what's better?

[muzzah]

I have four credit cards however i use only one- an AMEX Gold. I keep the other 3 under the belief that having the unused available credit increases my score. However, the credit limits are relatively small and i pay a yearly fee on each. I wonder then is have the available credit but paying yearly fees for cards i dont use better than cancelling the 3 cards and just having the AMEX exclusively? For reference- i have a Capital One w a $2K limit and $39/yearly fee; Another Cap One card with $1500 limit and $19/yr fee, and a BOA Visa $1000 limit and $25/yr fee. The AMEX has not set limit and is renewable at $125 a year.  Any thoughts on this? Thank you in advance...

[GeneralCucumbre]

I would try getting another card (either a Visa or MasterCard) without an annual fee just to have as a back-up in your wallet.  I would get that card first, THEN consider closing some of your annual fee cards that you don't use.  Which card account is your oldest account?  Whichever card is the oldest, I would probably leave that one open.  It also doesn't hurt to call up Capital One or Bank of America and ask them to waive the annual fees or change to a different card that doesn't have an annual fee.  You may have to call up their executive offices to get this accomplished, but then again...you may not.

[TiggerDat]

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@GeneralCucumbre wrote:

I would try getting another card (either a Visa or MasterCard) without an annual fee just to have as a back-up in your wallet.  I would get that card first, THEN consider closing some of your annual fee cards that you don't use.  Which card account is your oldest account?  Whichever card is the oldest, I would probably leave that one open.  It also doesn't hurt to call up Capital One or Bank of America and ask them to waive the annual fees or change to a different card that doesn't have an annual fee.  You may have to call up their executive offices to get this accomplished, but then again...you may not.

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+1

[Ailee92]

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@bernhardtra wrote:

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@GeneralCucumbre wrote:

I would try getting another card (either a Visa or MasterCard) without an annual fee just to have as a back-up in your wallet.  I would get that card first, THEN consider closing some of your annual fee cards that you don't use.  Which card account is your oldest account?  Whichever card is the oldest, I would probably leave that one open.  It also doesn't hurt to call up Capital One or Bank of America and ask them to waive the annual fees or change to a different card that doesn't have an annual fee.  You may have to call up their executive offices to get this accomplished, but then again...you may not.

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+1

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+2

You should only pay an annual fee if it fits your lifestyle. For instance if you buy atleast $6000 in groceries at a non super store a year then BCP amex is worth it if you're not averaging atleast 4.75% return on each MR points which is common unless you're using it exclusively for international trips.

If you get a card like Chase Ink it's definately worth it, since Cellphone,Landline,Cable, and Internet bills average $300 + for most households and those are 5x categories. In 1 year ttat's 18,000 points a year. good for $180 cash back for a profit of $80 annually (assuming you get the annual fee version) if you do not it's pure $180 profit a year that'll pay for your Amex Gold annual fee as well. (UR points are regarded in higher value than Amex points usually as well) x2 for gas as well.

Southwest points goes a long way for domestic trips, and United goes the furtherest usually for international. The both are Chase transfer partners which are great. Sapphire is also a great card for 2x for travel and dining + 7% dividend.

[JonStur]

If you simply want cards available for low utils, get a couple of GE cards ( search for GE card threads on here), they usually give steady increases. If your credit profile supports it, I would consider an AMEX revolver since you already have a relationship with them. Then apply for the 3x credit increase after 60 days... Then close your yearly fee cards If you'd like...

[crunching_numbers]

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@muzzah wrote:

I have four credit cards however i use only one- an AMEX Gold. I keep the other 3 under the belief that having the unused available credit increases my score. However, the credit limits are relatively small and i pay a yearly fee on each. I wonder then is have the available credit but paying yearly fees for cards i dont use better than cancelling the 3 cards and just having the AMEX exclusively? For reference- i have a Capital One w a $2K limit and $39/yearly fee; Another Cap One card with $1500 limit and $19/yr fee, and a BOA Visa $1000 limit and $25/yr fee. The AMEX has not set limit and is renewable at $125 a year.  Any thoughts on this? Thank you in advance...

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If you share a bit more of your credit profile, (for example your FICO scores, income, and credit payment history) we can give you advice specific to your situation.

[leoment]

I'd probably suggest contacting Cap1's EO to have your card's AF removed, and converting to the Cash Rewards card.  That way, you have a card that you earn 1.5% CB on purchases whenever you go somewhere that doesn't accept Amex.

Try first to have all AF removed.  If they won't comply, close them out.  If they do remove the AF, sock drawer the cards and use them for something small every once in while.

[improvingmycredit]

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@muzzah wrote:

I have four credit cards however i use only one- an AMEX Gold. I keep the other 3 under the belief that having the unused available credit increases my score. However, the credit limits are relatively small and i pay a yearly fee on each. I wonder then is have the available credit but paying yearly fees for cards i dont use better than cancelling the 3 cards and just having the AMEX exclusively? For reference- i have a Capital One w a $2K limit and $39/yearly fee; Another Cap One card with $1500 limit and $19/yr fee, and a BOA Visa $1000 limit and $25/yr fee. The AMEX has not set limit and is renewable at $125 a year.  Any thoughts on this? Thank you in advance...

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Hey muzzah!  Welcome to the Forums!

Managing your credit file is a real pain some times.    It is true that having the open tradelines does help your FICO and also gives you a little cushion in the event of an emergency.  I am of a mind that having available credit is always a good thing because I've found that it's a lot easier to get when you already have it and very difficult to get if you need it and don't.  So with that in mind, don't close your AF accounts until you've set yourself up with some new ones to replace them.  It's not a good idea to keep these AF cards if you don't use them with so many great cards out there with no AF.  

1.  First call your current lenders and ask them to product change the card into a non AF card they offer with rewards or remove AF permeniently.  They may or may not do this but CapOne has been know to do this so you should have some success here.  

2.  If they won't... come back to the forum and ask what cards are best to suit your lifestyle along with some info on your current profile.

3.  Looking at your current information... I think there are some cards that may better suit your lifestyle then the ones that you currently carry.  For instance.... Have you thought about upgrading to the PRG Amex if you are exclusively using the Gold Amex for everything.  (the AF goes up but if you are pushing all your spending through it... it might benefit you more depending on the spend or for that matter... if you aren't spending enough to justify the AF then the Green Amex might be a better fit)  

There's much competition in the credit card world right now to justify having AF cards that you don't use.

Any way... I hope this helps.  Good Luck with what you decide.  Definitely get those AFs removed ASAP.  Too many good cards that compete with the current ones you have with no AF.  

[indiolatino61]

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@GeneralCucumbre wrote:

I would try getting another card (either a Visa or MasterCard) without an annual fee just to have as a back-up in your wallet.  I would get that card first, THEN consider closing some of your annual fee cards that you don't use.  Which card account is your oldest account?  Whichever card is the oldest, I would probably leave that one open.  It also doesn't hurt to call up Capital One or Bank of America and ask them to waive the annual fees or change to a different card that doesn't have an annual fee.  You may have to call up their executive offices to get this accomplished, but then again...you may not.

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+1

[LawStudentCivilis]

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@leoment wrote:

I'd probably suggest contacting Cap1's EO to have your card's AF removed, and converting to the Cash Rewards card.  That way, you have a card that you earn 1.5% CB on purchases whenever you go somewhere that doesn't accept Amex.

Try first to have all AF removed.  If they won't comply, close them out.  If they do remove the AF, sock drawer the cards and use them for something small every once in while.

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^ Agreed. I'd try a PC first, then contact EO if they won't allow it. Then close out cards, with the exception of keeping the oldest one. Good luck.