@red259 wrote:
@Anonymous wrote:If the OP is not concerned with the utilization effect of their already made decision then I dont see how its an issue. They have clearly thought about this and would like only three cards as the title states. Geez
OP you are definitely keeping Amex which is great, as suggested above I agree with combining Chase lines and keep Freedom + Discover.OP posted she was concerned about how closing cards could impact her score. I believe pointing out the relevance of having overall credit available for credit utilization purposes as well as the other points I were made appropriate so OP could make an informed decision. If OP wants to close accounts then that is ok. I was just trying to present possible alternative viewpoints that OP may or may not have thought about beforehand.
I thought about utilization but it wasn't what I was focusing on at the moment. I figured once I knew which cards I would keep, then I could see how closing the others would affect it. It isn't high because I don't like charging too close to my already small CL but I still want to show that I am using the cards, that usually helps with CLI right? However red259 you have brought a few more things to my attention that I should consider so thanks 
@selena wrote:
@red259 wrote:
@Anonymous wrote:If the OP is not concerned with the utilization effect of their already made decision then I dont see how its an issue. They have clearly thought about this and would like only three cards as the title states. Geez
OP you are definitely keeping Amex which is great, as suggested above I agree with combining Chase lines and keep Freedom + Discover.OP posted she was concerned about how closing cards could impact her score. I believe pointing out the relevance of having overall credit available for credit utilization purposes as well as the other points I were made appropriate so OP could make an informed decision. If OP wants to close accounts then that is ok. I was just trying to present possible alternative viewpoints that OP may or may not have thought about beforehand.
I thought about utilization but it wasn't what I was focusing on at the moment. I figured once I knew which cards I would keep, then I could see how closing the others would affect it. It isn't high because I don't like charging too close to my already small CL but I still want to show that I am using the cards, that usually helps with CLI right? However red259 you have brought a few more things to my attention that I should consider so thanks
Yep showing use and paying on time usually helps increase the chance of CLIs.
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@Hockeyplayrr wrote:discover and freedom overlap. Im starting to like chase better so I would stick with that. What I would do is transfer the slate line over to the freedom (after a full statement of no activity so you can transfer the full line). Then close everything but the freedom, quicksilver, and everyday if you only want three cards.
If you are chasing rewards, only the second quarter this year is the same (restaurants). Chase has Groceries this year (current quarter). They have opposite quarters for gas this year and that's nice.
@takeshi74 wrote:
@selena wrote:I am also worried about how closing the other accounts will affect my scores.
Don't overlook the stickies. This thread is linked in the Helpful Threads sticky in this subforum.
http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=117125&jump=true
@selena wrote:Which cards would you keep or close?
What I'd do is irrelevant. If utilization is a concern I'd +1 the comments on combining Chase limits as that will reduce some of the impact to utilization due to closing accounts. As for the rest, you have to determine what is most useful to you. Keeping your oldest cards doesn't really matter per the link I provided above. If you haven't used a card's rewards categories then why do you want to keep it?
It might help if you ran the numbers on utilization (i.e. how it would be affected by closing cards) and rewards (i.e. which ones are actually earning you the most rewards with your spend) instead of polling others who may have entirely different preferences and priorities and situations than you.
@selena wrote:I thought about utilization but it wasn't what I was focusing on at the moment. I figured once I knew which cards I would keep, then I could see how closing the others would affect it. It isn't high because I don't like charging too close to my already small CL but I still want to show that I am using the cards, that usually helps with CLI right?
Keep in mind that 30% max is generally recommended though short term high utilization isn't really an issue. It's prolonged high utilization that can get you in trouble. Additionally, you can manage reported utilization by paying down/off your balances prior to report date. Usage may help but it won't make or break a CLI on its own. Your credit and income are really what matter for CLI's.
@red259 wrote:Honestly I think it is a big mistake closing cards without AFs.
It's a mistake to assume that everyone should keep all cards with no AF's. Each needs to make the decision based on the individual's situation, needs, etc. No one solution works best for all.
@red259 wrote:Your basically talking about terminating entire relationships with different lenders. Really not a good idea IMO.
Credit always trumps relationship. Some users here tend to associate far too much impact from relationship and usage. These are corporations, not individuals. Note the size of the slice for relationship.
http://www.myfico.com/crediteducation/whatsinyourscore.aspx
Closing accounts with a creditor does not permanently shut the door. If one's credit supports it then one can certainly open up another account with a creditor.
@red259 wrote:And if your not using them then why would it be hard to manage them?
Again, people vary. Management styles and capabilities vary. You can't assume that what works for you works for everyone regardless of topic. You can present your case without that assumption.
@red259 wrote:From a utilization perspective it seems wise to keep the cards for overall util purposes.
I haven't seen anything from the OP that indicates the impact to utilization from closing accounts. How did you determine that there would be a significant impact? The OP has posted limits but not balances.
Lower utilization is generally better but there isn't a major impact in every situation and one really should run the numbers to see the change to utilization versus just assuming that every possible card should be kept open for utilization purposes. If the impact to utilization is significant then it could make sense to keep a card open for utilization. If the impact is negligible then it may not be of benefit.
@red259 wrote:Sure it may not totally end the relationship with the lender when closing a card, but what would look better in the future when a applying for a card with a particular lender A.
Automated approvals aren't going to consider relationship. Manual reviews might. It's up to the individual to determine if it is desirable to maintain a "relationship" for an assumption like this. It is possible for relationship to help but it is not going to override one's credit.
Thanks for the links and clearing up some of my confusion. I was reading the short term and long term affects of closing accounts and I was wondering would having other accounts, not necessarily credit card accounts would lessen the blow. At the moment the last thing on my mind is applying for more credit, of course that will more than likely change within the time frame of the next ten years, but I digress. What I want to know is would it make a difference to have a variety of accounts versus more credit accounts to lessen the impact of the ones that were closed and are removed from my credit report?