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Established Member
Posts: 19
Registered: ‎04-13-2011
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Which cards should I close out? NEED Help/Advice

Ok guys so I want to close 1-2 more cards as  I currently have too many CC's for my liking. Here is a breakdown of my credit:

 

 

Zales (opened 6/2007): 500 CL/ $0 balance

 

Chase (opened 5/2007 : 300 CL / $0 balance

 

Cap 1 (opened 10/2007) : 500 CL/ $ 0 balance - CLOSED ACCT TODAY! :smileyhappy:

 

Amex Zync (opened 5/2010) - Charge Card

 

Macys: (opened 8/2010) 1.5K CL /  $0 balance

 

Banana: (opened 3/2011) 7.6K CL / $1450 balance

 

BOA: (opened 10/2011) 1K CL/ $0 balance

 

Discover More: (opened 6/2012) 4K CL / $0 balance

 

Citi TY (opened 6/2012) : 8K CL / $0 balance

 

Total Credit (minus Cap 1): $22,912.00

 

Utilization: 6%

 

With all this information, which card(s) should I close out? Also will closing accts on the same day have any type of negative affect on my credit?!

 

Thanks in advance guys!


Starting Score: EQ 696 TU 709
Current Score: EQ 746 TU 742 as of 5/12 Ex. 732 as of 6/1/12 (Off EX. website)
Goal Score: 760 by 12/31/12


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Frequent Contributor
Posts: 425
Registered: ‎05-16-2012
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Re: Which cards should I close out? NEED Help/Advice


Skins2311 wrote:

Ok guys so I want to close 1-2 more cards as  I currently have too many CC's for my liking. Here is a breakdown of my credit:

 

 

Zales (opened 6/2007): 500 CL/ $0 balance

 

Chase (opened 5/2007 : 300 CL / $0 balance

 

Cap 1 (opened 10/2007) : 500 CL/ $ 0 balance - CLOSED ACCT TODAY! :smileyhappy:

 

Amex Zync (opened 5/2010) - Charge Card

 

Macys: (opened 8/2010) 1.5K CL /  $0 balance

 

Banana: (opened 3/2011) 7.6K CL / $1450 balance

 

BOA: (opened 10/2011) 1K CL/ $0 balance

 

Discover More: (opened 6/2012) 4K CL / $0 balance

 

Citi TY (opened 6/2012) : 8K CL / $0 balance

 

Total Credit (minus Cap 1): $22,912.00

 

Utilization: 6%

 

With all this information, which card(s) should I close out? Also will closing accts on the same day have any type of negative affect on my credit?!

 

Thanks in advance guys!


Closing accounts won't have any negative effect except for lowering your available credit for utilization unless they have Annual Fee. Also your credit line will disappear in 10 years, so 10 years from now you might be wishing you didn't close them if your AAoA changes, but with as many cards as you have it doesn't look like it'll matter 10 years from now.

 

I think the general concensus on the board has been to keep the cards open if there's no annual fee and store them away in a sock drawer, or put them in a baggie and freeze them in a block of water, or just straight cut up the cards and let the accounts hang open with 0 balance and if you ever need the card again you can order a new one.

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

NFCU VISA $17.5k / USAA AMEX $6k / USAA AMEX $4k / USAA VISA $4k / CHASE FREEDOM $3k / Capital One $500
Epic Contributor
Posts: 24,744
Registered: ‎10-23-2007
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Re: Which cards should I close out? NEED Help/Advice


Skins2311 wrote:

Ok guys so I want to close 1-2 more cards as  I currently have too many CC's for my liking. Here is a breakdown of my credit:

 

 

Zales (opened 6/2007): 500 CL/ $0 balance

 

Chase (opened 5/2007 : 300 CL / $0 balance

 

Cap 1 (opened 10/2007) : 500 CL/ $ 0 balance - CLOSED ACCT TODAY! :smileyhappy:

 

Amex Zync (opened 5/2010) - Charge Card

 

Macys: (opened 8/2010) 1.5K CL /  $0 balance

 

Banana: (opened 3/2011) 7.6K CL / $1450 balance

 

BOA: (opened 10/2011) 1K CL/ $0 balance

 

Discover More: (opened 6/2012) 4K CL / $0 balance

 

Citi TY (opened 6/2012) : 8K CL / $0 balance

 

Total Credit (minus Cap 1): $22,912.00

 

Utilization: 6%

 

With all this information, which card(s) should I close out? Also will closing accts on the same day have any type of negative affect on my credit?!

 

Thanks in advance guys!


Is that $7,600.00? on a Banana Store Card or Banana Visa?

I don't think I have EVER seen over $5k on a GE Card related to Clothes!!

Thats so odd that it was leaps and bounds higher then all your CL's until the recent Citi!

You own part of the store or something!!

 

Okay sorry back on task... Why close any?

Chase get the Prez Office number and call and say you have multiple cards now with $5-6k and up and you need Chase to get in the game with a similar CL and with a SP or you need to close the account! (888-622-7547)

Ask for CLI with Macy's (SP)

See if BofA will do CLI with SP but seems lately not sure about

 

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
90 Cards and Counting :smileytongue:
Frequent Contributor
Posts: 425
Registered: ‎05-16-2012
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Re: Which cards should I close out? NEED Help/Advice


Creditaddict wrote:

Chase get the Prez Office number and call and say you have multiple cards now with $5-6k and up and you need Chase to get in the game with a similar CL and with a SP or you need to close the account! (888-622-7547)


Not to steal thunder from the OP, but do you think this would work? I put about 3k/mo on my Chase card since I also have a chance account, between their 10&10, 5% rotating rewards (i killed w/ gas & restaurants), and UR "earn faster", it's def my favorite card, but the 3K limit is hurting me, esp with the size of my other cards. I'd be worried they'd call my bluff and let me cancel :smileyhappy: I did call the EO once, and they refused to do a SP, said it had to be an HP.

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

NFCU VISA $17.5k / USAA AMEX $6k / USAA AMEX $4k / USAA VISA $4k / CHASE FREEDOM $3k / Capital One $500
Epic Contributor
Posts: 24,744
Registered: ‎10-23-2007
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Re: Which cards should I close out? NEED Help/Advice


seigex wrote:

Creditaddict wrote:

Chase get the Prez Office number and call and say you have multiple cards now with $5-6k and up and you need Chase to get in the game with a similar CL and with a SP or you need to close the account! (888-622-7547)


Not to steal thunder from the OP, but do you think this would work? I put about 3k/mo on my Chase card since I also have a chance account, between their 10&10, 5% rotating rewards (i killed w/ gas & restaurants), and UR "earn faster", it's def my favorite card, but the 3K limit is hurting me, esp with the size of my other cards. I'd be worried they'd call my bluff and let me cancel :smileyhappy: I did call the EO once, and they refused to do a SP, said it had to be an HP.


I can't say personally because I no longer have any Chase Credit Cards and as much as I push and push I still can not convince my partner of why it would be worth the time to even call in on his what was a $1k line opened with is $8k auto loan, now $1500 visa... mind you at time of auto loan credit score was 802!

I swear why have a 800 credit score if you don't feel it's worth applying for new credit... I took him from 90% Debit Card user to a 99% Amex Costco User (Which yes I did tell him would be best and get that) BUT we know do 95% of our Grocery between Pavilions and TJ so Blue Plus Preferred would warrant SO MUCH MORE and then add in the new USBANK Cash+ what not... it's like 5% all time on 80-90% of spending!

I understand "He doesnt need any more credit" as he states but almost in same breath, Im up to $450 cash back this year on Costco! Im like now double that!! and still no!!!

 

sorry off topic a bit! LOL

He NEVER uses the card and weekly gets checks and probably still wouldn't use it with a limit to match his credit report but it still just urks me knowing it's there and seeing the success in the Prez office lately.

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
90 Cards and Counting :smileytongue:
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Which cards should I close out? NEED Help/Advice


Skins2311 wrote:

Ok guys so I want to close 1-2 more cards as  I currently have too many CC's for my liking. Here is a breakdown of my credit:

 

 

Zales (opened 6/2007): 500 CL/ $0 balance

 

Chase (opened 5/2007 : 300 CL / $0 balance

 

Cap 1 (opened 10/2007) : 500 CL/ $ 0 balance - CLOSED ACCT TODAY! :smileyhappy:

 

Amex Zync (opened 5/2010) - Charge Card

 

Macys: (opened 8/2010) 1.5K CL /  $0 balance

 

Banana: (opened 3/2011) 7.6K CL / $1450 balance

 

BOA: (opened 10/2011) 1K CL/ $0 balance

 

Discover More: (opened 6/2012) 4K CL / $0 balance

 

Citi TY (opened 6/2012) : 8K CL / $0 balance

 

Total Credit (minus Cap 1): $22,912.00

 

Utilization: 6%

 

With all this information, which card(s) should I close out? Also will closing accts on the same day have any type of negative affect on my credit?!

 

Thanks in advance guys!


I'd be calling into Chase executive offices about a CLI, thats too low compared to your other lines.

 




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