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Which to keep, which to close?

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Jmc70
Valued Member

Which to keep, which to close?

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.

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Which to keep, which to close?

Only you can make that call. If you're able to manage that many accounts and are getting value from each, keep them. If you dont shop at or use a particular card, ditch it.
Message 2 of 6
Anonymous
Not applicable

Re: Which to keep, which to close?


@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 Smiley Happy

Message 3 of 6
pipeguy
Senior Contributor

Re: Which to keep, which to close?


@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. 

Message 4 of 6
SunriseEarth
Moderator Emeritus

Re: Which to keep, which to close?


@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.



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 5 of 6
Kevin86475391
Frequent Contributor

Re: Which to keep, which to close?

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.

Message 6 of 6
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