I just closed six accounts and I feel great about it!

[Anonymous]

I just closed an Orchard Bank, Best Buy Reward Zone Mastercard, Wal Mart store card, Pay Pal Smart Connect, Amazon store card, and Marathon Oil gas card. One reason why I did it is because I applied for a second credit card with NFCU and it was declined. One of the reasons listed was too many consumer finance accounts. I also have a loan with First Franklin Financial that will be paid off in two months. All of the bad marks will be gone from my credit reports in a year or less, so I hope it won't hurt me to close all of these cards that I don't even use. The only cards I'll have left are an $8500 Visa from NFCU and a $500 Capital One Mastercard, which will also be closed in about a year. My utilization, even after closing these cards, will only be 2%, so that isn't a factor.

[pizzadude]

Did any of these cards have AFs ?   Orchard or BBRZ ? 

That's great that your utilization is low, are you going to reapply for another NFCU card ?    FICO scoring likes to see several open cards so you might not want to go down to just one.

[Anonymous]

pizzadude...the Orchard and BBRZ both had annual fees and low limits. The others didn't have an annual fee. I will have two open cards. The NFCU Visa and the Capital One. I am going to reapply with NFCU or maybe with another provider, but I will wait six months to a year. I have too many inquiries. The only reason I went ahead and tried for the second card with NFCU is because I had been with them a little while and I wanted to have two cards with good CL's.

[pizzadude]

That makes sense ~ and NFCU is a fantastic lender, they give really good CLs, so hopefully you can score another one from them....