topic Re: Time to Close Some Cards? in Credit Cards

Time to Close Some Cards?

Creditworthiness — Thu, 27 Aug 2015 20:45:43 GMT

I just got a few new cards and am wondering if it is time to get rid of some old accounts. My AAoA is still pretty low (8 years).

Capital One Platinum Card -- this has no AF but also no discernable benefits. It was my first "grown-up" CC so it is helping my AAoA (I think it dates back to 2006). CL is $3,500 -- my lowest CL. I have not used this card since 2014 and am basically debating between using it once just to keep it somewhat current and closing it because it has no value to me other than AAoA.

Capital One Quicksilver One -- I believe this has an AF of $39. Have had this card since 2013. It was my first rewards cards but now I've developed an overall rewards strategy and this isn't really part of it. I have two other cash back cards (Freedom and AmEX BCP) and two travel cards (Platinum Delta AmEx and Chase Sapphire Preferred). This one has a higher limit -- $7500 -- but is still my second lowest limit (the others are 10.5k; 15k; 13k and 33k in that order). I guess alternately I could try to upgrade this to Quicksilver with no AF? Or close the CapOne Platinum but move the CL over to the Quicksilver?

I'm open to any and all ideas! Thanks!

Re: Time to Close Some Cards?

Anonymous — Thu, 27 Aug 2015 20:53:26 GMT

I really think it all depends on what you are trying to accomplish.

If you are trying to maximize your credit scores, people will usually recommend you keep them open in order to keep overall utilization low. If you are just trying to simplify things and have less cards to keep track of, close them out.

Re: Time to Close Some Cards?

SunriseEarth — Thu, 27 Aug 2015 20:59:20 GMT

@Creditworthiness wrote:
I just got a few new cards and am wondering if it is time to get rid of some old accounts. My AAoA is still pretty low (8 years).

Capital One Platinum Card -- this has no AF but also no discernable benefits. It was my first "grown-up" CC so it is helping my AAoA (I think it dates back to 2006). CL is $3,500 -- my lowest CL. I have not used this card since 2014 and am basically debating between using it once just to keep it somewhat current and closing it because it has no value to me other than AAoA.

Capital One Quicksilver One -- I believe this has an AF of $39. Have had this card since 2013. It was my first rewards cards but now I've developed an overall rewards strategy and this isn't really part of it. I have two other cash back cards (Freedom and AmEX BCP) and two travel cards (Platinum Delta AmEx and Chase Sapphire Preferred). This one has a higher limit -- $7500 -- but is still my second lowest limit (the others are 10.5k; 15k; 13k and 33k in that order). I guess alternately I could try to upgrade this to Quicksilver with no AF? Or close the CapOne Platinum but move the CL over to the Quicksilver?

I'm open to any and all ideas! Thanks!

If you want to maintain the history, see if you can PC the Platinum to another card (perhaps QS1). Try calling into a regular CSR first to see what your options are to PC. If there are none, you could try to reach out to the EO. Then you could consolidate your QS1 into the older card. Eventually, you might be able to PC the older card from QS1 to QS.

Alternately, you could see if you can PC your current QS1 to QS, and then consolidate the Platinum into that card.

Re: Time to Close Some Cards?

Anonymous — Thu, 27 Aug 2015 21:00:00 GMT

I would try to PC the Quicksilver One to a regular Quicksilver, then roll the Plat card into it.

Edit: Jinx! Sunrise beat me to it.

Re: Time to Close Some Cards?

Anonymous — Thu, 27 Aug 2015 21:09:17 GMT

no. do it the other way since the platinum is older. pc the platinum into the QS and then roll the QS1 into that and close it. that'll keep the 9 year old card history running and growing and give you an $11k limit and also save you $39 a year.

or just close them both since they aren't doing you any financial good. up to you

Re: Time to Close Some Cards?

Anonymous — Thu, 27 Aug 2015 21:34:03 GMT

1.5% back seems to be your best gen spend return. I would first try to PC the plat to a QS and roll the QS1 into it. If that doesn't work, try to PC the QS1 to a QS, rolling the plat into the new QS. You can also ask to have the annual fee on the QS1 permanently waived, making it a de facto QS.

Re: Time to Close Some Cards?

SouthJamaica — Fri, 28 Aug 2015 00:19:43 GMT

@Creditworthiness wrote:
I just got a few new cards and am wondering if it is time to get rid of some old accounts. My AAoA is still pretty low (8 years).

Capital One Platinum Card -- this has no AF but also no discernable benefits. It was my first "grown-up" CC so it is helping my AAoA (I think it dates back to 2006). CL is $3,500 -- my lowest CL. I have not used this card since 2014 and am basically debating between using it once just to keep it somewhat current and closing it because it has no value to me other than AAoA.

Capital One Quicksilver One -- I believe this has an AF of $39. Have had this card since 2013. It was my first rewards cards but now I've developed an overall rewards strategy and this isn't really part of it. I have two other cash back cards (Freedom and AmEX BCP) and two travel cards (Platinum Delta AmEx and Chase Sapphire Preferred). This one has a higher limit -- $7500 -- but is still my second lowest limit (the others are 10.5k; 15k; 13k and 33k in that order). I guess alternately I could try to upgrade this to Quicksilver with no AF? Or close the CapOne Platinum but move the CL over to the Quicksilver?

I'm open to any and all ideas! Thanks!

It's easy to upgrade both of those cards so I think it would be better to upgrade them than close them.

Just call in, ask if there are any offers to upgrade either of those cards... I'll bet there are.

Re: Time to Close Some Cards?

elim — Fri, 28 Aug 2015 00:27:41 GMT

@Anonymous wrote:
no. do it the other way since the platinum is older. pc the platinum into the QS and then roll the QS1 into that and close it. that'll keep the 9 year old card history running and growing and give you an $11k limit and also save you $39 a year.

or just close them both since they aren't doing you any financial good. up to you

this ^

Re: Time to Close Some Cards?

Anonymous — Fri, 28 Aug 2015 00:50:13 GMT

Combine your QS 1 into the platinum coz that's your oldest card. Then convert it into a QS with no AF. Then use it for a simple 1.5% cash back, else just SD it.

Re: Time to Close Some Cards?

Creditworthiness — Fri, 28 Aug 2015 01:23:34 GMT

Do they hardpull for upgrades? If not, this may be the best bet . . . if I can upgrade the Quicksilver One to Quicksilver with no AF and upgrade the Platinum to something that is actually useful, hopefully also with no AF. Any suggestions on what I could PC the Platinum to?

Re: Time to Close Some Cards?

Creditworthiness — Fri, 28 Aug 2015 01:24:39 GMT

Would I have to wait a length of time before rolling the QS1 into the new QS or can it be done all at once? I've never done this before. Thanks!

Re: Time to Close Some Cards?

Creditworthiness — Fri, 28 Aug 2015 01:30:15 GMT

I just PC'd the Platinum into the QS online in about 30 seconds. That was easy!! Thanks for the advice!! Now just to see when I can roll the QS1 into the QS??

Re: Time to Close Some Cards?

Anonymous — Fri, 28 Aug 2015 01:42:06 GMT

congrats. good thing you didn't close that for no reason lol. goes to show that you should seek advice from more than one person....

Re: Time to Close Some Cards?

laurenjessica — Fri, 28 Aug 2015 02:11:11 GMT

You should be able to combine limits now. You said the card has been SD'ed right? As long as your QS1 has a 0 balance, combination should be available online.

Re: Time to Close Some Cards?

SouthJamaica — Fri, 28 Aug 2015 02:46:32 GMT

@Creditworthiness wrote:
Do they hardpull for upgrades? ......

No they do not

Re: Time to Close Some Cards?

onstar — Fri, 28 Aug 2015 15:58:24 GMT

Nice. I have a VentureOne with about $3,000 balance on it (promo: 12 months 0% interest on purchases). Once I pay that off in six months, I'm gonna move the CL to my much older QS, then close out the V1.

Something refreshing about closing unused or useless cards. Just closed my Chase Slate this morning. Moved the CL to Marriott except for $500 I had to leave on Slate to close out. I don't need the free FICO score (EX) that Slate provides since I get it from Amex (EX). Next might be Chase Amazon. I'm gonna hang on to this until after the holidays. If there is no special offer (extra rewards) for the Chase Amazon during the holidays, then this will get the ax as well.

Re: Time to Close Some Cards?

Anonymous — Fri, 28 Aug 2015 16:04:26 GMT

that's weird you had to leave $500 on your slate to close it. my limit on my chase amazon was only $500 and i rolled it all to my freedom and closed the amazon

Re: Time to Close Some Cards?

onstar — Fri, 28 Aug 2015 16:17:43 GMT

@Anonymous wrote:
that's weird you had to leave $500 on your slate to close it. my limit on my chase amazon was only $500 and i rolled it all to my freedom and closed the amazon

Yeah, that's how Chase typically does it. At least I see many older posts referencing the $500 being left behind.

Maybe it's different if the CL is $500 or less?

Re: Time to Close Some Cards?

kdm31091 — Fri, 28 Aug 2015 16:36:41 GMT

@onstar wrote:
Nice. I have a VentureOne with about $3,000 balance on it (promo: 12 months 0% interest on purchases). Once I pay that off in six months, I'm gonna move the CL to my much older QS, then close out the V1.

Something refreshing about closing unused or useless cards. Just closed my Chase Slate this morning. Moved the CL to Marriott except for $500 I had to leave on Slate to close out. I don't need the free FICO score (EX) that Slate provides since I get it from Amex (EX). Next might be Chase Amazon. I'm gonna hang on to this until after the holidays. If there is no special offer (extra rewards) for the Chase Amazon during the holidays, then this will get the ax as well.

I've never really seen Chase Amazon give extra rewards during the holidays or any other time but...hope springs eternal I guess.

Re: Time to Close Some Cards?

onstar — Fri, 28 Aug 2015 16:47:57 GMT

@kdm31091 wrote:
@onstar wrote:
Nice. I have a VentureOne with about $3,000 balance on it (promo: 12 months 0% interest on purchases). Once I pay that off in six months, I'm gonna move the CL to my much older QS, then close out the V1.

Something refreshing about closing unused or useless cards. Just closed my Chase Slate this morning. Moved the CL to Marriott except for $500 I had to leave on Slate to close out. I don't need the free FICO score (EX) that Slate provides since I get it from Amex (EX). Next might be Chase Amazon. I'm gonna hang on to this until after the holidays. If there is no special offer (extra rewards) for the Chase Amazon during the holidays, then this will get the ax as well.
I've never really seen Chase Amazon give extra rewards during the holidays or any other time but...hope springs eternal I guess.

Amazon Prime Day was generally terrible. However, I still bought stuff that day because of the Chase Amazon offer. Instant $20 coupon when you spend $100+ and pay for it with Chase Amazon. Hoping for something like that for Black Friday or Christmas.