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I have 6 CC and want to close few of them

Valued Contributor

Re: I have 6 CC and want to close few of them

Don't close any of them!  Those are all prime cards with no AF.  Leaving them open doesn't cost you anything and helps your UTL ratio and over time your AAoA.  If you do close they will still count for AAoA for ten years but will eventually fall off.  Losing a card with 15 years of age on it ten years down the line will hurt.

 

If your worried about running the balances up take the cards and freeze them in a bowl of water in the freezer.  By the time you though them out the urge to buy whatever it was has faded. 

Message 11 of 25
Established Member

Re: I have 6 CC and want to close few of them

Thanks for all the replies, I didn't expect so many of you came to help me out. To my own question, I just got tired of all the accounts and tired of manage them all every month, as my motivation is to clear them up so I don't have to look at them anymore. Like some of you said that keep them open is best option, or maybe close some low CL cards might not hurt at all, or just put some cards into a freezer and forget about them, even open a new Chase Slate? And transfer all the balance to the new card. Also, I got an offer from Discover 0% for 18 months BT, is that good deal? Instead of opening a new slate card? Thanks!

Btw, I just checked my score and I have 732 points.


Current Score: 813 TU (10/22/2015)
Current Score: 823 EX (10/22/2015)
Current Score: 840 EQ (10/22/2015)


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Message 12 of 25
Contributor

Re: I have 6 CC and want to close few of them

I'd personally stick anything with no AF in my sock drawer.

 

Once every few months break them out and buy a coffee or something cheap and pay the balance off to show some activity.

 

As for a balance transfer, if you get approved for the Discover It with a high enough CL, that should set you up toward paying down your debt and giving you a credit card with another rewards program and some excellent CS. If you can't get the Discover, then try for the Slate.

 

If you find yourself unable to stop using your cards and increasing your debt, you may consider cutting them up as a last resort (but leaving them open).

 

I'm at the point now where I won't use a card unless I'm earning some sort of reward off of the card (except those small purchases to keep an account open), and that reward needs to be earning me 2% cashback or better, everything else sits in the sock drawer.

 

Be sure to keep us up to date with what you do, but paying off what you owe should be your primary concern at this point.



Amex BCE: $16.5k, Discover It: $5k, Chase Freedom Visa: $10k, Fidelity Amex: $7.5k, PenFed Cash Rewards Visa: $3.5k, CapOne Union Plus MC: $4.5k, Barclays Upromise MC: $5k, BoA Cash Rewards 123 MC: $1.5k
Message 13 of 25
Contributor

Re: I have 6 CC and want to close few of them

If it's tough to keep up with all of them, sign up for Mint and just check periodically to make sure that the SD accounts are zeroed out.

 

Also, sign up for email alerts to remind you when there is a balance due.

Message 14 of 25
Valued Contributor

Re: I have 6 CC and want to close few of them


flawlessly wrote:
Also, I got an offer from Discover 0% for 18 months BT, is that good deal? Instead of opening a new slate card? Thanks!

Btw, I just checked my score and I have 732 points.

I think it's a very good deal. I've had a Discover card for nearly 20 years and love the card and the customer service. Can't really say how it would compare with Slate for your needs. But after you've paid off the BT, you'll still be able to take advantage of the 1% regular rewards and 5% rotating rewards.

 

Nice score, nice cards you have.

 

Message 15 of 25
Established Member

Re: I have 6 CC and want to close few of them

If citi card offer me 0% BT for 12m, would that be a better deal? Since citi has a larger CL. Also, if I want to close both Amex student and capital one, would they hurt me a lot?


Current Score: 813 TU (10/22/2015)
Current Score: 823 EX (10/22/2015)
Current Score: 840 EQ (10/22/2015)


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Message 16 of 25
Senior Contributor

Re: I have 6 CC and want to close few of them


flawlessly wrote:
If citi card offer me 0% BT for 12m, would that be a better deal? Since citi has a larger CL. Also, if I want to close both Amex student and capital one, would they hurt me a lot?

As others have suggested the Slate looks like a good deall for you.  It is offering 0s across the board for 15mos.  Most the others, I believe, have at 3% transfer fee.

 

Closing those 2 CC would raise your overall utilization a couple points, but it would still be under 10%, so it probably would hurt you much.  Since most the cards have a $0 balance, is it really that difficult to manage?  You only have to make a couple payments a month.  Obviously, it's your decision, but I see no need to close at this point, unless you feel like the available credit is a temptation.

Message 17 of 25
Senior Contributor

Re: I have 6 CC and want to close few of them

Why close if you have a $0 bal.
It's your choice, but your FICO will be better long term with more positive tradelines.
+1@elcamino
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 18 of 25
Valued Contributor

Re: I have 6 CC and want to close few of them

Close none, open your sock drawer, insert cards there.

 

Ask for CLI's on all of them, maybe go through EO for Capone, as mentioned before.

 

Pay off as much of the student card as you can and set one card aside for monthly purchases which you will PIF. 

 

Garden for a while.

 

You have enough cards for the best impact to your score, but the util on the student card is hurting your score.  This is not a big issue as long as you are not applying for more cards.

 

Use 1 of the cards in the sock drawer once a month for something small and pay if off.

 

They will all then stay open and you should be ok.

 

I advocate keeping all cards without a fee open, just keep them in the sock drawer.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
Message 19 of 25
Established Member

Re: I have 6 CC and want to close few of them

May I ask what "garden" is? And what's EO for capital one? I'm sorry that am not up to the par with you guys!


Current Score: 813 TU (10/22/2015)
Current Score: 823 EX (10/22/2015)
Current Score: 840 EQ (10/22/2015)


Take the myFICO Fitness Challenge
Message 20 of 25