topic Re: Really need some advice in Credit Cards

Really need some advice

Anonymous — Wed, 11 Mar 2015 15:09:38 GMT

I started out this whole credit adventure with a 580 score and could barely get a Cap 1 $300. Suffice it to say, I'm doing a lot better and managing my credit excellently. I currently have 7 cards and I want to get rid of the subprime ones I have and get down to 3. What I currently have: Cap 1 Quicksilver, Cap 1 Platinum, Credit One Visa, Delta Amex, Barclays MC and a Walmart card. What I want to get down to: Venture Card (done!), Southwest card...Barclay Arrival MC and a discover. Should I start closing the subprime ones (Cap 1 Platiunum, Credit One Visa) and the Cap 1 QS or just leave it alone. I honestly don't want to have this many cards just laying around.

Re: Really need some advice

kdm31091 — Wed, 11 Mar 2015 15:12:09 GMT

I would say yes, you're fine to close them. You have some better cards now, and I imagine the subprime cards have low limits anyway so your utilization shouldn't be adversely impacted by it.

I would go ahead congrats on the newer, better cards. I understand about not wanting unused cards laying around.

Re: Really need some advice

Anonymous — Wed, 11 Mar 2015 15:25:54 GMT

Correct, the Credit One is $500 and the Cap 1 platinum is $300 (but is about to increase due to the credit steps program). The Quicksilver is $2300 so I imagine that one would hurt. The Delta Amex is 1k, The new Venture is 10k and Barclays is 500, Walmart is 800

@kdm31091 wrote:
I would say yes, you're fine to close them. You have some better cards now, and I imagine the subprime cards have low limits anyway so your utilization shouldn't be adversely impacted by it.

I would go ahead congrats on the newer, better cards. I understand about not wanting unused cards laying around.

Re: Really need some advice

Anonymous — Wed, 11 Mar 2015 15:29:25 GMT

@Anonymous wrote:
Correct, the Credit One is $500 and the Cap 1 platinum is $300 (but is about to increase due to the credit steps program). The Quicksilver is $2300 so I imagine that one would hurt. The Delta Amex is 1k, The new Venture is 10k and Barclays is 500, Walmart is 800

Maybe it wouldn't hurt to hang on to the Quicksilver a little longer?

Re: Really need some advice

Anonymous — Wed, 11 Mar 2015 15:40:46 GMT

The Barclays mastercard that you have may be able to be PC'd to the arrival...have you tried that yet?

Re: Really need some advice

baller4life — Wed, 11 Mar 2015 15:43:53 GMT

I would keep Quicksilver for now. You can event I close it once file gets thicker. Close Credit One and Cap 1,Plat for sure.

Re: Really need some advice

Anonymous — Wed, 11 Mar 2015 15:45:14 GMT

@Anonymous wrote:
The Barclays mastercard that you have may be able to be PC'd to the arrival...have you tried that yet?

You can do that with Barclay? I didn't know. How would I go about doing that...just calling them up I guess? Not sure I've had it long enough tho (got it in December)

Re: Really need some advice

Blodreina — Wed, 11 Mar 2015 15:48:39 GMT

I would hang on to those Capital One cards, at least to see what CLI credit steps grants you.

Re: Really need some advice

kdm31091 — Wed, 11 Mar 2015 15:55:49 GMT

I would definitely ditch the Cap 1 Platinum as even if you got credit steps/CLI, it's not a very useful card IMO.

I would keep the Quicksilver however. Didn't know you planned to close that one when I made my original post of advice.

Re: Really need some advice

corymcd88 — Wed, 11 Mar 2015 15:55:53 GMT

Get rid of Credit One keep Cap 1.

Re: Really need some advice

Anonymous — Wed, 11 Mar 2015 15:56:38 GMT

Delta Amex is useful too..A few years back I closed cards that I thought werent good enough which turned out to be a mistake because I should have just gardened them and had to start all over. Please dont make that same mistake but I agree with getting rid of credit one and cap plat.

Re: Really need some advice

Anonymous — Wed, 11 Mar 2015 16:03:26 GMT

I'd close whatever card I felt was no longer working for me, and not worry about losing a few points here and there, I'll get em back. ESPECIALLY if that card has a AF. Not gonna pay ya to keep a card in my wallet just to say I have it. I have 5 cards, but 2 are on the chopping block soon as I close this mortgage. They have AFs and I'm phasing out any card that has a AF, and replace them with 2 non AF, nice reward cards.

I don't need or want 50k in available credit spread out over 10+ cards. Don't have time, or inclination to manage all that, and live in fear some joker hacks a card with 25k credit line. But that's just me, many have a opposite view, there is no right or wrong way.

The only caveat being if I was in a mortgage process than I'd let em ride till I closed.

Re: Really need some advice

Anonymous — Wed, 11 Mar 2015 16:08:47 GMT

@Anonymous wrote:
I'd close whatever card I felt was no longer working for me, and not worry about losing a few points here and there, I'll get em back. ESPECIALLY if that card has a AF. Not gonna pay ya to keep a card in my wallet just to say I have it. I have 5 cards, but 2 are on the chopping block soon as I close this mortgage. They have AFs and I'm phasing out any card that has a AF, and replace them with 2 non AF, nice reward cards.

I don't need or want 50k in available credit spread out over 10+ cards. Don't have time, or inclination to manage all that, and live in fear some joker hacks a card with 25k credit line. But that's just me, many have a opposite view, there is no right or wrong way.

The only caveat being if I was in a mortgage process than I'd let em ride till I closed.

Hmm, good point with the last line. I'm sorta in the mortgage process? Haven't found a home yet, but I applied, was approved etc...but I know they do one last pull the day before closing or something like that. I'll probably let it ride until after I find and close on a house.

Re: Really need some advice

Anonymous — Wed, 11 Mar 2015 16:43:28 GMT

@Anonymous wrote:
I started out this whole credit adventure with a 580 score and could barely get a Cap 1 $300. Suffice it to say, I'm doing a lot better and managing my credit excellently. I currently have 7 cards and I want to get rid of the subprime ones I have and get down to 3. What I currently have: Cap 1 Quicksilver, Cap 1 Platinum, Credit One Visa, Delta Amex, Barclays MC and a Walmart card. What I want to get down to: Venture Card (done!), Southwest card...Barclay Arrival MC and a discover. Should I start closing the subprime ones (Cap 1 Platiunum, Credit One Visa) and the Cap 1 QS or just leave it alone. I honestly don't want to have this many cards just laying around.

These two. Close em.