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Which accounts to close??

Valued Member

Which accounts to close??

I have acquired some prime cards this month and I'm trying to figure out which ones to close.. I was leaning towards the store cards more as they have astronomical APRs. What do you guys think am I on the right track?

 

Current Cards

 

US Bank Cash + Signature - 6K Limit

Navy Federal nRewards - 7.5K

Chase Freedom - 3K

CITI Diamond Preferred - 2.2 K

Discover IT -4K

Amex Zync - NPSL

Amazon Store Card - 2.2K

Firestone Store Card -2.2K

Kay Jeweler's - 1.6K

Cap One - $750

Cap One - $300 - Oldest Line

 


Starting Score: 600
Current Score:EX FICO 741 EQ FICO 763 TU FICO 730
Goal Score: 800
NFCU Cash Rewards Sig (23K), Amex BCP(10K), Delta Reserve (20K) Discover IT(8K), CITI HHonors(10K), CSP (8K), CITI TYP(6.5K) CITI American Airlines (9K), Amazon Store Card(4K), Chase SW (4.5K)


Message 1 of 5
4 REPLIES
Frequent Contributor

Re: Which accounts to close??

id drop both cap 1. small credit limits anyways and cancelling wont affect your AAoA. and the store cards if you dont feel like SD.. thats just me though it really just boils down to how many cards you want to manage...

Lender pulled 10-10-13
EQ Fico 715 | EX Fico 714 | TU Fico 703
Message 2 of 5
Valued Contributor

Re: Which accounts to close??

Which have annual fees?

               LIMITS IN CARD DESCRIPTIONS
Message 3 of 5
Senior Contributor

Re: Which accounts to close??


stema8701 wrote:

I have acquired some prime cards this month and I'm trying to figure out which ones to close.. I was leaning towards the store cards more as they have astronomical APRs. What do you guys think am I on the right track?

 

Current Cards

 

US Bank Cash + Signature - 6K Limit

Navy Federal nRewards - 7.5K

Chase Freedom - 3K

CITI Diamond Preferred - 2.2 K

Discover IT -4K

Amex Zync - NPSL

Amazon Store Card - 2.2K

Firestone Store Card -2.2K

Kay Jeweler's - 1.6K

Cap One - $750

Cap One - $300 - Oldest Line

 


Not on the right track.    Store cards generally have good discounts, and rewards if you shop there.    High APR is normal but you should plan to PIF in most all cases, so it should not matter much.  Store cards seldom get cancelled if you use occasionally and over time they build a great AAoA.    I would not close any of the store cards.

 

High Annual fees that don't pay back in rewards are the cards to close.

 

Message 4 of 5
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Valued Contributor

Re: Which accounts to close??


iMacDrew wrote:

id drop both cap 1. small credit limits anyways and cancelling wont affect your AAoA. and the store cards if you dont feel like SD.. thats just me though it really just boils down to how many cards you want to manage...


+1...especially if the CapOne have any fees.  Keep the store cards around...some of them come with good financing specials.  And they don't have AFs.  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
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