Thinking about getting rid of some cards

[Anonymous]

Not that I've been approved for a Amex Gold an Citifoward. Im thinking about closing some of my card. Orchard is one but it's my oldest CC account on my CR an a few other department store cards I don't use. Any suggestion. Also does citi allow you do balance transfer with Orchard?

[MrChairman]

Once I get approved for an AMEX card, my credit card shopping days will be over for a very long time (AT LEAST 3 or 4 years)

[Anonymous]

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@MrChairman wrote:

Once I get approved for an AMEX card, my credit card shopping days will be over for a very long time (AT LEAST 3 or 4 years)

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Yes im done for now in the next 3 years my goal is to get a Chase Freedom an Discover Card. Then I will be happy.

[Kiwill]

My cc goals this year are four cards:

NFCU Cash Rewards Visa - Approved Today!

AmEX TrueEarnings

Discover More [Terrified to apply for this one]

Chase Freedom - PC from Slate

Sock Drawer bound but not close:

Capital One

Close by 3-1-2011 because of Annual Fees:

BB MC RZ cc

Orchard

[Anonymous]

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@Kiwill wrote:

My cc goals this year are four cards:

NFCU Cash Rewards Visa - Approved Today!

AmEX TrueEarnings

Discover More [Terrified to apply for this one]

Chase Freedom - PC from Slate

Sock Drawer bound but not close:

Capital One

Close by 3-1-2011 because of Annual Fees:

BB MC RZ cc

Orchard

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Hey, I'm right behind you. I'm doing the same thing closing out 4 of my cards...1 is already closed and that is continentalFinance.

[haulingthescoreup]

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@Anonymous wrote:

Not that I've been approved for a Amex Gold an Citifoward. Im thinking about closing some of my card. Orchard is one but it's my oldest CC account on my CR an a few other department store cards I don't use. Any suggestion. Also does citi allow you do balance transfer with Orchard?

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Read through fused's Closing Credit Cards, stickied in my siggy and also at the top of this board, I think. This can be a perfectly reasonable thing to do, as long as you're aware of the repercussions.

Figure out what will happen to your util and what will happen to your AAoA when these fall off. Ten years is a long time, so it probably won't matter then, but if for instance that Orchard card was your only card for 4 or 5 years, it would be painful when it dropped off.

Most of us open our cards in clusters (a polite term for app frenzy), so there's less impact when some of them finally fall off our reports.

I've closed several cards and never looked back. And Chase, I want my 3% on Freedom, or else you're circling the drain, too.

[Anonymous]

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@haulingthescoreup wrote:

Read through fused's Closing Credit Cards, stickied in my siggy and also at the top of this board, I think. This can be a perfectly reasonable thing to do, as long as you're aware of the repercussions.

Figure out what will happen to your util and what will happen to your AAoA when these fall off. Ten years is a long time, so it probably won't matter then, but if for instance that Orchard card was your only card for 4 or 5 years, it would be painful when it dropped off.

Most of us open our cards in clusters (a polite term for app frenzy), so there's less impact when some of them finally fall off our reports.

I've closed several cards and never looked back. And Chase, I want my 3% on Freedom, or else you're circling the drain, too.

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Orchard is my lowest limit now as far as major CC but the interest rate is the lowest of any of my majors so in a way i don't wanna get rid of it.