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All,
Trying to decide which accounts to close - i think i have a few too many.
Here's the list:
Walmart - $3,400CL
JCPenney - $3,900CL
hhgregg - $5,200CL
Jared - $5,200CL
Barclays Apple - $5,000CL
Amex Everyday - $3,200CL
Capital One - $9,750CL
Sony Rewards - $3,750CL
Chase Freedom - $5,000CL
Chase Sapphire Preferred - $10,000CL
Discover IT - $5,500CL
Home Depot - $10,000CL
PNC Points - $10,000CL
Is it worth keeping all of these open, or should i close a few? I just recently gave in and got the Discover IT card after being bombarded by invitations in the mail, so that will stay open of course.
@Jmc70 wrote:All,
Trying to decide which accounts to close - i think i have a few too many.
Here's the list:
Walmart - $3,400CL
JCPenney - $3,900CL
hhgregg - $5,200CL
Jared - $5,200CL
Barclays Apple - $5,000CL
Amex Everyday - $3,200CL
Capital One - $9,750CL
Sony Rewards - $3,750CL
Chase Freedom - $5,000CL
Chase Sapphire Preferred - $10,000CL
Discover IT - $5,500CL
Home Depot - $10,000CL
PNC Points - $10,000CL
Is it worth keeping all of these open, or should i close a few? I just recently gave in and got the Discover IT card after being bombarded by invitations in the mail, so that will stay open of course.
i think those 5 are good enough for you
@Jmc70 wrote:All,
Trying to decide which accounts to close - i think i have a few too many.
Here's the list:
Walmart - $3,400CL
JCPenney - $3,900CL
hhgregg - $5,200CL
Jared - $5,200CL
Barclays Apple - $5,000CL
Amex Everyday - $3,200CL
Capital One - $9,750CL
Sony Rewards - $3,750CL
Chase Freedom - $5,000CL
Chase Sapphire Preferred - $10,000CL
Discover IT - $5,500CL
Home Depot - $10,000CL
PNC Points - $10,000CL
Is it worth keeping all of these open, or should i close a few? I just recently gave in and got the Discover IT card after being bombarded by invitations in the mail, so that will stay open of course.
Those are the ones I'ds close due to high APR's and not much benefit (to me), in fact I did close a Barclay's Apple Visa $9500 CL, Walmart $10k CL (I have a Sam's at $10k which I kept), a JCP low limit - never used, All my Cap-1 cards except the GM BuyPower and bunch more over the last 12 months.
Store cards like Home Depot/Lowes/Amazon I find very useful and use, specific store cards like GAP, TJMaxx, et al I find offerr very little value - if you want long term cheap financing just take a 12 or 18 month Discover "balance Transfer directly to your checking account" if need be. It all comes down to what YOU find useful and use on a regular basis.
@Jmc70 wrote:All,
Trying to decide which accounts to close - i think i have a few too many.
Here's the list:
Walmart - $3,400CL
JCPenney - $3,900CL
hhgregg - $5,200CL
Jared - $5,200CL
Barclays Apple - $5,000CL
Amex Everyday - $3,200CL
Capital One - $9,750CL
Sony Rewards - $3,750CL
Chase Freedom - $5,000CL
Chase Sapphire Preferred - $10,000CL
Discover IT - $5,500CL
Home Depot - $10,000CL
PNC Points - $10,000CL
Is it worth keeping all of these open, or should i close a few? I just recently gave in and got the Discover IT card after being bombarded by invitations in the mail, so that will stay open of course.
Do you ever use the special financing or shop at Walmart's website? If not, I'd say the Discover IT would effectively make that card useless, since you can do cash-over at Walmart with Discover. Anything else is largely a matter of your own personal use. if you don't use the CC and you don't need it for a zero balance, then you could consider closing.
Not a useful answer I'm sure, but I definitely think it depends on your preferences, shopping habits, and priorities. Do you shop at the stores that are specific to the store cards? Do you get useful benefits/discounts/rewards from them? Do you carry a balancer or PIF (thus determining whether APR is a consideration)? Are you concerned with utilization and credit limits? How difficult is it for you to responsibily manage all these cards? Are any of the cards costing you money in the form of AFs and fees that you're not recouping through rewards (and wouldn't be able match with a less expensive option)?
In general a lot of people will probably say close the store cards and keep the major cards, but it's not always that black and white. Personally, I have one store card, my Target Red Card, which I absolutely love and get phenomenal value from. I have several major network rewards cards I'd close before I'd be willing to close my Target card.
If we're talking personal preference, I'd keep the Discover It and Chase Freedom, because I do in fact have those two cards and really love them. I'd personally be A-OK with closing everything else, including the CSP which I also have but intend to close myself, because I wouldn't/don't personally get much value from them. LOL, but of course my preferences, spending habits, and priorities are almost certainly much different from yours.