Should I close some credit cards?

dearppl · ‎12-27-2016

Hello - I just turned 24, and I have 8 credit cards already (each with over $10k credit limits). With Sallie Mae MC losing its 5% cash back in March 2017, I was wondering if it's time to close some of those accounts. I always pay-in-full for all my cards, and I utilize all cards pretty regularly to maximize their benefits. I know those cards will remain on my account for another 10 years, and I'm sure I will open more cards, so I don't think it's going to affect my credit score much. Thoughs?

BoA Better Balance - keep for the quarterly cash reward

Chase Freedom - keep for the quarterly 5% cash back

Chase Sapphire Reserve - keep for business trip/travel

Chase Marriott - keep - keep for business trip/travel

AMEX BC - keep for grocery, department stores, and gas

Citi Doublecash - keep for misc spending

Sallie Mae MC - ???

Citi Forward - ???

Frank3 · ‎12-27-2016

I'm a long time lurker that believes in closing cards I have no interest in using on a regular basis. I am a fair bit okder than you and also rarely open up new cards. I've always figured 5-8 cards spread out over major banks and my CU are plenty. I know that you can get top scores with 3-4 cards too.

Given your age, AAoA won't be a major consideration, but, in general, keep your oldest cards and close the newer ones.

Gmood1 · ‎12-27-2016

@dearppl wrote:
Hello - I just turned 24, and I have 8 credit cards already (each with over $10k credit limits). With Sallie Mae MC losing its 5% cash back in March 2017, I was wondering if it's time to close some of those accounts. I always pay-in-full for all my cards, and I utilize all cards pretty regularly to maximize their benefits. I know those cards will remain on my account for another 10 years, and I'm sure I will open more cards, so I don't think it's going to affect my credit score much. Thoughs?

BoA Better Balance - keep for the quarterly cash reward
Chase Freedom - keep for the quarterly 5% cash back
Chase Sapphire Reserve - keep for business trip/travel
Chase Marriott - keep - keep for business trip/travel
AMEX BC - keep for grocery, department stores, and gas
Citi Doublecash - keep for misc spending
Sallie Mae MC - ???
Citi Forward - ???

If you utilize them, there's no need to just close cards. Now if I were you, I'd consolidate the Citi limits...closing out the Citi forward. Also close the Sallie Mae if you don't have any use for it.