Should I close these two cards?

[thomamon]

So I have climbed the mountain and after many years I have conquered.  I can say that my credit score is now higher then it has ever been as it has peaked at 770. 

I bought a brand new car two weeks ago and getting approved for the loan was a very nice feeling. 

In the past few months I have also got a Chase Freedom Card and a PNC Rewards. 

Now I was thinking of closing two of my old cards that have annual fees that I do not want to pay.  They are Orchard Bank and Best Buy Reward Zone.

Just wondering if you think I should do this or not?

Thanks,

Tom

[mxp114]

Orchard is going to Capital One as of 7/15. RZ is moving to Citi in Oct/Nov. On both cards, you can call Executive Office to request the AF be removed from the terms.

[ElCamino]

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@thomamon wrote:

So I have climbed the mountain and after many years I have conquered.  I can say that my credit score is now higher then it has ever been as it has peaked at 770. 

I bought a brand new car two weeks ago and getting approved for the loan was a very nice feeling. 

In the past few months I have also got a Chase Freedom Card and a PNC Rewards. 

Now I was thinking of closing two of my old cards that have annual fees that I do not want to pay.  They are Orchard Bank and Best Buy Reward Zone.

Just wondering if you think I should do this or not?

Thanks,

Tom

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If it won't drastically alter your overall util, then by all means go for it and close any cards with an AF. If they really want you to stay, they may offer to waive the fee for you when you call in.

Edit: You could alternately request that the cards be PCed to non-AF cards as well if available. It's really up to you.

[EaglesFan2006]

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@ElCamino wrote:

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@thomamon wrote:

So I have climbed the mountain and after many years I have conquered.  I can say that my credit score is now higher then it has ever been as it has peaked at 770. 

I bought a brand new car two weeks ago and getting approved for the loan was a very nice feeling. 

In the past few months I have also got a Chase Freedom Card and a PNC Rewards. 

Now I was thinking of closing two of my old cards that have annual fees that I do not want to pay.  They are Orchard Bank and Best Buy Reward Zone.

Just wondering if you think I should do this or not?

Thanks,

Tom

---

If it won't drastically alter your overall util, then by all means go for it and close any cards with an AF. If they really want you to stay, they may offer to waive the fee for you when you call in.

Edit: You could alternately request that the cards be PCed to non-AF cards as well if available. It's really up to you.

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Agreed with the above, first try to get the fee waived..I did that with my Orchard card.  If you can do that, there's no sense in closing it unless you get to a point where you feel you have too many cards.

[thomamon]

I don't mind having them, although I do have a ton of cards.  Not sure if there is such thing as too many.

Here is the list:

Barclay-0000

Barclay-1996

Best Buy TM

Cap 1

Cap 1

Care Credit

Chase

Chase Rewards

CitiCards

GECRB - QVC

GECRB - Walmart

GEMB - Amazon

Orhard Bank

PNC Rewards

STS - Credit 1st

TNB - Target

My total current limit is 37,650 and I only have about $1000 of utilization.

Both accounts I want to get rid of have $1,000 Credit Limits.

[ElCamino]

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@thomamon wrote:

I don't mind having them, although I do have a ton of cards.  Not sure if there is such thing as too many.

Here is the list:

Barclay-0000

Barclay-1996

Best Buy TM

Cap 1

Cap 1

Care Credit

Chase

Chase Rewards

CitiCards

GECRB - QVC

GECRB - Walmart

GEMB - Amazon

Orhard Bank

PNC Rewards

STS - Credit 1st

TNB - Target

My total current limit is 37,650 and I only have about $1000 of utilization.

Both accounts I want to get rid of have $1,000 Credit Limits.

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Given your extensive list, I see no problem closing them out if there is no PC possible to a product that is more valuable to you.