im thinking...

[afbar1114]

i was thinking about getting a credit union card and consolidating my cap1 cards, Home depot, BBY cards on to it. And then close them leaving only chase boa amex kohls and the CU open. is this a good idea?

[Revelate]

Aren't those fairly recent tradelines from your app spree a few months ago?  You'd just be digging a 10 year hole for yourself by artificially depressing your AAoA for as long as the cards are on your reports.

This obsession just isn't healthy financially nor mentally.

[Anonymous]

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@appbar1114 wrote:

i was thinking about getting a credit union card and consolidating my cap1 cards, Home depot, BBY cards on to it. And then close them leaving only chase boa amex kohls and the CU open. is this a good idea?

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Why would you close the BBY and Home Depot.   Have you decided to never shop there again?

[Anonymous]

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@Revelate wrote:

...You'd just be digging a 10 year hole for yourself by artificially depressing your AAoA for as long as the cards are on your reports.

...

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A very little hole.   His AAoA will be a little smaller for 10 years,but will contiinue to grow year by year. .

[afbar1114]

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@Anonymous wrote:

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@appbar1114 wrote:

i was thinking about getting a credit union card and consolidating my cap1 cards, Home depot, BBY cards on to it. And then close them leaving only chase boa amex kohls and the CU open. is this a good idea?

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Why would you close the BBY and Home Depot.   Have you decided to never shop there again?

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BBY i will shop there but HD i wont for a while. plus the APR is 28% so even buying something is alot

[Anonymous]

It is what I did last year with my credit union.  I receved a $5000 low-interest loan, paid off sevearl cards - closed three of them... and now instead of paying $100 a month on three extra cards, I pay $200 on my consolidation loan - and I even set it up so that I have it paid off in 2 and a half years.  The other thing I get to do is show this small community-based credit union that I now handle credit responsibly.  It was such a relief to pay those cards off, and my credit score shot up too. 

[Anonymous]

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@appbar1114 wrote:

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@Anonymous wrote:

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@appbar1114 wrote:

i was thinking about getting a credit union card and consolidating my cap1 cards, Home depot, BBY cards on to it. And then close them leaving only chase boa amex kohls and the CU open. is this a good idea?

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Why would you close the BBY and Home Depot.   Have you decided to never shop there again?

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BBY i will shop there but HD i wont for a while. plus the APR is 28% so even buying something is alot

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Good idea except for closing the store cards.    They tend to become your oldest accounts over time. 

[Anonymous]

[Anonymous]

If you can get the loan it is a good idea, as long as you do not dig yourself in with cards again.  At least until you pay off the loan   As has been stated, I would not close the store cards though.  They tend to have no AF, grow reasonably well and give you access to promotional financing.  I know that I would have got my home theater system last year at Bestbuy instead of Amazon if Cap1 or HSBC (who ever was running it at the time) had not screwed up my application.

[Anonymous]

I don't think he is talking about a loan from credit union, but another credit card from credit union.  As for the answer to the OP's question, it is hard to say.  If interest rate on CU card is a lower including whatever BT fee there is and going to take OP a while to pay down, go for it if you like.  Does closing the other cards save you AF?  Thought you were in gardening mode based on your other posts, but these are all personal choices.