Credit Cards

[crosbyk1]

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?

[haulingthescoreup]

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.

[oracles]

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

[Creditaddict]

cards with monthly fees - those cards first

cards with annual fees - 2nd in line

no rewards - 3rd in line 

[crosbyk1]

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. 

[Creditaddict]

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 

[oracles]

---

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).

[score_building]

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. 

---

[haulingthescoreup]

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.

[fender]

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.