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Which Order would you Close These cards?

Regular Contributor

Which Order would you Close These cards?

I'd like to close a few cards. Already know the rules - pay in full, wait for posting, then close. And I already know the usual advice: "why close a card? just let it sit"

 

I'm just a weird OCD guy who MUST close these cards at some point. I am going to close 4 cards. In which order should I close them?

 

Card 1: OpenSky Visa issued through Capital Bank (rebuilder) with annual fee - limit $200

Card 2: Jcrew Card issued by Comenity (rebuilder) no annual fee - limit $500

Card 3: Victoria's Secret issued by Comenity (rebuilder) no annual fee - limit $500

Card 4: Fingerhut issued by Webbank (rebuilder) no annual fee - limit $200

 

All of these were opened approximately 6 months ago. Not sure that I want to close all of them, but maybe 2 or 3. Which would you close and in what order? I plan on closing one a month if I decide on 3.

 

Thank you for your input.

 




Message 1 of 7
6 REPLIES
Senior Contributor

Re: Which Order would you Close These cards?

Why close VS or Jcrew, I would keep those open

Open Sky I probably close

Message 2 of 7
Regular Contributor

Re: Which Order would you Close These cards?

Jcrew is a matter of principle. I will never buy from them. I do not see why I would ever pay $120 for an ugly orange sweater.

 

Victoria's I might keep for fun with the wife.

 

Opensky, definite close due to annual fee.




Message 3 of 7
Valued Contributor

Re: Which Order would you Close These cards?

Johnny_Favorite wrote:...I'm just a weird OCD guy who MUST close these cards at some point...Which would you close and in what order?

I don't blame you.  I am doing my best to limit the number of cards I have to what I actually use also.  If I were you, I'd close the annual fee card first, follwed by any retail card that you don't use, unless it's super old and propping up your AAOA.  Based on your wallet as listed in your sig, these aren't essential for your mix, and not likely to offer much help to your utilization.

 

The only consideration would be looking at your AAOA ten years from now with them, compared to without them.  If it's not a huge difference, and you don't have a gain from shopping discounts, etc., dump 'em.

3-26-15: FICO EXP: 828 - EQU:820 - TRAN: 828 - AVG: 825 +275 points from JUN 2008 - MY CREDIT JOURNAL

Message 4 of 7
Moderator Emerita

Re: Which Order would you Close These cards?

Since they were all opened at the same time and the limits are about the same...I would close OpenSky and Fingerhut. Open Sky cause of the AF and Fingerhut cause it has served its purpose and I really can't see you buying anything from there again.
Message 5 of 7
Frequent Contributor

Re: Which Order would you Close These cards?

I would only close Opensky to save the AF.
Keep the rest open if it doesn't cost you anything and sock drawer them and let them age. It will help AAoA.
Another reason not to cancel is because if you have too few cards, you may be denied future credit due to "thin file".


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Message 6 of 7
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Valued Contributor

Re: Which Order would you Close These cards?


Johnny_Favorite wrote:

Jcrew is a matter of principle. I will never buy from them. I do not see why I would ever pay $120 for an ugly orange sweater.

 

Victoria's I might keep for fun with the wife.

 

Opensky, definite close due to annual fee.


LOL, well I think you've sorta answered your own question!  I'd say close those two for the reasons you listed.  Doesn't really matter which is 1st or 2nd, unless your AF is coming up on Opensky.

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Message 7 of 7