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Closing Credit Cards

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Anonymous
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Closing Credit Cards

Hello Everyone! I'm asking for your guy's opinions on what I should do. Im in the process of rebulding.

 

My Credit Cards-

 

Capital One

Capital One

Capital One

BuyPowerCrad

Chase

Citizens Bank

Bestbuy

Walmart

____

 

Should I combine the 3 Capital One cards into 1 card? Maybe close the Chase card, its only $1000 limit?

 

Thanks for your help!

 

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Closing Credit Cards

If all of these are in good standing, there is no score benfit to closing anything or combining anything.

 

If you want a higher credit limit on your Capital One, that is a reason to combine.

If you have any cards with annual fees, that could be a reason to combine/close.

But you won't see any change in scoring just from closing or combining accounts alone.

If closing an account would affect your available credit and change your utlization into a percentage greater than 30%, then you will lose points.

 

As for Chase, even with a relatively small credit limit, I would not close that one.

Chase can be difficult to get a card from, especially if you have borderline scores or past credit issues, so I would keep that one if for no other reason than to maintain an ongoing relationship with them for future growth.

 

As for detailed advice, for us to offer you that then we need detailed information - what are your credit goals?  Do any of these accounts carry high balances, or have late paymetns in their histories?  Do you have any installment accounts (car loan, personal loan, student loan) or real estate accounts (mortgage)?

Building a credit profile involves a lot more than just managing credit cards, after all.

Message 2 of 6
Anonymous
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Re: Closing Credit Cards

Well They are all in good standing but It would be much easier just paying off one account! My big credit goal is too get a 750+ credit score, my highest balance is around $900, the accounts that have late payments will be going into positive status Jan 2017, the only loan I have is student loans which are in good standing. I have 2 collections which are scheduled to drop in Feb 2017.

Message 3 of 6
Anonymous
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Re: Closing Credit Cards


@Anonymous wrote:

Hello Everyone! I'm asking for your guy's opinions on what I should do. Im in the process of rebulding.

 

My Credit Cards-

 

Capital One

Capital One

Capital One

BuyPowerCrad

Chase

Citizens Bank

Bestbuy

Walmart

____

 

Should I combine the 3 Capital One cards into 1 card? Maybe close the Chase card, its only $1000 limit?

 

Thanks for your help!

 


What are the limits of the cards?  Before the year is out, I plan to combine my two Cap 1 cards, my Amex ED and BCP.  I would keep Chase because of the 5/24 rule cause you never know when you might get another one and combine the two. 

Message 4 of 6
Anonymous
Not applicable

Re: Closing Credit Cards

Capital One 3000

Capital One 1750

Capital One 1500

BuyPowerCard 2300

Chase 1000

Citizens Bank 800

Bestbuy 2000

Walmart 800

 

I'm waiting for October because thats when I can ask for credit increases then Ill combine after that.

Message 5 of 6
Anonymous
Not applicable

Re: Closing Credit Cards


@Anonymous wrote:

Capital One 3000

Capital One 1750

Capital One 1500

BuyPowerCard 2300

Chase 1000

Citizens Bank 800

Bestbuy 2000

Walmart 800

 

I'm waiting for October because thats when I can ask for credit increases then Ill combine after that.


Good plan.  I'm planning to consolidate cards and trying to figure out what cards to close cause I'm tired of PenFed considering me an Egyptian.  I like the cards I currently have, but PenFed is one of my longterm goals, so I'll have to make some decisions in the next few months.  Good luck MRodd088.Smiley Wink

Message 6 of 6
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