Which cards should I close?

[charyot77]

I now have 10 lines of credit and I would like to cut those down to 4 or 5.  Could forum members please help me decide which cards I should close?

They are listed in order from oldest to newest.

My Wallet

Orchard Bank - $300 (oldest card at 5 years, AF)

US Bank - Secured - $300 (3 years, $35 AF)

Hooters/Merrick Mastercard ($300, no AF - I think this one might be closed though)

Capital One - $2,750 (no AF)

Capital One No Hassle Cash Rewards - $750 (AF)

Barclays Travelocity AMEX - $1,200 (no AF)

*American Express Zync - NPSL (AF)

*American Express Blue - $3,000 (no AF)

*US Bank Platinium - $limit??, (no AF)

 *Citi Dividends - $3,000 (no AF)

The last 4 cards I was approved for in the last week or so.

The annual fee for the Capital One Cash rewards card is coming up really soon but I'm not sure if I should keep the card as the limit isn't great. However, it's my only cash rewards card (at 1% back).

I'm hoping that the new US Bank Platinum Visa will have the same account number/history as the secured Visa.

They were the first company to give me a chance when I was in the dumps with my credit, but I'm thinking that its time to cut the Orchard Bank Mastercard.

That being said, 2 of my 3 annual fee cards have already been paid....should I wait until the annual fee comes up again to close them?  Their limits are so small, I just wonder if they're impacting my score. 

Which cards would you axe?

[trumpet-205]

If I were you, I would close,

* Orchard

* US Bank Secured

* Hooters

* Capital One Cash Reward

And PC AMEX Blue into BCE. In the future you might want to close Zync as well, unless you can take advantage of some of its "useful" packs.

[bichonmom]

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@charyot77 wrote:

I now have 9 lines of credit and I would like to cut those down to 4 or 5.  Could forum members please help me decide which cards I should close?

They are listed in order from oldest to newest.

My Wallet

Orchard Bank - $300 (oldest card at 5 years, AF)

US Bank - Secured - $300 (3 years, $35 AF)

Hooters/Merrick Mastercard ($300, no AF - I think this one might be closed though) - CLI if it's still open

Capital One - $2,750 (no AF)

Capital One No Hassle Cash Rewards - $750 (AF)

Barclays Travelocity AMEX - $1,200 (no AF)

*American Express Zync - NPSL (AF)

*American Express Blue - $3,000 (no AF)

*US Bank Platinium - $limit??, (no AF)

The last 3 cards I was approved for in the last week or so.

The annual fee for the Capital One Cash rewards card is coming up really soon but I'm not sure if I should keep the card as the limit isn't great. However, it's my only cash rewards card (at 1% back).

I'm hoping that the new US Bank Platinum Visa will have the same account number/history as the secured Visa.

They were the first company to give me a chance when I was in the dumps with my credit, but I'm thinking that its time to cut the Orchard Bank Mastercard.

That being said, 2 of my 3 annual fee cards have already been paid....should I wait until the annual fee comes up again to close them?  Their limits are so small, I just wonder if they're impacting my score. 

Which cards would you axe?

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First, they're not hurting your score, no matter how small the CL.

Second, I'd get rid of the 3 I highlighted. You don't need to worry about your AAoA w/older cards because they'll stay on CR for 10 yrs, and by then you'll have established long history w/better cards.

You might call Cap One and see if your $750 card is eligible for CLI. Many Cap One rebuilders/lower CL cards just will never move beyond the toy limit. Also, ask if you qualify to waive the AF. Otherwise, I'd axe it.

[bichonmom]

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@trumpet-205 wrote:

If I were you, I would close,

* Orchard

* US Bank Secured

* Hooters

* Capital One Cash Reward

And PC AMEX Blue into BCE. In the future you might want to close Zync as well, unless you can take advantage of some of its "useful" packs.

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I believe you can't do this until you've had the card for 13 mos. And since there's no AF, it would actually be better for OP to get a new Amex in a year (e.g. BCE) instead of PC'ing, since Amex backdates. So, his AAoA w/get a boost with any future Amex cards he gets. Since he's just gotten Amex, it's not a huge boost, but will be when he adds cards in the future.

[trumpet-205]

You can PC, so long not to an AF (or higher AF) card in the first year.

[charyot77]

Is it better to wait until their annual fees are due before I close them?

I just feel weird having so many lines open.

[trumpet-205]

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@charyot77 wrote:

Is it better to wait until their annual fees are due before I close them?

I just feel weird having so many lines open.

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Its up to you. For me if I won't make use of a card I close it. Less thing to worry about.

[bichonmom]

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@trumpet-205 wrote:

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@charyot77 wrote:

Is it better to wait until their annual fees are due before I close them?

I just feel weird having so many lines open.

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Its up to you. For me if I won't make use of a card I close it. Less thing to worry about.

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+1 I wouldn't worry about getting your "money's worth" with the AF you paid. The small CLs shouldn't have any impact on your util. You can either close them now, or make a note in your calendar to remember to close before the AF comes due. If you do it now, then you won't have to worry about forgetting or possibly missing the date.

[DeadSpider]

Close cards with AF but keep the Amex Zync.

[scientifics]

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@charyot77 wrote:

My Wallet

Orchard Bank - $300 (oldest card at 5 years, AF)

US Bank - Secured - $300 (3 years, $35 AF)

Hooters/Merrick Mastercard ($300, no AF - I think this one might be closed though)

Capital One - $2,750 (no AF)

Capital One No Hassle Cash Rewards - $750 (AF)

Barclays Travelocity AMEX - $1,200 (no AF)

*American Express Zync - NPSL (AF)

*American Express Blue - $3,000 (no AF)

*US Bank Platinium - $limit??, (no AF)

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I would close your Orchard Bank, US Bank, and the Capital One No Hassle Cash Rewards (unless you get enough cashback to offset the fee, if not, it really isn't a cashback card). Other than that, just SD any non-AF cards you aren't using. It doesn't hurt to keep them open, and with them reporting 0%, it will just help your AAoA.