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Valued Member
stema8701
Posts: 29
Registered: ‎01-29-2011
0

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 720 EQ FICO 712 TU FICO 713
Goal Score: 750
NFCU Cash Rewards Sig (14K), Amex BCE(10K), Delta Skymiles(10K) Discover IT(5.6K), CITI HHonors(6.2K), CSP (5K), CITI TYP(5K) CITI Diamond Preferred(4K), Freedom(3K), Amazon Store Card(2.5K),


Frequent Contributor
iMacDrew
Posts: 350
Registered: ‎07-13-2012
0

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
Valued Contributor
Crashem
Posts: 3,096
Registered: ‎01-26-2012
0

Re: Which accounts to close??

Which have annual fees?

               LIMITS IN CARD DESCRIPTIONS
Senior Contributor
Wolf3
Posts: 3,197
Registered: ‎01-24-2010
0

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.

 

Valued Contributor
visorboy1974
Posts: 1,132
Registered: ‎05-17-2010
0

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.  


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