Should I close???

[Sinarta]

I have read the Closing Credit Card thread but I still need help. Here is the rundown of the credit cards I have:

HSBC silver: $400.00 limit, $0 balance- $59 AF (oldest card open '04)

HSBC platinum: $300.00 limit: $2.69 balance- $59 AF (open since '06)

Exxon: $900.00 limit: $34.95 balance (open since '05)

Bloomingdales store: $400.00 limit, $61.04 balance (open since '05)

Bloomingdales visa: $2000.00 limit, $189.53 balance (open since "08)

I called to have the AF waived on either one of these cards, but was declined. I also just received a preapproval letter from Discover More and once I get the exxon and Bloomingdales visa lowered more, I will take a chance on applying for the card. But my main question is should I close the HSBC card, either one perferbably the platinum one? Thanks,

[DI]

---

@Sinarta wrote:

I have read the Closing Credit Card thread but I still need help. Here is the rundown of the credit cards I have:

HSBC silver: $400.00 limit, $0 balance- $59 AF (oldest card open '04)

HSBC platinum: $300.00 limit: $2.69 balance- $59 AF (open since '06)

Exxon: $900.00 limit: $34.95 balance (open since '05)

Bloomingdales store: $400.00 limit, $61.04 balance (open since '05)

Bloomingdales visa: $2000.00 limit, $189.53 balance (open since "08)

I called to have the AF waived on either one of these cards, but was declined. I also just received a preapproval letter from Discover More and once I get the exxon and Bloomingdales visa lowered more, I will take a chance on applying for the card. But my main question is should I close the HSBC card, either one perferbably the platinum one? Thanks,

---

What is your FICO score for EQ and TU? What is your  AAoA? 

[Sinarta]

EQ is 711 from equifax.com. TU, no clue.

What is AAoA? Looked it up on commong abbreviations but did not see

[DI]

---

@Sinarta wrote:

EQ is 711 from equifax.com. TU, no clue.

What is AAoA? Looked it up on commong abbreviations but did not see

---

Average Age of Accounts.    I'm determining if you should close the next to the oldest card with the annual fee.

[Sinarta]

HSBC silver: $400.00 limit, $0 balance- $59 AF (oldest card open '04) - 5 years

HSBC platinum: $300.00 limit: $2.69 balance- $59 AF (open since '06) - 3 years

Exxon: $900.00 limit: $34.95 balance (open since '05) - 4 years

Bloomingdales store: $400.00 limit, $61.04 balance (open since '05) - 4 years

Bloomingdales visa: $2000.00 limit, $189.53 balance (open since "08) - 1 year

[DI]

If all of those accounts are listed on your TU report, go to www.creditkarma.com.   Sign up for the free FAKO score.   There is a report card tool on the website that will give you your AAoA. 

[Jazzzy]

---

@Sinarta wrote:

I have read the Closing Credit Card thread but I still need help. Here is the rundown of the credit cards I have:

HSBC silver: $400.00 limit, $0 balance- $59 AF (oldest card open '04)

HSBC platinum: $300.00 limit: $2.69 balance- $59 AF (open since '06)

Exxon: $900.00 limit: $34.95 balance (open since '05)

Bloomingdales store: $400.00 limit, $61.04 balance (open since '05)

Bloomingdales visa: $2000.00 limit, $189.53 balance (open since "08)

I called to have the AF waived on either one of these cards, but was declined. I also just received a preapproval letter from Discover More and once I get the exxon and Bloomingdales visa lowered more, I will take a chance on applying for the card. But my main question is should I close the HSBC card, either one perferbably the platinum one? Thanks,

---

I would consider closing one or both of these cards. If you decide to close just one, I'd close the platinum...it's the newest. The key will be whether or not you can keep your utilization down after you no longer have these credit limits to count toward utilization.

I know there is a lot of advice against closing cards, but at some point there is nothing to be gained by paying annual fees on cards that you don't need or use, especially if you can qualify for cards without annual fees.

There's nothing wrong with keeping the cards until the month before the annual fee will post.

[Sinarta]

Thanks for the advice LynetteM. I had a had a small balance on the platinum card, paid it off this morning and also some other cards. I will pay the bloomingdales visa and exxon off in two weeks, let these new balances post, apply for the Discover card and close one or both of the HSBC if I get approved for the Discover card.

[spiritcraft1]

Take this with a grain of salt...

I I were you, I would close both HSBC accounts.  As it is, you are less than 10% UTL even with closing the HSBC cards.   You have a good EQ score and a few decent cards...  If you can...  pay whatever you can to decrease balances this month and go for a EQ pulling Credit Union.  I think you may get a higher CL with a credit union that with discover.  .

Call bloomingdales to see about an increase on the store card...  should be a soft pull.

How many inquiries etc?  Do you have other cards?

Alliant would be one of many options...  Perhaps Penfed if low INQ's etc.

[jaysdad2k]

You could try to combine the HSBC cards and keep the total open CL.