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Too many cards - which one to close?

Valued Contributor

Re: Too many cards - which one to close?

it doesn't really matter which one's you close. 

they all report for 10 years if closed in good standing. 

 

you already took the aaoa hit so you might as well leave it open if there is no af. 

 

doesnt the nfl card come with a 0% apr? 

 

i dont think youll have too much trouble getting another card unless you have high util and low income. (and or high # of inqs)

people want to be paid back 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
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Citizens Mastercard$7,000
Message 11 of 36
Moderator

Re: Too many cards - which one to close?


FutureBillionaire wrote:

sqrt wrote:

Repo-ed wrote:

Close none.


Then do I need to, say, use Delta card every 3 month? 

I may switch Delta to Blue cash anyway because the annual fee.


PC to a card that you like.  Close none unless you opened them just in the past couple of months.


I'm a bit confuzzled apparently; where does that make a difference in FICO or in underwriting?  If anything, uber short tradelines would be frowned upon by underwriting in my estimation, and I don't see where FICO cares (at least much, no seasoning bonus to be sure, may be a penalty in there somewhere but minor) either.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 12 of 36
Valued Contributor

Re: Too many cards - which one to close?

He might end up closed a few card and end up denied for his new app spree......

That's even hurt more with Utili and large spending in a couple months.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


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Message 13 of 36
Contributor

Re: Too many cards - which one to close?


Revelate wrote:

FutureBillionaire wrote:

sqrt wrote:

Repo-ed wrote:

Close none.


Then do I need to, say, use Delta card every 3 month? 

I may switch Delta to Blue cash anyway because the annual fee.


PC to a card that you like.  Close none unless you opened them just in the past couple of months.


I'm a bit confuzzled apparently; where does that make a difference in FICO or in underwriting?  If anything, uber short tradelines would be frowned upon by underwriting in my estimation, and I don't see where FICO cares (at least much, no seasoning bonus to be sure, may be a penalty in there somewhere but minor) either.


Yes, I am a bit confuse too...

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Message 14 of 36
Contributor

Re: Too many cards - which one to close?


LostTime wrote:

I dont know if it makes sense to close your two highest limit cards (33% of your total credit) with the hope that you will be able to replace them with cards of like limits. You will risk killing your util with the hopes of getting a lower rate?

 

Also considering that you plan a big purchase, what happens if you cant get the rates you want or cant get another card. Now you have to still make your large purchase, but you have given away 33% of your limits.


Well, close the card is not equal to lose CL. 

I want to transfer CL of UA to freedom, also CL of Delta to SPG.

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Message 15 of 36
Contributor

Re: Too many cards - which one to close?


nicholasyud wrote:

He might end up closed a few card and end up denied for his new app spree......

That's even hurt more with Utili and large spending in a couple months.


I won't have a app spree.....just want to apply one 0 apr card for large purchase.

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Message 16 of 36
Established Member

Re: Too many cards - which one to close?


sqrt wrote:

LostTime wrote:

I dont know if it makes sense to close your two highest limit cards (33% of your total credit) with the hope that you will be able to replace them with cards of like limits. You will risk killing your util with the hopes of getting a lower rate?

 

Also considering that you plan a big purchase, what happens if you cant get the rates you want or cant get another card. Now you have to still make your large purchase, but you have given away 33% of your limits.


Well, close the card is not equal to lose CL. 

I want to transfer CL of UA to freedom, also CL of Delta to SPG.


If your concern is that your limits are toohigh, how will that help you? youd have the same limits just on different cards. But in any event, this is better than closing the cards and losing the limits

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Message 17 of 36
Contributor

Re: Too many cards - which one to close?


LostTime wrote:

sqrt wrote:

LostTime wrote:

I dont know if it makes sense to close your two highest limit cards (33% of your total credit) with the hope that you will be able to replace them with cards of like limits. You will risk killing your util with the hopes of getting a lower rate?

 

Also considering that you plan a big purchase, what happens if you cant get the rates you want or cant get another card. Now you have to still make your large purchase, but you have given away 33% of your limits.


Well, close the card is not equal to lose CL. 

I want to transfer CL of UA to freedom, also CL of Delta to SPG.


If your concern is that your limits are toohigh, how will that help you? youd have the same limits just on different cards. But in any event, this is better than closing the cards and losing the limits


Well - I will have less cards in wallet, less cards to concern "which one to use". 

I just hate that you have to use the card every 6 month to keep it open. (not sure about this)

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Message 18 of 36
Moderator

Re: Too many cards - which one to close?

Oh and to jump on the main point; if you apply for a card and are denied, and they tell you it's because you have too many cards or too much available credit, then offer to close a card.  No need to do that beforehand really.

 

While it's true you don't lose much by closing a card, keeping it open even a day longer is marginally better at some point in the future; that extends into the advice of open a tradeline as soon as you can, and close it as late as possible too.  Other than a non-utilized card with an AF (or a security deposit), I think I'll struggle to come up with a rationale (I don't personally think the additional fraud risk is much if any) to close any card of mine in the next several decades... and even in those two scenarios I don't always decide to close it either honestly.  

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 19 of 36
Highlighted
Contributor

Re: Too many cards - which one to close?


Revelate wrote:

Oh and to jump on the main point; if you apply for a card and are denied, and they tell you it's because you have too many cards or too much available credit, then offer to close a card.  No need to do that beforehand really.

 

While it's true you don't lose much by closing a card, keeping it open even a day longer is marginally better at some point in the future; that extends into the advice of open a tradeline as soon as you can, and close it as late as possible too.  Other than a non-utilized card with an AF (or a security deposit), I think I'll struggle to come up with a rationale (I don't personally think the additional fraud risk is much if any) to close any card of mine in the next several decades... and even in those two scenarios I don't always decide to close it either honestly.  


Hmm. Good point. Thanks!

I'll keep them open and sock drawed!

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Message 20 of 36