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New Contributor
Posts: 93
Registered: ‎07-26-2010
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Which Credit Cards do I need to just close and which to keep??

Ok so I do have a "few" credit cards that i am wondering if they are just hurting me by keeping them all together...I would like your advice/opinion please

 

JC Penny-CL 2,600

Target- CL 200

Walmart-1,900

Palais Royal-CL 500

Kohl's-CL 700

Old Navy- CL 2500

Best Buy-CL 500

Conn's- CL 1,500

US Bank- CL 500

Amazon-CL 1,500

These all have 0 Balances..I JUST paid them ALL OFF last Month!!! :smileyhappy:

 

Crapone- CL 750-645 balance

 

 I JUST aquired these

Home Depot-CL 1,000-0 balance

Childrens Place-700- 44.00 balance

 

 

Last app 10/12
**no app'ing till 10/14 or more***
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Which Credit Cards do I need to just close and which to keep??


overwhelmed_2010 wrote:

Ok so I do have a "few" credit cards that i am wondering if they are just hurting me by keeping them all together...I would like your advice/opinion please

 

JC Penny-CL 2,600

Target- CL 200

Walmart-1,900

Palais Royal-CL 500

Kohl's-CL 700

Old Navy- CL 2500

Best Buy-CL 500

Conn's- CL 1,500

US Bank- CL 500

Amazon-CL 1,500

These all have 0 Balances..I JUST paid them ALL OFF last Month!!! :smileyhappy:

 

Crapone- CL 750-645 balance

 

 I JUST aquired these

Home Depot-CL 1,000-0 balance

Childrens Place-700- 44.00 balance

 

 


How long have you had each of these accounts??

 

 

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Super Contributor
Posts: 5,203
Registered: ‎12-11-2011
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Re: Which Credit Cards do I need to just close and which to keep??

I wouldn't say any of the cards are necessarily hurting you. As long as you're able to manage all of the cards I don't think you'll have any trouble. Plus you've got a couple GE cards so they'll grow with you if you treat them right. 

 

;
New Contributor
Posts: 93
Registered: ‎07-26-2010
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Re: Which Credit Cards do I need to just close and which to keep??

Ooop's I forgot to mention that I have had these since 2010.

Last app 10/12
**no app'ing till 10/14 or more***
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Which Credit Cards do I need to just close and which to keep??


overwhelmed_2010 wrote:

Ooop's I forgot to mention that I have had these since 2010.


I wouldn't close any of them.

 

Have you attempted a CLI with US Bank??

 

Also, have you tried the Cap1 Exec. number for a CLI??

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Frequent Contributor
Posts: 492
Registered: ‎07-24-2012
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Re: Which Credit Cards do I need to just close and which to keep??

Keep everything unless you are paying annual fees somewhere on a card you have no use for.

 

Limit future apps to store cards, or adopt a one-in/one-out approach to them.

 

Where you really want to go from here is a major bank card. Chase/Citi/BoA/etc, or Amex.  

 

You have several respectable credit limits, so I'm guessing your score has improved noticeably from the late 2010 ones in your sig. Do you know your current-ish FICO?

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 670 (myFICO 9/8/14), EX 694 (Prosper 7/17/14) , TU 693 (WalMart 9/2/14) Goal: 700+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $5k, Amex SPG $4.5k, Walmart (Store) $2.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500, Best Buy Rewards MC $500
My Loans: Prosper $25k/36mo
My Business: Chase Ink VS $5k
New Contributor
Posts: 93
Registered: ‎07-26-2010
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Re: Which Credit Cards do I need to just close and which to keep??

Well the one that frustrates me the most is Target...I have been there @$200 since I first applied and they WILL NOT increase whatsoever...I did try once for US Bank & Capital One but was denied. This was I think maybe last year...I haven't since. Then I did try Citi Simplicity but was told that there were too many inquries which I have NOT app'd like I did in 2010..I get pretty discouraged with the bank cards because it seems like its ALWAYS no...

Last app 10/12
**no app'ing till 10/14 or more***
Frequent Contributor
Posts: 411
Registered: ‎05-01-2010
0

Re: Which Credit Cards do I need to just close and which to keep??

If all of your cards were opened in 2010 and you think you have too many, you could close some (although it's not really necessary unless you have any AFs). Definitely don't close your oldest card or your one with the highest CL.

Super Contributor
Posts: 5,203
Registered: ‎12-11-2011
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Re: Which Credit Cards do I need to just close and which to keep??


scientifics wrote:

If all of your cards were opened in 2010 and you think you have too many, you could close some (although it's not really necessary unless you have any AFs). Definitely don't close your oldest card or your one with the highest CL.


Closing your oldest card if it has a high AF or you don't use it isn't really an issue. It will continue to report for your AAoA for the next 10 years. 

;
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
0

Re: Which Credit Cards do I need to just close and which to keep??

I agree, if you want to close your oldest account it is OK due to it reporting for 10 years after closing.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
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