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Established Contributor
Posts: 616
Registered: ‎01-04-2009
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Should I close some cards?

Now that I have my new NFCU card with a decent credit line I'm wondering if I should just go out and close some of my cards especially the ones with larger AFs.  What do you guys think?

 

Here's what I have now:

 

NFCU / $5000 Limit / No AF / Opened 3/2011

HSBC RZMC / $100 Limit / No AF / Opened 6/2010

Cap One / $600 Limit / $39 AF / Opened 6/2010

HSBC RZMC / $700 Limit / $39 AF / Opened 5/2009

Wells Fargo (secured) / $1000 Limit / $19 AF / Opened 9/2008

 

I'm thinking about closing both the Capitol One and the RZMC with AFs.  I'm even tempted to close the WF card mainly because I've had it for a couple years and it's yet to unsecure.  It'd be nice to free up some of the cash in it that isn't getting any interest.  But on the other side it is my oldest tradeline and the AF isn't very much.

 

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Super Contributor
Posts: 5,744
Registered: ‎01-28-2008
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Re: Should I close some cards?


vonMannstein wrote:

Now that I have my new NFCU card with a decent credit line I'm wondering if I should just go out and close some of my cards especially the ones with larger AFs.  What do you guys think?

 

Here's what I have now:

 

NFCU / $5000 Limit / No AF / Opened 3/2011

HSBC RZMC / $100 Limit / No AF / Opened 6/2010

Cap One / $600 Limit / $39 AF / Opened 6/2010

HSBC RZMC / $700 Limit / $39 AF / Opened 5/2009

Wells Fargo (secured) / $1000 Limit / $19 AF / Opened 9/2008

 

I'm thinking about closing both the Capitol One and the RZMC with AFs.  I'm even tempted to close the WF card mainly because I've had it for a couple years and it's yet to unsecure.  It'd be nice to free up some of the cash in it that isn't getting any interest.  But on the other side it is my oldest tradeline and the AF isn't very much.

 


How did you end up with two HSBC RZMC cards.  Get rid of the Capital One and HSBC card with the AF.  It wont  hurt to ask if you can combined the two RZMC cards and remove the AF. 

Established Contributor
Posts: 616
Registered: ‎01-04-2009
0

Re: Should I close some cards?

I actually already tried to combine the two already even threatening to close the AF version - but they refused.  Maybe I'll try that again now that I'm actually serious about closing it out.  It's worth another shot anyway.  Don't ask me why I got the 2nd card...it's a long story...basically Best Buy screwed up connecting it to my Reward Zone ID and after 10 calls trying to fix it I just gave up.

 

 

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
0

Re: Should I close some cards?

I will say now that you got a good card, you should start closing your AF cards. I will push them down to 0 and start closing them close to the AF due. So RZMC goes sometime this month, Cap one goes next month.

 

Before you get your WF due for AF, try to get another card (unsecured no AF card) and close the secured AF card. If for some reason, you find yourself stuck and unable to get a new card, bite the 19$ AF for another year. This is so that you dont get stuck with only 1 NFCU card, you always need a second card as backup in event sumth gets screwed with your account.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Established Contributor
Posts: 616
Registered: ‎01-04-2009
0

Re: Should I close some cards?

Thanks for the advice.  I guess I didn't realize until I put it down in writing that the dates were coming up so fast.  I think I'll actually do exactly that.  I'm not quite sure what card I'd like to try to apply for next but would like something that gives good cash back for general purchases and groceries.  I have plenty of time to scope things out, though.  

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Valued Contributor
Posts: 1,129
Registered: ‎01-20-2011
0

Re: Should I close some cards?

IMO you should wait for sometime before you apply for any other card, close to your WF AF coming due. I am hoping that recent approval will give your scores a boost coz of util and in a few months the ding from the current card will be gone.

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)
Established Contributor
Posts: 616
Registered: ‎01-04-2009
0

Re: Should I close some cards?

Harsh, just called HSBC to close my card today.  They wouldn't combine cards, and they didn't even offer to lower the annual fee.  Oh well, goodbye and good riddance!

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Established Contributor
Posts: 616
Registered: ‎01-04-2009
0

Re: Should I close some cards?

Does anyone know if Capital One is friendly to removing the annual fee or doing product changes?  I just sent them a preliminary threat-to-close message.  I'll try again on the phone when I call next month to close.

                    
    $17.3K          $500              $7K              $15K              $5K             $2300          $3200          $2000          $1500          $1000           $8100

Garden Since: 9.25.2013
Valued Contributor
Posts: 1,072
Registered: ‎04-24-2008
0

Re: Should I close some cards?

Did you have an account with NFCU when you applied for the card? Any baddies on your report? That's a generous approval of $5K. Congrats !!

Regular Contributor
Posts: 197
Registered: ‎03-23-2011
0

Re: Should I close some cards?

i would close the hsbc if they won't combine them and give you a break on the af and it wouldn't hurt to ask for a cli on cap1 if they don't have them hit the road since you have had the wf secured card so long ask for your deposit back they should give it to you with the same limit unsecured if you have been responsible with it

always use credit wisely and you won't ever feel like you're working just for the task master
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