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!
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.
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.
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 now
I hereby sentence Cap1 card to death by scissor. I closed mines the other day
|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 |
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.
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.
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!