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Valued Contributor
Posts: 1,174
Registered: ‎05-20-2010
0

I must admit, I feel pretty good right now - closing CCs

I went on a mini CC closing spree. I have been thinking over and over about closing some of my CCs the last couple of months. One day I decide its time to close a card, then I talk myself out of it. Then the next day it happens all over again. This time I actually did it. And it feels pretty darn good. Less cards to worry about, and also less estatements I get sitting in my inbox waiting for me. Feels good! Forget applying for cards, just close the ones you already have! Smiley Very Happy

 

Now I know most folks recommend keeping cards with no AFs. But I did it anyways, and I don't regret it. The nice CLI from NFCU will more than cover the loss of available credit from these cards.

 

The hit list:

 

- Lowes ($800)

- Chevron ($600)

- BOA Cash Rewards ($300)

 

Cap One with an AF of $39 is due in a couple of months. That one is sitting in death row awaitiing execution. Smiley Tongue

 

CH7 Discharged: 4-14-16
Rebuilding in Progress.....
May 2016 - EX: 594, TU: 582, EQ: 619
July 2016 - EX: 629, TU: 600, EQ: 622
Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

Re: I must admit, I feel pretty good right now - closing CCs

[ Edited ]

Sorry was confused thought this was an app spree, yes slice them down

Valued Contributor
Posts: 2,111
Registered: ‎07-29-2011
0

Re: I must admit, I feel pretty good right now - closing CCs

I have about 3 cards I am debating closing.  I don't use them at all.  There is no point to them because I have cards that offer better rewards or have superior features.  But there is no anual fee.  My plan for right now is just to put them away and not use them.  They don't help my overall credit limit, but they might help my Credit Karma score if I keep them open.... which i know is stupid, but I don't have any use for good credit now, except to avoid AA and to play with the numbers to see how high I can get the different scores to get.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Established Contributor
Posts: 912
Registered: ‎06-14-2012
0

Re: I must admit, I feel pretty good right now - closing CCs

i,too, am about to start closing some if my starter cards that includes Cap1 and HSbc and i cant wait. so i can just imagine how you feel right nowSmiley Wink



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 Smiley Wink
Super Contributor
Posts: 6,677
Registered: ‎04-07-2008
0

Re: I must admit, I feel pretty good right now - closing CCs

My Cap One is on Death Row also right now until the $39 is waived




Regular Contributor
Posts: 144
Registered: ‎07-21-2012
0

Re: I must admit, I feel pretty good right now - closing CCs

[ Edited ]

I hereby sentence Cap1 card to death by scissor. I closed mines the other day Smiley Happy

Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO
Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO
Goal Score:     EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
In my wallet:  $16,000  $8,000
Established Contributor
Posts: 961
Registered: ‎12-21-2010
0

Re: I must admit, I feel pretty good right now - closing CCs

I closed 7 last week Zync, a few GEMB because I LIKE them on page once, and a few others down to 9 open and 22 closed.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Valued Contributor
Posts: 1,174
Registered: ‎05-20-2010
0

Re: I must admit, I feel pretty good right now - closing CCs

Lowes card is already reporting as closed on EX when I checked this morning. After closing my Cap One card with the AF, I will only have one card with an AF, and that is my Amex Zync. I think I'll hold onto it a bit longer and see if I can qualify for a Amex revolver one day.

CH7 Discharged: 4-14-16
Rebuilding in Progress.....
May 2016 - EX: 594, TU: 582, EQ: 619
July 2016 - EX: 629, TU: 600, EQ: 622
Contributor
Posts: 94
Registered: ‎01-31-2008
0

Re: I must admit, I feel pretty good right now - closing CCs

I keep thinking about closing some of my cards as well, but then I too always keep talking myself out of it.  None of my cards have any AF's, so I'm torn as to whether or not to keep them open.  I'm just not sure what is going to be best for my credit scores. 

Valued Contributor
Posts: 1,960
Registered: ‎08-13-2007
0

Re: I must admit, I feel pretty good right now - closing CCs

It really comes down to how many cards you want to manage and make sure you spend on.

 

If you can narrow to your "ideal portfolio", and work those cards to grow I think that is the best way to go.

 

I agree with others here; I would rather have 4 cards and $100k in available credit then have 10 cards with $100k in credit.

 

Just makes things easier.

 

JMO - for what little that is worth!  Smiley Happy

 

Ray

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