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Valued Contributor
Posts: 2,385
Registered: ‎09-10-2007

Too many cards - need a plan to whittle them down

[ Edited ]

15 open accounts and 8 closed on CR:


Oldest open account is Exxon followed by HD and JCP respectively 500-750 and 2400 CL and all opened with 5 months of each other.


Plan on closing a $39 annual fee Cap1 at 1800 CL in July.


Should I close in September the Shell, Sunoco and Citgo (all INQs will drop by then) - respectively 500,500 and 750 and maybe Carecredit ($3K CL)?


Will keep till the day I die NFCU Visa & MC ($14K each), USAA MC & Amex($10K each), Discover (lousy 2K CL), and Green AmEx at $95 AF (which I rearely use but like CreditSecure).


Also have a $4700 Citi MC (no fee) which ratejacked me in Novemeber - it gathers dust.


What should I jettison to make life easier?




Message Edited by Lady_Scarlet on 02-03-2010 01:11 PM
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007

Re: Too many cards - need a plan to whittle them down

Don't close any accounts unless they carry an AF and you know you will never use it again.  Some CCCs blacklist if you cloase an account with them and later on want to open one with them again.  Capitol 1 comes to mind (at least they did to me).
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Regular Contributor
Posts: 180
Registered: ‎05-01-2009

Re: Too many cards - need a plan to whittle them down



Marty's advice is right on, but I think your strategy fits.  You have 4-5 excellent cards with good limits--the rest are probably not necessary.  Just ensure that your util stays low, using the payment strategies on the forum.

Starting Score: TU 766 EQ 788
Current Score: TU 788 EQ 811
Goal Score: TU 800 EQ 800

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