Reply
Established Contributor
pakman92
Posts: 650
Registered: ‎03-01-2012

Re: I think I might have too many credit cards...


Luis135 wrote:

Hi first post but been lurking. I love these forums:smileywink:

 

So I think I've reached a point where I have too many credit cards. I've listed the type of cards limits and dates when I got them. 

My goal is to get some CLI on some of the stronger cards and do away with some weaker cards. (Is this a good idea to close any of them?) 

Obviously I went on an app spree November 2012 which hurt my score pretty bad, and I've incurred a balance on some of these. 

I am however paying them off respectively. Im planning on buying a house here in about 2 years when alot fo these inquries go away as well.

Any suggestions? 

 

Charge Cards

AU - Amex Green - December 2012

AU - Amex Gold - February 2013 

 

Credit Cards 

Chase Sapphire   $5,000   November 2012 

BankAmeriCard Platinum Visa $1,000 October 2010 

Discover Cashbook Bonus  $1,000 November 2012 

Capital One Journey $750 Augusts 2011 

Capital One Cash Rewards MC $500 November 2012

Citi  Thankyou $500 November 2012 

Creditone Bank $500 October 2011 

 

Store Cards 

Walmart  $900 November 2012 

Gap $400 November 2012 

Target $300 November 2012 

Macys $300 November 2012 

Dillars $600 November 2012 

The Home Depot $500 November 2012 

Lowe's $500 November 2012 

Express $250 July 2012 

 


My vote would be to close the one's with Annual Fees and have no rewards.


My Starting Score: EQ: 691 (11/30/11) TU98: 726 (11/30/11)
My Current Score: EQ: 779 (04/22/13) TU08: 835 (06/03/13)
DW Starting Score: EQ: 742 (03/02/12) TU98: 748 (03/02/12)
DW Current Score: EQ: 784 (03/11/13) TU08: 775 (06/03/13)
Frequent Contributor
RSCo
Posts: 472
Registered: ‎02-11-2013

Re: I think I might have too many credit cards...


09Lexie wrote:
Without knowing the balances - it would be difficult to ascertain the affect closing any cards will have on your credit score.

+1

 

Citi Hilton Honors: $25,000 -- Amex PRG: $NPSL -- Citi TY Premier World: $9,880 -- NWFCU: $7,500 -- Citi Home Depot: $7,000 -- Citi AAdvantage Platinum Visa Sig: $5,000 -- Visa Black Card: $5,000 -- Discover IT: $5,000 -- AmexTrueEarnings: $5,000 -- Amex Gold Delta: $4,500 -- Pottery Barn: $4,000 -- Ethan AllenGE: $4000 -- Chase Slate: $2,500 -- CapOne Platinum: $2,500 -- CapOne Platinum: $2,500 -- AmazonGE: $2,200 -- Barclays BJs: $1,800 -- WalmartGE: $1,500 -- PenFed LOC: $500
Valued Contributor
jamesdwi
Posts: 1,434
Registered: ‎09-16-2011

Re: I think I might have too many credit cards...


NJTurnpike wrote:

Luis135 wrote:

Hi first post but been lurking. I love these forums:smileywink:

 

So I think I've reached a point where I have too many credit cards. I've listed the type of cards limits and dates when I got them. 

My goal is to get some CLI on some of the stronger cards and do away with some weaker cards. (Is this a good idea to close any of them?) 

Obviously I went on an app spree November 2012 which hurt my score pretty bad, and I've incurred a balance on some of these. 

I am however paying them off respectively. Im planning on buying a house here in about 2 years when alot fo these inquries go away as well.

Any suggestions? 

 

Charge Cards

AU - Amex Green - December 2012

AU - Amex Gold - February 2013 

 

Credit Cards 

Chase Sapphire   $5,000   November 2012 

BankAmeriCard Platinum Visa $1,000 October 2010 

Discover Cashbook Bonus  $1,000 November 2012 

Capital One Journey $750 Augusts 2011 

Capital One Cash Rewards MC $500 November 2012

Citi  Thankyou $500 November 2012 

Creditone Bank $500 October 2011 

 

Store Cards 

Walmart  $900 November 2012 

Gap $400 November 2012 

Target $300 November 2012 

Macys $300 November 2012 

Dillars $600 November 2012 

The Home Depot $500 November 2012 

Lowe's $500 November 2012 

Express $250 July 2012 

 


I woud recommend gettting rid of all the store cards except maybe walmart. CreditOne get rid of for sure and Capital one journey. Then email EO for cap1 and ask for a CLI on the other cap1 card. Get your discover PC'd to Discover IT and ask for a CLI along the way.

 

Once your other creditors are able to see on your report the store cards are closed, they may be more inclined to give you CLI's. those store cards really are useless. the spend that you might put on them would be better put on a card that gives you decent rewards, of which you have a few.


Totally disagree, you can close some of the store cards if you don't use them, but Deffinetly keep Walmart(GE), lowes(GE), HomeDepot(Citi) open, If you shop at Target at all keep it open, the 5% discounts are good, in fact its the only reason to keep it open. If you shop at the Gap(GE) keep it open as well, GE gives auto-CLI's or you can request them and the backdoor number has given legedary CLI's. If you own a home or plan to own one, the HomeDepot and/or Lowes is a practically a necessity. Citi  (HomeDepot) gave me a $3500 CLI on the day I openned the card, great for when the water heater or other major appliance dies unexpectedly. They also give 6-24 month zero interest deals on major purchase, the only bad part is CLI's are HP's but when the need arises its nice to have the option and not have to tie up your major card with 90% UTL and a non zero APR when the expected happens with your home.  The CL's all help towards your overall UTL and have no AF's, sockdrawer them. My personal experience shows thathaving a long history for GE Money bank can't hurt they have 100's of cards or financing options. Recently got a $4k CLI on my Sam's Club Card(GE Money bank) by using the online luv button after just 6 months with the card. Some prime creditors totally ignore store cards, but surely having a 2 year old card with a 5k limit can only help get you higher CL's on other cards.

Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Frequent Contributor
tattooedhusker
Posts: 479
Registered: ‎10-25-2012

Re: I think I might have too many credit cards...


scottwagnon wrote:

DONT TOSS capital one journey; that was BAD advice. DO TOSS credit one. and toss walmart and home depot because those are bad companies to do business with. keep the closed walmart card for the free fico score.


Couldn't disagree with this more.

NFCU CashRewards $13.5k | AMEX BCE $9.5k | Lowes $17k | Sportsmanss guide $5.5k | Chase Freedom $1k | Discover IT $1.4k |
Walmart $8k | Gordman's $1350 |

Scores: EQ: 676 EX: 714 TU: 720
Established Member
Luis135
Posts: 28
Registered: ‎11-22-2012

Re: I think I might have too many credit cards...

Thank you all for you replies! 

Frequent Contributor
thelethargicage
Posts: 464
Registered: ‎09-19-2012

Re: I think I might have too many credit cards...

Put all your spending on the Sapphire (by far your best card), keep the Green Amex for the backdating (and charge a couple bucks every once in a while), keep the Target card for the 5% discount.  The rest are garbage so get rid of them.


"The family who apps together files for bankruptcy together." - Dave Ramsey

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+