cancel
Showing results for 
Search instead for 
Did you mean: 

card closing decision

tag
Anonymous
Not applicable

card closing decision

At the suggestion of the bank and another financial consultant, I have been advised to reduce my card inventory to 3.  I have seven currently.  Here is what I have:

 

AMEX senior gold (24 years history, pay over time option and no balance)

Chase Freedom (1200 limit, 23% interest, no balance, opened in 2012)

Chase Amazon (500 limit 20% interest, no balance, opened in March 2014)

Chase Sapphire Preferred (8000 limit, 16% interest, no balance, opened Jan 2015)

NFCU Cash Rewards Visa (10K limit, 16% interest, no balance, opened Jan 2015)

AMEX everday (15K limit, 0% promo going up to 20% in August, no balance, opened May 2015)

Discover It (2700 limit, 24% interest, no balance, opened June 2015).

 

I just paid the $95 fee for the CSP and plan to use it for travel again this year.  I'll keep the AMEX gold for history and also have pay the over time option ($35K max at 18.5%).  My only other older card is a seldom-used Freedom with a low limit (Chase doesn't budge on those) and high interest.  My high-limit cards are new.  I closed three cards last year and almost lost the gold card but convinced AMEX to give it back to me with the help of this forum.  

 

In my wallet I usually keep the discover, CSP and everyday card (one of each type, coincidentally).  My scores are 706 (EXP) and 717 (TU).  No clue on EQ.  They went up 10-20 points this month and have risen 40 points since getting the gold card back in August.  

 

My problem is a well-documented $110K home equity line of credit problem.  I finally found a bank that may be able to help me with it.  

 

Saying good-bye to cards is sad but I've been working hard on it since June.  I must continue the process of financial recovery.

 

Thank you.

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: card closing decision

Discover, Amex Ed and CSP. Good limits and rewards. Good luck. 

Message 2 of 8
Chris679
Established Contributor

Re: card closing decision

No reason to close accounts IMO unless you want to. I would seriously question the advice you are being given. It will not raise your credit score and you have no revolving debt so there is no concern there.
Message 3 of 8
Chris679
Established Contributor

Re: card closing decision

Never mind I didn't read the whole post
Message 4 of 8
Kevin86475391
Frequent Contributor

Re: card closing decision


@Anonymous wrote:

At the suggestion of the bank and another financial consultant, I have been advised to reduce my card inventory to 3.  I have seven currently.  Here is what I have:

 

AMEX senior gold (24 years history, pay over time option and no balance)

Chase Freedom (1200 limit, 23% interest, no balance, opened in 2012)

Chase Amazon (500 limit 20% interest, no balance, opened in March 2014)

Chase Sapphire Preferred (8000 limit, 16% interest, no balance, opened Jan 2015)

NFCU Cash Rewards Visa (10K limit, 16% interest, no balance, opened Jan 2015)

AMEX everday (15K limit, 0% promo going up to 20% in August, no balance, opened May 2015)

Discover It (2700 limit, 24% interest, no balance, opened June 2015).

 

I just paid the $95 fee for the CSP and plan to use it for travel again this year.  I'll keep the AMEX gold for history and also have pay the over time option ($35K max at 18.5%).  My only other older card is a seldom-used Freedom with a low limit (Chase doesn't budge on those) and high interest. 



Well of course it's extremely dependent on your own preferences and needs, but since you indicated you want to keep the AMEX Gold and seem to want to keep the CSP, that really just means picking which one of the remaining 5 you also want to keep, and ditching the other 4. Personally I'd chose between also keeping either the AMEX Everyday or the NFCU Cash Rewards. In this situation I'd definitely close the Discover It, Freedom, and Amazon.

 

Although honestly if it were actually me, I'd keep the Amex Gold, Amex Everyday, and NFCU - because personally those seem more appealing than the CSP and I don't personally care for the CSP, but it sounds like it fits your needs better.

 

Good luck with the rest of your recovery!

Message 5 of 8
Anonymous
Not applicable

Re: card closing decision

Well, I think Freedom and Amazon are gone, but not sure about Discover, everyday and NFCU.  Discover gives me CLI's and cash back, everyday is at 0% until August and NFCU is a good credit union with a decent line and other features.  That would take me down to 5, anyway.  Compromise.  4 credit cards and a charge card.  For at least the next four months when discover loses the double cash back and the everday interest rate goes back up to 20% unless I get a break.  I rarely carry balances, though.  But for emergencies...

Message 6 of 8
Anonymous
Not applicable

Re: card closing decision

CSP, NFCU and Discover

Message 7 of 8
SouthJamaica
Mega Contributor

Re: card closing decision


@Anonymous wrote:

At the suggestion of the bank and another financial consultant, I have been advised to reduce my card inventory to 3.  I have seven currently.  Here is what I have:

 

AMEX senior gold (24 years history, pay over time option and no balance)

Chase Freedom (1200 limit, 23% interest, no balance, opened in 2012)

Chase Amazon (500 limit 20% interest, no balance, opened in March 2014)

Chase Sapphire Preferred (8000 limit, 16% interest, no balance, opened Jan 2015)

NFCU Cash Rewards Visa (10K limit, 16% interest, no balance, opened Jan 2015)

AMEX everday (15K limit, 0% promo going up to 20% in August, no balance, opened May 2015)

Discover It (2700 limit, 24% interest, no balance, opened June 2015).

 

I just paid the $95 fee for the CSP and plan to use it for travel again this year.  I'll keep the AMEX gold for history and also have pay the over time option ($35K max at 18.5%).  My only other older card is a seldom-used Freedom with a low limit (Chase doesn't budge on those) and high interest.  My high-limit cards are new.  I closed three cards last year and almost lost the gold card but convinced AMEX to give it back to me with the help of this forum.  

 

In my wallet I usually keep the discover, CSP and everyday card (one of each type, coincidentally).  My scores are 706 (EXP) and 717 (TU).  No clue on EQ.  They went up 10-20 points this month and have risen 40 points since getting the gold card back in August.  

 

My problem is a well-documented $110K home equity line of credit problem.  I finally found a bank that may be able to help me with it.  

 

Saying good-bye to cards is sad but I've been working hard on it since June.  I must continue the process of financial recovery.

 

Thank you.


Is this "advice" they're giving you, or is this bank the one you need to placate in order to get your refinancing?

 

If it's advice I think it's bad advice, because it's going to cause your credit scores to go down.

 

If they're forcing you to drop 4 cards, then I would drop Amazon, Discover, Freedom, and Everyday. But don't be surprised if the bank which forced you to do it, then

reneges on the deal once your FICO scores drop.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 8 of 8
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.