Which Cards to close? Plz help!

[yudeology101]

Hey guys,

I've managed to go on a mini app spree last week, and got the following new cards under my belt:

BOA Cash Rewards- $1000

Sony Card by Cap One- $1000

BBRZMC- $300 (Under manual review for higher CL)

Bloomingdales- $300

Currently I have the following:

-(2) First Premier:  Secured$400 (Since Feb. 2012),  Unsecured $400 (Since Mar 2013) -  I want to close close both

-Matrix Discover: $300 (Since July 2012)-  CLOSED, since they were gonna charge me $75 AF & $12 for monthly maintenance fee

-Orchard Secured:  $320 (Since Feb 2012)- Want to close this one

-Cap One Secured:  $500 (Since Feb 2012)- Want to close this one

-Credit One:  $500 (Since Sep 2012)- Want to close this one as well

-Cap One Journey:  $750 (Since July 2012)- I'm keeping this one, since it has cash back rewards

What you guys think?  From what I've read, my AAOA won't get hurt as much even if I close all my current oldest accounts. I think I'll be utilizing heavily on the Sony/BOA/Journey cards to climb my way up to the primeville. 

Off to the garden until Feb 2014!

[tattooedhusker]

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@yudeology101 wrote:

Hey guys,

I've managed to go on a mini app spree last week, and got the following new cards under my belt:

BOA Cash Rewards- $1000

Sony Card by Cap One- $1000

BBRZMC- $300 (Under manual review for higher CL)

Bloomingdales- $300

Currently I have the following:

-(2) First Premier:  Secured$400 (Since Feb. 2012),  Unsecured $400 (Since Mar 2013) -  I want to close close both

-Matrix Discover: $300 (Since July 2012)-  CLOSED, since they were gonna charge me $75 AF & $12 for monthly maintenance fee

-Orchard Secured:  $320 (Since Feb 2012)- Want to close this one

-Cap One Secured:  $500 (Since Feb 2012)- Want to close this one

-Credit One:  $500 (Since Sep 2012)- Want to close this one as well

-Cap One Journey:  $750 (Since July 2012)- I'm keeping this one, since it has cash back rewards

What you guys think?  From what I've read, my AAOA won't get hurt as much even if I close all my current oldest accounts. I think I'll be utilizing heavily on the Sony/BOA/Journey cards to climb my way up to the primeville. 

Off to the garden until Feb 2014!

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First Premier, Matrix, and CreditOne for sure. Close those ASAP.  If the others don't have an AF, why close them? Just SD em.

**Saw that Matrix is closed**

[WallyxD]

I'd definitely close FP unsecured and Credit One. I think I'd keep my CapOne secured open though. What's your AAoA now and have you figured out what it will be if you were to close all of these cards?

[yudeology101]

My Aaoa for credit cards is 1.2, oldest account at 1.9.  I was thinking about keeping my CapOne Secured, but it has 23% apr, w/ AF.  Perhaps I should talk to Cap One EO and see if they can waive AF & lower the apr.

[yudeology101]

One more thing...when closing the cards,  is it better to wait until the new balance is reported to the bureaus first?  Balance for all the cards I want to close are $0.

[WallyxD]

I'd wait just in case. I don't see a problem with closing them now though if the balance on your last statement was zero.