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In with the new out with the old.

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pt145
Valued Member

In with the new out with the old.

I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.  

I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.

 

I also opened up 2 new accounts  American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.

Entered Garden 6/3/2014, Staying until Jun 2016. Score 797 via Discover
Chase Freedom 0/$3000, Amex BC 0/$5000, Wells Fargo 0/$2400, Amazon 0/$5000, Discover IT 150/$4800, Walmart Mastercard $0/$5000, Barclay NFL AZ Cardinals 0/$5000
Message 1 of 28
27 REPLIES 27
14Fiesta
Established Contributor

Re: In with the new out with the old.


@pt145 wrote:

I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.  

@I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.

 

I also opened up 2 new accounts  American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.


I hope they weren't your oldest cards you had!






EX FICO (AMEX): 728 (4/29/17) | TU FICO (Discover): 737 (4/7/17) | EQ FICO (Citi): 746 (3/28/17)
Message 2 of 28
j_casteel
Valued Contributor

Re: In with the new out with the old.

Even if they were the oldest cards the AAoA won't be effected for 10 years.
Learning from my past and rebuilding..

BK discharged 1/10/17
scores: EQ 659 | TU 630 | EX 659

QS 3.8K | WF 500 | Cabela's 3k | ACU 500 |

Message 3 of 28
Bman70
Established Contributor

Re: In with the new out with the old.

I've been reading here and around the Internet of people having total credit twice their income, or 150% of income, without any adverse effects. So I wouldn't say it's necessary to keep any specific ratio


EX 822
TU 834
EQ 820


Message 4 of 28
Involver
Valued Contributor

Re: In with the new out with the old.

So you chopped 10k worth of old accounts to add 4k worth of new accounts?

 

I don't get it.

Message 5 of 28
pt145
Valued Member

Re: In with the new out with the old.

They were not my oldest cards and to keep that Kawasaki card open is a pain. Only place to use it is at a dealership for parts. No motorcycle no need.

My overall util is still under 10%. I see no harm.

Entered Garden 6/3/2014, Staying until Jun 2016. Score 797 via Discover
Chase Freedom 0/$3000, Amex BC 0/$5000, Wells Fargo 0/$2400, Amazon 0/$5000, Discover IT 150/$4800, Walmart Mastercard $0/$5000, Barclay NFL AZ Cardinals 0/$5000
Message 6 of 28
SunriseEarth
Moderator Emeritus

Re: In with the new out with the old.


@pt145 wrote:

I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.  

@I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.

 

I also opened up 2 new accounts  American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.


I'm generally in favor of keep accounts open, so long as they don't cost you money.   However, there are definitely good reason to trim.   AFAIK, Cap One doesn't PC cobranded cards, so if it no longer served a purpose, then closing it probably wasn't a bad option.  It sounds like you'd simply prefer to grow with other lenders that have products that better suit your needs.  

 

(edited for typo)



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 7 of 28
pt145
Valued Member

Re: In with the new out with the old.

I've considered chopping more to keep my profile simple. I don't need much credit wise. But I'll leave well enough alone for now.

Entered Garden 6/3/2014, Staying until Jun 2016. Score 797 via Discover
Chase Freedom 0/$3000, Amex BC 0/$5000, Wells Fargo 0/$2400, Amazon 0/$5000, Discover IT 150/$4800, Walmart Mastercard $0/$5000, Barclay NFL AZ Cardinals 0/$5000
Message 8 of 28
awiser
Regular Contributor

Re: In with the new out with the old.

OP, there is a lot of great advice on this forum, but you do what you need to do as long as it keeps you moving onward and upward. I've been trimming my accounts, too. It feels good to simplify your credit profile and grow into better cards that work for you. Congrats and way to go!

Message 9 of 28
bk510
Valued Contributor

Re: In with the new out with the old.


@pt145 wrote:

They were not my oldest cards and to keep that Kawasaki card open is a pain. Only place to use it is at a dealership for parts. No motorcycle no need.

My overall util is still under 10%. I see no harm.


+1

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Message 10 of 28
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