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Which Credit Cards Should I Close?

Established Contributor

Re: Which Credit Cards Should I Close?

Roughly speaking, I'd say, close any really high-interest cards and/or those with annual fees, and/or cards that you don't regularly use (or use at all) anymore and don't expect to use again. Transfer balances as you can to lower-interest cards to consolidate what you owe (get CLI's first when possible so you don't push your utilization too high, and remember that you can't transfer balances between cards granted by the same issuer as a general rule).

Ch 7 BK discharged 12/14, well along in rebuilding credit. FICO 12/1/17:TU 663/EX 697/EQ 688 FICO 8 (Aug 2017) or 680 FICO 9 (Penfed Sep 2017), VS 3.0 12/30/17: TU 701/EX 687/EQ 695. $49,751 revolving credit as of 1/12/18; $951 Cap One secured Platinum MC, $3500 Amazon Prime Store Card, $3500 Walmart Store Card, $3500 Cap One Quicksilver MC, $4000 Care Credit, $4500 Discover It, $5800 Overstock Store Card, $7000 Apple FCU Platinum Visa, $7000 Penfed Power Cash Rewards Visa, $10K Cap One QS Rewards Visa Signature, $10k PenFed used car loan, $5k Navient student loan. Resetting the garden clock from 1/11/18...
Message 11 of 28
Valued Contributor

Re: Which Credit Cards Should I Close?


Plasmasphere wrote:

I do travel occasionally. Although I do not have a particular airline or hotel that I book with. I definitly spend a lot on gas, groceries from local supermarkets mainly and I also dine out frequently. And yes, I love the extended warranty features of both the PRG and CSP when it comes to purchases on laptops, phones etc. Of course, I don't buy a new phone every year or laptop etc.

 

To be honest, I would like to know which of the two card I use the most (PRG and CSP) can be utilized more efficiently... 


Do you fly Delta (PRG) or Southwest and United (CSP).? 

BOA Cash Rewards, AMEX BCE, AMEX PRG, AMEX Ameriprise Platinum, AMEX SPG, CITI AADvantage Platinum, Chase Hyatt, Chase Southwest Premier, Chase Southwest Plus, Barclay Arrival +, Barclay AAdvantage Red Aviator, USAA Prefered Cash Rewards , Cap One Quicksilver, Lendup L card, JCrew, Pottery Barn, Express, NFCU Go Rewards.
Message 12 of 28
Established Contributor

Re: Which Credit Cards Should I Close?

Get rid of store cards and high interest rate cards 

Message 13 of 28
Valued Member

Re: Which Credit Cards Should I Close?

Store cards have my vote, too!

~~~Rebuilding Score History~~~
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~~~Credit lines~~~~
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Message 14 of 28
Established Member

Re: Which Credit Cards Should I Close?


frogman1 wrote:

Plasmasphere wrote:

I do travel occasionally. Although I do not have a particular airline or hotel that I book with. I definitly spend a lot on gas, groceries from local supermarkets mainly and I also dine out frequently. And yes, I love the extended warranty features of both the PRG and CSP when it comes to purchases on laptops, phones etc. Of course, I don't buy a new phone every year or laptop etc.

 

To be honest, I would like to know which of the two card I use the most (PRG and CSP) can be utilized more efficiently... 


Do you fly Delta (PRG) or Southwest and United (CSP).? 


I fly Delta mainly/ American airlines as well.

Message 15 of 28
Established Member

Re: Which Credit Cards Should I Close?


mountaindewvoltage wrote:
  • Close all store cards
  • Close BoA card.
  • Close AMEX BCE
  • Close Discover Chrome or PC it to a 5% rotating categories card. 
  • Close Capital One Platinum 
  • Use CSP portal + Freedom UR points for 25% bonus if you don't want to use their airline partners (100,000 MR's will get you $1,250 in airfare). 

 

Hyatt points also carry a signficant value so you could transfer MR points there, so limiting yourself to just airlines when you have a Chase card in your pocket isn't a requirement to get your money's worth. 


Oh cool, thanks. Hopefully I can utilize it much better going forward!

Message 16 of 28
Valued Contributor

Re: Which Credit Cards Should I Close?


Plasmasphere wrote:

frogman1 wrote:

Plasmasphere wrote:

I do travel occasionally. Although I do not have a particular airline or hotel that I book with. I definitly spend a lot on gas, groceries from local supermarkets mainly and I also dine out frequently. And yes, I love the extended warranty features of both the PRG and CSP when it comes to purchases on laptops, phones etc. Of course, I don't buy a new phone every year or laptop etc.

 

To be honest, I would like to know which of the two card I use the most (PRG and CSP) can be utilized more efficiently... 


Do you fly Delta (PRG) or Southwest and United (CSP).? 


I fly Delta mainly/ American airlines as well.


MRs from PRG will give you flexibility. You can transfer to Delta for Delta flights, and to British Airways for AA flights. The upshot of British Airways is that you can avoid AA's close-in award booking fee.

Perks, purchase protection, and sketchy merchants: Schwab Platinum.....Price rewind and extended warranties: Costco.....Travel insurance: Prestige and Hyatt.....Renewal night: IHG.....Taxes/Misc: SPG.....SD and of limited use: Discover, Freedom, FreedomUn, ED, BCE, Arrival

Total CL: Enough
Message 17 of 28
Valued Contributor

Re: Which Credit Cards Should I Close?


wasCB14 wrote:

Plasmasphere wrote:

frogman1 wrote:

Plasmasphere wrote:

I do travel occasionally. Although I do not have a particular airline or hotel that I book with. I definitly spend a lot on gas, groceries from local supermarkets mainly and I also dine out frequently. And yes, I love the extended warranty features of both the PRG and CSP when it comes to purchases on laptops, phones etc. Of course, I don't buy a new phone every year or laptop etc.

 

To be honest, I would like to know which of the two card I use the most (PRG and CSP) can be utilized more efficiently... 


Do you fly Delta (PRG) or Southwest and United (CSP).? 


I fly Delta mainly/ American airlines as well.


MRs from PRG will give you flexibility. You can transfer to Delta for Delta flights, and to British Airways for AA flights. The upshot of British Airways is that you can avoid AA's close-in award booking fee.


Slightly off topic but it would be great if Citi and AA could come to terms and become transfer partners. If not, I'd like to see American move their cards to another bank like Wells Fargo or something. 

Amazon Store Card - 3.7k / AMEX Blue Cash Preferred - 1k / AMEX Delta - 3.4k / AMEX Hilton Honors - 1.2K / Capital One Quicksilver - 15k / Citi ThankYou Premier - 5.6k / Citi AT&T 4.6k / Citi AAdvantage Platinum - 6.5k / Citi Simplicity - 4.6k / Empower MasterCard - 1k / Navy Federal Flagship - 10k / USAA Limitless - 5k / USAA Rate Advantage - 2k (previously 5k)
Message 18 of 28
Established Contributor

Re: Which Credit Cards Should I Close?


mountaindewvoltage wrote:

Slightly off topic but it would be great if Citi and AA could come to terms and become transfer partners. If not, I'd like to see American move their cards to another bank like Wells Fargo or something. 

+1  I'd rather it be Bank of America than Wells Fargo.  Of course, we can't ignore AA's partnership with Barclay.

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Message 19 of 28
Valued Contributor

Re: Which Credit Cards Should I Close?

You need to create your own spreadsheet with the credit cards horizontal across the top and your spend categories down the left.

 

Then in each cell you want to put the percentage cashback or your own calculated dollar value that you receive from each card.

 

Go down each column and if that value isn't the highest among all the cards, delete the value entirely (or set it to $0).

 

Add up each credit card column of value at the bottom, subtract annual fee.  That's the absolute only way to tell you if you should close it or not.

 

I track my spend manually every week (I made my own website tracker for this) and re-calculate automatically if a card is valuable or not.  Some store cards might be valuable to keep because $0 annual fee and if they earn 5% back even twice a year, it's worth it to me to keep it around.  I don't shop at Amazon much, but the 2-3 times a year I do shop there, the store card has value so I keep it.

 

If you never carry a balance or report a balance, then you don't need the utilization float from other cards.  If you DO carry a balance, you need to include that in your estimates for utilization help.

Message 20 of 28