Which accounts to close??

stema8701 · ‎01-29-2011

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 695 EQ FICO 693 TU FICO 690
Goal Score: 750
NFCU Cash Rewards Sig (14K), Amex BCE(10K), Delta Skymiles(10K)Discover IT(5K),Freedom(3K) CITI HHonors(5K),Amazon Store Card(2.5K), CITI Diamond Preffered(2.7K)

iMacDrew · ‎07-13-2012

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...

Crashem · ‎01-26-2012

Which have annual fees?

Amex Plat, Amex BCP 8k->24k (5/23/12), Amex TE 15k, CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k (8/20/12), HSBC 15k, JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Wolf3 · ‎01-24-2010

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.

visorboy1974 · ‎05-17-2010

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.

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Which accounts to close??

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