Need help in deciding which cards to close

morgacj2004 · ‎07-24-2016

So after recently being declined by Chase and AX I realized I may have too many accounts and too much available credit. I have listed my cards below and would love to hear suggestions about which cards to close.

1. Cap One- 4 cards total CL of 47k 3 k bal. includes Venture, Venture One, Platinum and QS. CLOSED. Platinum.

2. Barclay - 2 cards Arr+ and Cash Fwd. 8k TCL 2 k bal

3. BofA. Cash Rewards PIF. 2k CLHeavy use

4. Pen Fed Plat Rewards 5k. CL PIF Heavy use

5. NFCU Flagship 5k CL new card

6. CITI secured minor use. Waiting to get unsecured

7. CITI Costco 9.5 k PIF

8. SEARS MC 2k. PIF

9. Stash Visa 12k PIF CLOSED

10. Disc IT 5k PIF CLOSED. Still AU on my wife's card.

11. JCP 6 k. PIF

12. Kohls 3k PIF

13. Virgin America Visa 4k PIF

14. Target 2k PIF. CLOSED

15. Blue Nile 27k PIF

16 BR 3.5k PIF. CLOSED

17. VS 2k PIF. CLOSED

18. AE 4K PIF CLOSED

19 AKUSA FCU Visa 10k PIF

20. PayPal 1k 0 bal

21. NFCU 15 k CLOC 0bal

22. Amazon store card 6k PIF

23. Cabelas 5k PIF

24. Zales 4.5k PIF

i have have been using the PenFed, BC, BofA, Amazon, the most. Use the BC cash fwd and CO Venture one for 0% APR promo. I already closed my Chevron ,BC Rewards and Credit One.

AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550

driftless · ‎07-24-2016

Wow. I would pick 16+ of them to close.

CSR | Amex Platinum | EDP | QS (2)
Amex Blue Business Plus

Anonymous · ‎07-24-2016

Can you combine the capital one cards and cut some more store cards loose?

morgacj2004 · ‎07-24-2016

CO EEO has made an open work order to fix combo error not holding my breath. My only store cards with regular use are JCP and Amazon. Sears is an old acct that I want to keep open.

AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550

AverageJoesCredit · ‎07-24-2016

Hey, great line up looks like you got alot of great cards in my humble opinion!. Im the farthest from a credit expert but maybe your stores cards like JCP and Kohls?. I only say this since it looks like you got plenty of visa/mc/disc/amex to cover purchases there?. Honestly, not sure apart from there as im still rebuilding. I do know im managing like 18 accounts , no where near the class of your nice collection and hopefully i get to that point that i can reduce as well. Best of luck with your decisions

Anonymous · ‎07-24-2016

Regret your app sprees yet? Lol

But I would close all store cards you don't use monthly.

Anonymous · ‎07-24-2016

You definitely have a lot of accounts to manage. If you are looking to close accounts, I would consider which have AF and which give you the best rewards for what you need. I've always considered accounts that do not use still add to your overall CL and help keep your utilization lower. Even if it means throwing a small purchase and then PIF to keep it active is still good, asuming you can actively manage all of those accounts.

When you were denied from Chase and AX, what is the reason that was given for denial? If those accounts were all created in the past two years, it could be "too many INQ" in which case I would hold on to all the accounts (unless there are AF), and then wait for the INQ to drop off before applying.

Gmood1 · ‎07-24-2016

I'd vote to combine Cap ones if possible and dump the store cards you don't use. I'd keep the larger banks and CU cards. It's possible that your amount of open credit is fine.
Just too many open recently could be the main issue.

Anonymous · ‎07-24-2016

@morgacj2004 wrote:
CO EEO has made an open work order to fix combo error not holding my breath. My only store cards with regular use are JCP and Amazon. Sears is an old acct that I want to keep open.

I was going to say to combine the 2 Venture's % the QS/Plat. Which eliminates 2. Depending on what store cards you are using or just using for the heck of it. I would say close all of those that you don't really use. And then go down the list on the visa's/mc's that aren't prime's. Except tor the ones that have great cl's. It depends on how many you're wlling to part with also.

Anonymous · ‎07-24-2016

No expert, but close all store cards. Jmo. I don't personally see value in store cards unless you don't have bank cards who can compete with the perks and limits. The only one store card who has any real clout is Amazon, and again jmo. Next combine all multiple bank cards.

Sincere question....if you have prime bank cards, why would you need store cards unless you are rebuilding? And utilization is not really a strong factor (many store cards are really low limits) so anything other than that. I'm not being snarky, I'm wanting to learn.