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Valued Contributor
Posts: 2,137
Registered: ‎06-16-2012
0

Wonder is i should close some tradelines????

[ Edited ]

After my recent approvals i have all of these cards now:

 

Chase (authorized user) 7500 (18 months old)

 

Wells Fargo Secured 4000 (15 months old)

Capital One  3500 (16 months old)

Macys 2500 (15 months old)

Macys 1300 (club account) 9 months old

Macys 800 (major account) 4 months old

Merrick Bank 850 (12 months old)

Chevron/Texaco 600 (13 months old)

Walmart 2800 (9 months old)

Dillards 900 (9 months old)

Discover 1500 (8 months old)

Bank of America Secured 2000 (11 months old)

 

new tradelines during March app spree

 

Bank of America 2000

Citibank 2000

AMEX 2 cards 1 charge , 1 revolver (2000) will show both backdated to 2011

 

You guys think i have many cards? should i close a couple of them...I am going to close Merrick Bank and i was thinking closing Chevron/texaco (GE hasnt shown me luv for some reason). I was actually thinking of Dillards (even though i shop there a few times a year). I hate that Macys opened 2 new tradelines without really telling me. Any suggestion or should i just keep my all of my cards open. I dont plan to apply for anything else anytime soon except for the AMEX Costco but will not be at least until 6 months from now.

gardening since 5/21/2016
Valued Contributor
Posts: 1,673
Registered: ‎11-11-2012
0

Re: Wonder is i should close some tradelines????

Always a personal decision!

 

A general guideline would be "If you have enough CL/low util without them, close cards with AF that exceed benefits"

 

Anything else depends on whether having lots of cards makes things difficult to track.

 

Many advocate keeping the cards open by spending small amounts on each every so often, but there is a real cost to that (in lost rewards doing that spend on better cards) and this, to me, isn't worth while unless you need every bit of the current CL.

Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

Re: Wonder is i should close some tradelines????

No! They are all relatively new accounts.
Keep them open at least six more months to see what kind of growth you can get.
You can get those GE accts to $5k within a year I bet!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
0

Re: Wonder is i should close some tradelines????


dodgerslv wrote:

After my recent approvals i have all of these cards now:

 

Chase (authorized user) 7500 (18 months old)

 

Wells Fargo Secured 4000 (15 months old)

Capital One  3500 (16 months old)

Macys 2500 (15 months old)

Macys 1300 (club account) 9 months old

Macys 800 (major account) 4 months old

Merrick Bank 850 (12 months old)

Chevron/Texaco 600 (13 months old)

Walmart 2800 (9 months old)

Dillards 900 (9 months old)

Discover 1500 (8 months old)

Bank of America Secured 2000 (11 months old)

 

new tradelines during March app spree

 

Bank of America 2000

Citibank 2000

AMEX 2 cards 1 charge , 1 revolver (2000) will show both backdated to 2011

 

You guys think i have many cards? should i close a couple of them...I am going to close Merrick Bank and i was thinking closing Chevron/texaco (GE hasnt shown me luv for some reason). I was actually thinking of Dillards (even though i shop there a few times a year). I hate that Macys opened 2 new tradelines without really telling me. Any suggestion or should i just keep my all of my cards open. I dont plan to apply for anything else anytime soon except for the AMEX Costco but will not be at least until 6 months from now.


You can have too many cards*!!!!! Smiley Very Happy

 

*Except if they have AF's, then you should axe those if they are not in use.




EQ FICO 548 3/3/16
Frequent Contributor
Posts: 390
Registered: ‎03-24-2013
0

Re: Wonder is i should close some tradelines????

Why do you have 3 Macy's cards? 

 

I wouldn't axe any cards right now since they are all young. See what growth you get in the coming months, then pick the ones to close. Although, in the future, I'd think about trying to get rid of the secured cards or unsecuring them if possible. The Merrick card too. But I'm biased because I don't like them at all.



|| Barclaycard Rewards Visa $5500 || AMEX BCE $2000 || Discover IT $3000 || Amazon Rewards Visa $1800 ||
|| Chase Freedom $2700 || CSP $5000 || Chase Marriott Premier $7500 || Sallie Mae MC $3800 ||

FICO Scores: EX 752 (3/13/13) || EQ 782 (10/4/13) || TU 724 (1/18/13)

In the garden as of 10/12/2013
Valued Contributor
Posts: 2,137
Registered: ‎06-16-2012
0

Re: Wonder is i should close some tradelines????

Thanks for all the info guys/gals. My utilizations is usually hovering around 10-12%. I think the only for sure im going to probably close is Merrick Bank, they have an annual monthly fee (which i dont like). Other than that then i will let them age a while longer.

gardening since 5/21/2016
Established Contributor
Posts: 955
Registered: ‎02-02-2013
0

Re: Wonder is i should close some tradelines????

My plan was to cover my bases, amex particularly.
However as Amex is prone to FRs and lots of places don't accept Amex like they once did, it means I needed an alternative from Visa/MC, but then we have all those categories for bonuses that shift around so I need a few of them to cover all of them which then requires that I at least have a travel card but I need more than miles so now I need a couple of those and then I stay in hotels when traveling but not always the same brand so I need a few of those Nd of course I like to play on ebay so I need something for that and at the end of it all, if you get a cool metal card I need one too. Then if I get AA'd I have to be sure I have an extra or three in the SD ya know just in case.

So yea I can't get by without at least 35 open lines. Smiley Happy

NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
Senior Contributor
Posts: 6,279
Registered: ‎08-16-2012
0

Re: Wonder is i should close some tradelines????

35 lines might be pushing it!! Haha but with a year or two of perfect history, GE will give you 5k-10k+ limits!!

Also, not using credit is a good thing!!! Lenders want to see that you AREN'T using all of your avail credit. It's called "responsible credit use"

I mean... Really? Ya think I'd spend $15k at Walmart? NO!
Looks good as f*** on my CR though!
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Valued Contributor
Posts: 2,137
Registered: ‎06-16-2012
0

Re: Wonder is i should close some tradelines????

For some reason Macy's opened 2 trade lines when I purchased some jewelry and a couple of watches...I think they trick you when they have all this sales with up to 80-85 percent off...lol. I didn't request to open another tradeline...gave them my Macy's card at checkout and tought everything will be charged to the revolving account.
gardening since 5/21/2016
Established Contributor
Posts: 955
Registered: ‎02-02-2013
0

Re: Wonder is i should close some tradelines????

Lol. I am kidding of course.

My genuine plan is no more than 6-8 at a time.
I tend to be loyal to lenders because it helps build good financial relationships.
I have no store cards or gas cards and never will. Well except for a drapping incident which netted me a QVC card and about 20 lbs of oranges. Lol (I just keep that one in the Sd because its a GE product and will grow)
Once I (hopefully) pull off my 3xCLI on my BCP, that and my Freedom will become primary for everyday things, while my NFCU siggy will become my travel card til I can add the CSP. then they will share that duty.
This relegates my CapOne to just enough usage to keep it open and Discover is my emergency "oh crap Amex FR'd me while on vacation in Cayman" card.
I think that system will work but of course I reserve the right to become a fiend and start collecting cards like some others here. Lol

NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000

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