Credit Cards

[youngman1234]

I have way too many personal cards....

I have 19 personal cards.

I am looking to get rid of the following:

1. Walmart- $700 (opened nov 2011) already closed it never used it

2. Care Credit - $1000 (opened July 2010) already closed it don't have any real use


3. Capital one - $750 ( opened July 2010) rebuilder and never use it... Should I close it ???

4. Affinity Credit Union- $1000 (opened nov 2011) low limit don't really use it...should I close it ????



My main questions = what will happen to my score now ??? Is is wise to close them ?? I have 17 credit cards and 1 Amex...... I'm trying to consolidate and Close some...goal is by Jan get to 10 tops.... But I feel by closing these four it will help me with less accounts open, and possibly seek higher CLI on other cards....

[Koop10010]

Unless closing an account significantly affects utilization, there's not going to be much score change.  Closed accounts still report for about 10 years and are factored into your AAoA.  I would go ahead and close them.  You're not using them and with those toy limits, they couldn't be that useful anyway.

[youngman1234]

Also just wanted to know...let's say I call today to close a card, when does it show on my credit report closed ??? How long does it take to report closed go the cra ??

[android01]

Never close anything unless there's an AF and you don't use the account.  What's the point of closing an account if it adds postively to your credit history?

[bichonmom]

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youngman1234 wrote:
Also just wanted to know...let's say I call today to close a card, when does it show on my credit report closed ??? How long does it take to report closed go the cra ??

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It's usually reported when the next (final) statement cuts.

[creditnocash]

you mind listing them?

walmart gives a free fico 08 if you sign up for estatements. 

like stated no annual fee just sock drawer them. 

if you dont charge they dont charge you. 

use it once every 3/4 months and you might get some auto cli. 

[bichonmom]

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youngman1234 wrote:
I have way too many personal cards....

I have 19 personal cards.

I am looking to get rid of the following:

1. Walmart- $700 (opened nov 2011) already closed it never used it

2. Care Credit - $1000 (opened July 2010) already closed it don't have any real use


3. Capital one - $750 ( opened July 2010) rebuilder and never use it... Should I close it ???

4. Affinity Credit Union- $1000 (opened nov 2011) low limit don't really use it...should I close it ????



My main questions = what will happen to my score now ??? Is is wise to close them ?? I have 17 credit cards and 1 Amex...... I'm trying to consolidate and Close some...goal is by Jan get to 10 tops.... But I feel by closing these four it will help me with less accounts open, and possibly seek higher CLI on other cards....

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Score-wise, unless it's going to affect your overall until, it probably won't affect your score. However, creditors like to see open accounts reporting a positive history.

I'm wondering why you want to get to 10 cards and what are the 17 CCs you currently have. Affinity CU was just opened less than a year ago. It can have a negative impact on your credit to open and close too many accts. What constitutes "too many" is up to interpretation. To go from 19 or 20 (not sure if the 19 incl Amex or not) to 10 is a lot.

Your Walmart, which you've already closed, was also open less than a year. I would strongly suggest that you give careful consideration before apping for anymore cards. First of all, your AAoA has probably been adversely affected by the addition of new accts and unfortunately that stays on your CR for 10 yrs -- even if it's only open a day.

In general, I would say to close your Cap One because it probably won't CLI ever. I would think twice about closing Affinity. I would see if they'll CLI. At the very least, I would leave it open for a year. But I'd probably keep it open and see where you are next year.

[Shogun]

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android01 wrote:

Never close anything unless there's an AF and you don't use the account.  What's the point of closing an account if it adds postively to your credit history?

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+1

[youngman1234]

Everyone my reasoning behind closing these cards is because, other creditors are not liking so many cards open. When I go back on some of my other cards that I heavily use and ask for CLi, almost every analyst is like why do u have 17 cards and 1 Amex.

I am trying to just build up my CL on a few cards and that will ultimately be the best for me.

Here is the list:

1. BOA#1: 5000 ( nov 2011)
2. BOA #2: 5000 (nov 2011)
3. BOA #3: 7500 ( July 2010)
4. PENFED : 9000 (nov 2011)
5. Wells: 1500 (nov 2011) - want to close CLi declined.
6. PNC: 1500 (nov 2011) - want to close CLi declined.
7. Affinity: 1000(nov 2011) - want to close CLi declined.
8. Alliant : 2500 (April 2012)
9. Chase: 3000 ( nov 2011)
10. Capital one: 750 ( July 2010)
11. Bloomingdales: 2000 (sept 2010)
12. Macys: 1000 (sept 2010)
13. Lord & Taylor: 4400 (July 2010)
14. Discover: 6750 ( nov 2011)
15. Barclays apple: 2000 ( nov 2011)
16. Amex gold: 3k hard limit got FR'd back in feb.

Business Cards:

1. Chase Ink cash: 12000
2. Chase ink bold: 15000

The problem I am having like recently last week chase closed all my accounts and I got them open again. I was reviewed and they decided to close Cus they saw too many accounts. Long story with them plz read my other thread on that issue. But thank god they are re opened.

But I am also having a problem with CLi, I use many of my cards heavily and always PIF so should be getting CLI. But credit analysts keeping questioning why so many accounts open. So I was thinking close what I don't use. I closed my care credit & walmart already. I have not use for capital one honeslty very low limit & and same with affinity. Affinity recently declined me for a CLI( too many new accounts), and I was like forget them who cares just close it.

Also FYI, I am just waiting for the year mark on my PNC & Wells Fargo to hit and I will be closing them both. I was declined for a CLI with both of them so I want to forget them as well.

Ultimate goal:

1. Combine 2 BOA cards into 1, and just have 2 not 3.

2. After Jan: have all cards raised to the 10-15k range.

3. Have only between 8-9 cards at the max, excluding the 3 store cards I have. I just use those for coupons.

4. Also rather build on my business cards, as that is what I do most if not all my spending on every month.

[bichonmom]

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youngman1234 wrote:
Everyone my reasoning behind closing these cards is because, other creditors are not liking so many cards open. When I go back on some of my other cards that I heavily use and ask for CLi, almost every analyst is like why do u have 17 cards and 1 Amex.

I am trying to just build up my CL on a few cards and that will ultimately be the best for me.

Here is the list:

1. BOA#1: 5000 ( nov 2011)
2. BOA #2: 5000 (nov 2011)
3. BOA #3: 7500 ( July 2010)
4. PENFED : 9000 (nov 2011)
5. Wells: 1500 (nov 2011) - want to close CLi declined.
6. PNC: 1500 (nov 2011) - want to close CLi declined.
7. Affinity: 1000(nov 2011) - want to close CLi declined.
8. Alliant : 2500 (April 2012)
9. Chase: 3000 ( nov 2011)
10. Capital one: 750 ( July 2010)
11. Bloomingdales: 2000 (sept 2010)
12. Macys: 1000 (sept 2010)
13. Lord & Taylor: 4400 (July 2010)
14. Discover: 6750 ( nov 2011)
15. Barclays apple: 2000 ( nov 2011)
16. Amex gold: 3k hard limit got FR'd back in feb.

Business Cards:

1. Chase Ink cash: 12000
2. Chase ink bold: 15000

The problem I am having like recently last week chase closed all my accounts and I got them open again. I was reviewed and they decided to close Cus they saw too many accounts. Long story with them plz read my other thread on that issue. But thank god they are re opened.

But I am also having a problem with CLi, I use many of my cards heavily and always PIF so should be getting CLI. But credit analysts keeping questioning why so many accounts open. So I was thinking close what I don't use. I closed my care credit & walmart already. I have not use for capital one honeslty very low limit & and same with affinity. Affinity recently declined me for a CLI( too many new accounts), and I was like forget them who cares just close it.

Also FYI, I am just waiting for the year mark on my PNC & Wells Fargo to hit and I will be closing them both. I was declined for a CLI with both of them so I want to forget them as well.

Ultimate goal:

1. Combine 2 BOA cards into 1, and just have 2 not 3. Is there something stopping you from doing this?

2. After Jan: have all cards raised to the 10-15k range.

3. Have only between 8-9 cards at the max, excluding the 3 store cards I have. I just use those for coupons.

4. Also rather build on my business cards, as that is what I do most if not all my spending on every month.

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I wonder if the problem preventing your CLIs is also the total CL you have and the fact that all of your cards are within the last 2 yrs. Also, what's your util reporting?

It seems that you've gotten too many CCs in a short period of time and it's now backfiring because you want CLIs. I think it just comes down to personal preference. There's no real "right" or "wrong" card to keep or close. If it were me, I'd look at closing the store cards because you're limited to where you can use them and they using up your total CL/unsecured credit that underwriters are looking at. And then I'd look at closing the smallest CLs, especially those that you know won't grow (like Cap one). Beyond that, it's really which cards you like, which have the best rewards for your needs, etc.

I just wonder if your closing a bunch of cards is going to suddenly get you approved for CLIs. Creditors don't like to see people doing that, either. You may be better off just sitting tight and letting your cards age for a year. I know a year probably sounds like forever, but you could end up doing yourself more harm than good by closing so many of your accounts.