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Valued Member
Posts: 48
Registered: ‎12-02-2012
0

Need advice on closing cards

So I've accumulated a lot of cards over the years and I'm thinking about trimming down. Here's the list:

 

Nordstrom Visa Signature - Limit $5000 opened 5/12, 0 balance

Barclays Apple Finance Card - Limit $4700 opened 5/12, $3500 balance

Amex BCE - Limit $2500 opened 11/12, 0 balance

Capital One Saks Fifth Avenue - Limit $2000 opened 6/12, 0 balance

Merrick Bank - Limit $1950 opened 9/10, $1200 balance

Capital One - Limit $1600 opened 2/08, $1400 balance

Capital One - Limit $1000 opened 8/06, 0 balance

Discover More - Limit $1000 opened 5/12, 0 balance

Target - Limit $1000 opened 9/10, 0 balance

Amex Delta Gold - Limit $1000 opened 11/12, 0 balance

Paypal GEMB - Limit $1000 opened 11/12, 0 balance

Barclay Juniper - Limit $550 opened 4/08, 0 balance

Chase - Limit $250 opened 10/05, 0 balance

 

A little background on me: I have a CH7 bk reporting until 01/14. My latest EX score was 688 pulled from Amex and my TU score is 682. I am planning on backdating the Amex to 2003 because I had an account with them back then. Once my bk falls off I'd really like to have maybe 5-6 cards with relatively high limits so I dont need to carry this many cards. I opened the GEMB card because from what I've read they are generous with CLI's and will grow with you. I'd really like to dump the low limit Chase and Barclays but not sure how that will affect my AAoA/scores. Any help/advise would be greatly appreciated.

 

Thanks

Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: Need advice on closing cards


stealthc63 wrote:

So I've accumulated a lot of cards over the years and I'm thinking about trimming down. Here's the list:

 

Nordstrom Visa Signature - Limit $5000 opened 5/12, 0 balance

Barclays Apple Finance Card - Limit $4700 opened 5/12, $3500 balance

Amex BCE - Limit $2500 opened 11/12, 0 balance

Capital One Saks Fifth Avenue - Limit $2000 opened 6/12, 0 balance

Merrick Bank - Limit $1950 opened 9/10, $1200 balance

Capital One - Limit $1600 opened 2/08, $1400 balance

Capital One - Limit $1000 opened 8/06, 0 balance

Discover More - Limit $1000 opened 5/12, 0 balance

Target - Limit $1000 opened 9/10, 0 balance

Amex Delta Gold - Limit $1000 opened 11/12, 0 balance

Paypal GEMB - Limit $1000 opened 11/12, 0 balance

Barclay Juniper - Limit $550 opened 4/08, 0 balance

Chase - Limit $250 opened 10/05, 0 balance

 

A little background on me: I have a CH7 bk reporting until 01/14. My latest EX score was 688 pulled from Amex and my TU score is 682. I am planning on backdating the Amex to 2003 because I had an account with them back then. Once my bk falls off I'd really like to have maybe 5-6 cards with relatively high limits so I dont need to carry this many cards. I opened the GEMB card because from what I've read they are generous with CLI's and will grow with you. I'd really like to dump the low limit Chase and Barclays but not sure how that will affect my AAoA/scores. Any help/advise would be greatly appreciated.

 

Thanks


I would close any cards that are not beneficial, especially ones with low limits that do not grow with you. But try not close your oldest account because then it will affect your AAOA. But..... you do have balances and closing your accounts now will not help your UTI. 


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Valued Member
Posts: 48
Registered: ‎12-02-2012
0

Re: Need advice on closing cards

I was under the impression that even if I close the old trade lines they will still report for up to 10 years. I mean I guess since there's no AF it doesn't hurt to keep them open but it just irritates me that I've had them for so long and they're the lowest of the bunch. If it were up to me I'd close Chase, Barclays Juniper, Target and Capital One. Thoughts????

Moderator
Posts: 13,892
Registered: ‎04-15-2011
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Re: Need advice on closing cards

The accounts would continue to factor into your AAoA if they are closed for another 10 years, but you've answered your own question.  If they have no AF, why would you close them?

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Valued Member
Posts: 48
Registered: ‎12-02-2012
0

Re: Need advice on closing cards

I guess I'm concerned that the low limit cards will somehow impact me from getting higher limit cards in the future. For example, when my bk falls off in Jan 2014 and I decide to go for a more prestigious chase card would the low $250 limit affect the decision of the new cards limit?

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Need advice on closing cards

I think you should call cap1 and try to combine limits and leave the oldest card open; closing the other one opened in 2008. You can also close juniper...

Quite frankly if there is no annual fee; there is no harm keeping them open.

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