate.  For cards with small CL's the change is probably negligible but, again, you can confirm yourself by doing the math.  If you have multiple Chase cards already I'm not sure why you're worrying over relationships.  It's your call as to what you want to close.  Impact on AAoA isn't worth worrying over since AAoA won't be affected as long as the old accounts are reported and they will be reported for years even after closing them.

 

Wanting to avoid AF's is understandable but for all your AF and low limit cards have you tried contacting the issuer to see if they're willing to do anything?  If you want to trim down to 3-5 cards that probably won't matter but it could be worth a shot if you're willing to maintain more cards.  It's really your call to make.  You need to do whatever works for you and people vary on these matters.

Regular Contributor
Jasir
Posts: 244
Registered: ‎04-05-2013
0

Re: I Don't Want These Cards! Advice?

With all due respect to WolfMan (and many others on these forums), I am going to advise against using "no AF" as sole criteria to keep a credit card open. Here are just a few reasons why not to simply "sock drawer" a card:

1. Inactive accounts risk being "closed by creditor" which doesn't look great on manual review
2. Lots of unused credit cards may lower UTL, but also risk "you have too much credit" denials when seeking CLI or new credit
3. Creates risk of unauthorized use thru misplacing, losing or other disorganization (eventually you may forget about 1 of them, etc)

You should choose your actions and cards carefully. Examine your usage habits (again) and create 3 "piles": the will definitely keep pile; the may keep pile; the definetly close pile.

If you know you aren't likely to use a card more than once or twice a year add it to the "may close" pile; AF cards toss in "def close" since you want to eliminate AF, etc.

Keep in mind: looks better to have a consumer close an account than the lender; closing accounts won't destroy your AAOA -- they'll still report for 10 years from date of closing; UTl management should be more than just getting CLI to mask spending beyond means (if you are spending within means you can consistently stay within good utilizatin range whether your total credit is $500, $5000 or $50,000).

Too many people get hung up on keeping unused credit open for AAOA purposes, yet forget that if rebuilding strategically in 10 years when those closed accounts fall off you should have all the prime accounts you wanted & thus AAOA becomes moot. You can read many posts of people discouraged because lenders said no because of too much (or enough) credit. Think about it: would you want to lend Peter money when you see he already borrowed from Paul and a dozen other people?

You just got a new Chase card. Pick maybe 3 others max to use at least semi-concurrently & ax the rest. Then garden for 6 months before you strategically app for your next card.


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Regular Contributor
brcamacho
Posts: 181
Registered: ‎07-27-2012
0

Re: I Don't Want These Cards! Advice?


Jasir wrote:
With all due respect to WolfMan (and many others on these forums), I am going to advise against using "no AF" as sole criteria to keep a credit card open. Here are just a few reasons why not to simply "sock drawer" a card:

1. Inactive accounts risk being "closed by creditor" which doesn't look great on manual review
2. Lots of unused credit cards may lower UTL, but also risk "you have too much credit" denials when seeking CLI or new credit
3. Creates risk of unauthorized use thru misplacing, losing or other disorganization (eventually you may forget about 1 of them, etc)

You should choose your actions and cards carefully. Examine your usage habits (again) and create 3 "piles": the will definitely keep pile; the may keep pile; the definetly close pile.

If you know you aren't likely to use a card more than once or twice a year add it to the "may close" pile; AF cards toss in "def close" since you want to eliminate AF, etc.

Keep in mind: looks better to have a consumer close an account than the lender; closing accounts won't destroy your AAOA -- they'll still report for 10 years from date of closing; UTl management should be more than just getting CLI to mask spending beyond means (if you are spending within means you can consistently stay within good utilizatin range whether your total credit is $500, $5000 or $50,000).

Too many people get hung up on keeping unused credit open for AAOA purposes, yet forget that if rebuilding strategically in 10 years when those closed accounts fall off you should have all the prime accounts you wanted & thus AAOA becomes moot. You can read many posts of people discouraged because lenders said no because of too much (or enough) credit. Think about it: would you want to lend Peter money when you see he already borrowed from Paul and a dozen other people?

You just got a new Chase card. Pick maybe 3 others max to use at least semi-concurrently & ax the rest. Then garden for 6 months before you strategically app for your next card.

Well said.

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