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crosbyk1
Posts: 485
Registered: ‎02-17-2008
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What would you get rid of?

I have paid down most of my credit cards within the last month. I was thinking of closing 1 or 2 of my cards. I just don't know which ones to cut up.I have to many and they are not the greatest cards to keep for the long hall. How would you pick the cards to get rid of?

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Current Score: 744
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007

Re: What would you get rid of?

In this order:

1. Cards with monthly fees.
2. Cards with annual fees.
3. Cards with low CL's combined with a strong indication that they are not going to grow with you.
4. Cards with abusive policies, like charging you to pay online, etc.

Don't go ape, though.

If you haven't already, please read fused's "Closing Credit Cards" linked down below in my siggy.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007
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Re: What would you get rid of?

[ Edited ]

Read this first

 

 Closing Credit Cards

 

Why do you want to close them? Do any have annual fees?

 

 

HTSU beat me to the punch lol (darn my slow fingers)

Message Edited by oracles on 01-13-2009 09:59 PM
Message Edited by oracles on 01-13-2009 10:00 PM
Epic Contributor
Creditaddict
Posts: 22,067
Registered: ‎10-23-2007
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Re: What would you get rid of?

cards with monthly fees - those cards first

cards with annual fees - 2nd in line

no rewards - 3rd in line 

 

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
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66 Cards and Counting :smileytongue:
Frequent Contributor
crosbyk1
Posts: 485
Registered: ‎02-17-2008

Re: What would you get rid of?

This is the list of cards I have.

 

Chase Sony Card     0/2500 (opened as student card never get cli)

WaMu                     0/1500

Capone       1500/2050 

Nordstrom                0/750

Macy's Pl        0/900

Hsbc                        0/1000 

 

The only one that has a fee is HSBC of $39 and it has the highest interest rate of them all. 


Starting Score: 744
Current Score: 744
Goal Score: 800


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Creditaddict
Posts: 22,067
Registered: ‎10-23-2007
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Re: What would you get rid of?

HSBC would be the only one I would get rid of if anything.

Nordstrom will grow in leaps and bounds if you call them every 6 months 

Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Valued Contributor
oracles
Posts: 1,699
Registered: ‎08-18-2007

Re: What would you get rid of?


crosbyk1 wrote:

This is the list of cards I have.

 

Chase Sony Card     0/2500 (opened as student card never get cli)

WaMu                     0/1500

Capone       1500/2050 

Nordstrom                0/750

Macy's Pl        0/900

Hsbc                        0/1000 

 

The only one that has a fee is HSBC of $39 and it has the highest interest rate of them all. 


You donr seem to need this Hsbc card, so if you have to get rid of a card, HSBC would be the only card to get rid of (only because of the annual fee).

Senior Contributor
score_building
Posts: 3,578
Registered: ‎01-10-2008

Re: What would you get rid of?

if they are unable or unwilling to remove the fees, see ya!  hsbc.  i don't see any compelling reason to cancel any of the others now.

 


crosbyk1 wrote:

This is the list of cards I have.

 

Chase Sony Card     0/2500 (opened as student card never get cli)

WaMu                     0/1500

Capone       1500/2050 

Nordstrom                0/750

Macy's Pl        0/900

Hsbc                        0/1000 

 

The only one that has a fee is HSBC of $39 and it has the highest interest rate of them all. 


 

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007

Re: What would you get rid of?

lol, I thought you said that you had a lot of cards.

Find an automatic, recurring charge that you can put on the Visas/ MCs etc. This will keep them active. Just remember to pay them, please.

Most store cards will let you get by with only using them every six months or so, although many are tightening up.

Rather than closing credit tradelines, I'd get them as close to self-maintaining as you can, and let them help your credit grow.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Contributor
fender
Posts: 709
Registered: ‎04-20-2008

Re: What would you get rid of?

Personally would replace the HSBC card with a nice Credit Union card.  You might be able to get a nice CL and even good rewards.
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