topic Re: Need help in deciding which cards to close in Credit Cards

Need help in deciding which cards to close

morgacj2004 — Thu, 28 Jul 2016 06:15:02 GMT

So after recently being declined by Chase and AX I realized I may have too many accounts and too much available credit. I have listed my cards below and would love to hear suggestions about which cards to close.

1. Cap One- 4 cards total CL of 47k 3 k bal. includes Venture, Venture One, Platinum and QS. CLOSED. Platinum.

2. Barclay - 2 cards Arr+ and Cash Fwd. 8k TCL 2 k bal

3. BofA. Cash Rewards PIF. 2k CLHeavy use

4. Pen Fed Plat Rewards 5k. CL PIF Heavy use

5. NFCU Flagship 5k CL new card

6. CITI secured minor use. Waiting to get unsecured

7. CITI Costco 9.5 k PIF

8. SEARS MC 2k. PIF

9. Stash Visa 12k PIF CLOSED

10. Disc IT 5k PIF CLOSED. Still AU on my wife's card.

11. JCP 6 k. PIF

12. Kohls 3k PIF

13. Virgin America Visa 4k PIF

14. Target 2k PIF. CLOSED

15. Blue Nile 27k PIF

16 BR 3.5k PIF. CLOSED

17. VS 2k PIF. CLOSED

18. AE 4K PIF CLOSED

19 AKUSA FCU Visa 10k PIF

20. PayPal 1k 0 bal

21. NFCU 15 k CLOC 0bal

22. Amazon store card 6k PIF

23. Cabelas 5k PIF

24. Zales 4.5k PIF

i have have been using the PenFed, BC, BofA, Amazon, the most. Use the BC cash fwd and CO Venture one for 0% APR promo. I already closed my Chevron ,BC Rewards and Credit One.

Re: Need help in deciding which cards to close

driftless — Mon, 25 Jul 2016 03:11:46 GMT

Wow. I would pick 16+ of them to close.

Re: Need help in deciding which cards to close

Anonymous — Mon, 25 Jul 2016 03:11:58 GMT

Can you combine the capital one cards and cut some more store cards loose?

Re: Need help in deciding which cards to close

morgacj2004 — Mon, 25 Jul 2016 03:15:14 GMT

CO EEO has made an open work order to fix combo error not holding my breath. My only store cards with regular use are JCP and Amazon. Sears is an old acct that I want to keep open.

Re: Need help in deciding which cards to close

AverageJoesCredit — Mon, 25 Jul 2016 03:15:49 GMT

Hey, great line up looks like you got alot of great cards in my humble opinion!. Im the farthest from a credit expert but maybe your stores cards like JCP and Kohls?. I only say this since it looks like you got plenty of visa/mc/disc/amex to cover purchases there?. Honestly, not sure apart from there as im still rebuilding. I do know im managing like 18 accounts , no where near the class of your nice collection and hopefully i get to that point that i can reduce as well. Best of luck with your decisions

Re: Need help in deciding which cards to close

Anonymous — Mon, 25 Jul 2016 03:16:49 GMT

Regret your app sprees yet? Lol

But I would close all store cards you don't use monthly.

Re: Need help in deciding which cards to close

Anonymous — Mon, 25 Jul 2016 03:21:28 GMT

You definitely have a lot of accounts to manage. If you are looking to close accounts, I would consider which have AF and which give you the best rewards for what you need. I've always considered accounts that do not use still add to your overall CL and help keep your utilization lower. Even if it means throwing a small purchase and then PIF to keep it active is still good, asuming you can actively manage all of those accounts.

When you were denied from Chase and AX, what is the reason that was given for denial? If those accounts were all created in the past two years, it could be "too many INQ" in which case I would hold on to all the accounts (unless there are AF), and then wait for the INQ to drop off before applying.

Re: Need help in deciding which cards to close

Gmood1 — Mon, 25 Jul 2016 03:25:40 GMT

I'd vote to combine Cap ones if possible and dump the store cards you don't use. I'd keep the larger banks and CU cards. It's possible that your amount of open credit is fine.
Just too many open recently could be the main issue.

Re: Need help in deciding which cards to close

Anonymous — Mon, 25 Jul 2016 03:31:25 GMT

@morgacj2004 wrote:
CO EEO has made an open work order to fix combo error not holding my breath. My only store cards with regular use are JCP and Amazon. Sears is an old acct that I want to keep open.

I was going to say to combine the 2 Venture's % the QS/Plat. Which eliminates 2. Depending on what store cards you are using or just using for the heck of it. I would say close all of those that you don't really use. And then go down the list on the visa's/mc's that aren't prime's. Except tor the ones that have great cl's. It depends on how many you're wlling to part with also.

Re: Need help in deciding which cards to close

Anonymous — Mon, 25 Jul 2016 04:26:52 GMT

No expert, but close all store cards. Jmo. I don't personally see value in store cards unless you don't have bank cards who can compete with the perks and limits. The only one store card who has any real clout is Amazon, and again jmo. Next combine all multiple bank cards.

Sincere question....if you have prime bank cards, why would you need store cards unless you are rebuilding? And utilization is not really a strong factor (many store cards are really low limits) so anything other than that. I'm not being snarky, I'm wanting to learn.

Re: Need help in deciding which cards to close

morgacj2004 — Mon, 25 Jul 2016 05:06:28 GMT

I got the store cards because I was rebuilding. I am now in the final stage where I need to fine tune and use only premium cards. I still would like to get a CSP and Perhaps Double Cash. But that is 1-2 yrs off.

Re: Need help in deciding which cards to close

Anonymous — Mon, 25 Jul 2016 06:03:33 GMT

@morgacj2004 wrote:
So after recently being declined by Chase and AX I realized I may have too many accounts and too much available credit. I have listed my cards below and would love to hear suggestions about which cards to close.

1. Cap One- 4 cards total CL of 47k 3 k bal. includes Venture, Venture One, Platinum and QS (I would ask the EO to help if you have any issues in combining. They may be willing to increase a card if one is unable to combine, in exchange for closing it. Weigh out which is oldest and lowest APR)
2. Barclay - 2 cards Arr+ and Cash Fwd. 8k TCL 2 k bal (as weird as barclays is, that is up to you. they are notoriors for CLD etc but you are enjoy promo apr so keep the cash FWD. Downgrade the A+ if you do not take advantage of the harder to redeem travel rewards, or move CL and close)
3. BofA. Cash Rewards PIF. 2k CLHeavy use (def keep, be good to them, and they'll be good to you, how old is the card? when dust has settled after closing some accounts, i'd consider a CLI)
4. Pen Fed Plat Rewards 5k. CL PIF Heavy use (def keep)
5. NFCU Flagship 5k CL new card
6. CITI secured minor use. Waiting to get unsecured (maybe amp up usage with this?)
7. CITI Costco 9.5 k PIF (keep!)
8. SEARS MC 2k. PIF (even if its your oldest card it will still help your scores for 10 years from closing.)
9. Stash Visa 12k PIF (synch bank, 3% cash back at limited hotel chain, prob close, better to use citi)
10. Disc IT 5k PIF (def keep not just for rotating cats but for for BT offers, request CLI every 90 daysish)
11. JCP 6 k. PIF (probably close unless you somehow benefit greatly with discounts)
12. Kohls 3k PIF (keep this if you shop there even twice a year. they have great cardholder coupons)
13. Virgin America Visa 4k PIF (what types of awards do you earn with this? which version do you have? do you benefit enough to justify the AF? http://thepointsguy.com/2014/10/which-virgin-america-visa-signature-card-is-best-for-you/)
14. Target 2k PIF(could get upgraded to visa, but not guaranteed, also your CL seems to be good for this card, issued by TD bank....could also get same rate eith target debit card though)
15. Blue Nile 27k PIF (close it, but keep it at the end of your close list as it could affect your util.)
16 BR 3.5k PIF (synchrony bank. could be upgraded to visa AFAIK. shop often here with cardholder perks maybe keep? Otherwise better to buy BR gift cards from gift card granny using regular cash back card, and get shopping portal discount on top of coupons)
17. VS 2k PIF (close, better to do the same as BR)
18. AE 4K PIF (close, better to do the same as BR)
19 AKUSA FCU Visa 10k PIF (do you have their checking as to avoid paying the $49 AF? if the rate is 10.25% and you enjoy the no FTFs and other perks, keep it)
20. PayPal 1k 0 bal
21. NFCU 15 k CLOC 0bal (keep)
22. Amazon store card 6k PIF(keep esp if you shop at amazon regularly, otherwise you can just buy amazon gift cards with your discover)
23. Cabelas 5k PIF (this is a visa, if you enjoy extra perks with this, then keep, otherwise follow same advice for BR)

i have have been using the PenFed, BC, BofA, Amazon, the most. Use the BC cash fwd and CO Venture one for 0% APR promo. I already closed my Chevron ,BC Rewards and Credit One.

I dont even know what your monthly spend is with cards. But I would not close 10 cards at once, especially the ones with double digit limits. Maybe close 3 or 4 and in a few months repeat. If you have navy federal, are you active duty or in the military? There are some discounts you could be getting on your annual fees.

Your 3 scores are great compared to what they were previously. Did the BK drop off in 2012? Otherwise in 3 years and 4 months things will be looking really good for your scores. I'd say you have some great starting relationships with a variety of credit unions. There is nothing wrong with carrying a balance on a card as long as its at little or no interest. You can now do debt shuffles without opening more cards, which is a great flexibility if you wanted extra time to pay off a card, just be careful not to abuse this move. Then in a year or two you can really evaluate all of your spending, and get the cards that earn you the most points and miles.

I believe your sears visa is with citi. Did you apply for the citi costco or did you have amex? I am assuming that amex would not approve you for the same CL on a blue cash due to your BK? When did you apply for the citi secured card, before we knew that costco was changing I assume? I don't know much about the citi secured card, but I have certainly heard more positive stories about the BOA secured card getting unsecured earlier than expected paired with an increase.

Re: Need help in deciding which cards to close

Dahlia77 — Mon, 25 Jul 2016 09:52:44 GMT

@morgacj2004 wrote:
CO EEO has made an open work order to fix combo error not holding my breath. My only store cards with regular use are JCP and Amazon. Sears is an old acct that I want to keep open.

Definitely VS and Kohls - getting rid of store cards that aren't instrumental in your day to day spending should be easy to cut loose. They also aren't among your higher limit cards, closer to your lower limit cards. Cabelas too if you can dump it. I wouldn't start closing all at same time. Maybe two at a time and slowly trim back the fat until you've really trimmed the fat.

Re: Need help in deciding which cards to close

Dahlia77 — Mon, 25 Jul 2016 09:59:25 GMT

I'd also be persistent about seeing if you can merge some of those cap one limits. And cut as many more of the store cards as you can. I understand that a couple of your store cards have high limits and you might be reluctant to lose them because of the limits and buffering utilization but imho if I wasn't a die hard shopper in those stores and loved them to no end I'd cut them. Even a couple of accounts every couple of months so you don't feel the dive in utilization. They will report in good standing and closed by customer for 10 years so you won't feel the impact for a decade and with as thick a file as you have you shouldn't feel it at all.

Personally I'd be uncomfortable with that many cards. Trim the fat and the creditors you're after will be a lot easier on you. Good luck!

Re: Need help in deciding which cards to close

Anonymous — Mon, 25 Jul 2016 10:28:00 GMT

@morgacj2004 wrote:
So after recently being declined by Chase and AX I realized I may have too many accounts and too much available credit. I have listed my cards below and would love to hear suggestions about which cards to close.

1. Cap One- 4 cards total CL of 47k 3 k bal. includes Venture, Venture One, Platinum and QS
2. Barclay - 2 cards Arr+ and Cash Fwd. 8k TCL 2 k bal
3. BofA. Cash Rewards PIF. 2k CLHeavy use
4. Pen Fed Plat Rewards 5k. CL PIF Heavy use
5. NFCU Flagship 5k CL new card
6. CITI secured minor use. Waiting to get unsecured
7. CITI Costco 9.5 k PIF
8. SEARS MC 2k. PIF
9. Stash Visa 12k PIF
10. Disc IT 5k PIF
11. JCP 6 k. PIF
12. Kohls 3k PIF
13. Virgin America Visa 4k PIF
14. Target 2k PIF
15. Blue Nile 27k PIF
16 BR 3.5k PIF
17. VS 2k PIF
18. AE 4K PIF
19 AKUSA FCU Visa 10k PIF
20. PayPal 1k 0 bal
21. NFCU 15 k CLOC 0bal
22. Amazon store card 6k PIF
23. Cabelas 5k PIF

i have have been using the PenFed, BC, BofA, Amazon, the most. Use the BC cash fwd and CO Venture one for 0% APR promo. I already closed my Chevron ,BC Rewards and Credit One.

-Close out Venture, Venture One, and Platinum Capital One cards.

-Close out cash forward Barclaycard.

-Close out Bank of America card.

-Close out Citi secured, you don't need it.

-Close out Sears MasterCard

-Close out Stash Visa

-Close out JCP card.

-Close out Kohls card.

-Close out Virgin America Visa.

-Close out Target card.

-Close out Blue Nile.

-Close out BR card.

-Close out VS card.

-Close out AE card.

-Close out PayPal card.

-Close out Cabelas card.

That'll leave you with 5 open credit cards. You'll have a much better shot at that point to get an AMEX or Chase card. Use your Amazon card for long term 0% financing only, and use your QS and Barclays Arrival for everyday spend. Give it about six months after you close all of those cards to apply again.

Re: Need help in deciding which cards to close

Anonymous — Mon, 25 Jul 2016 10:31:46 GMT

@Dahlia77 wrote:
I'd also be persistent about seeing if you can merge some of those cap one limits. And cut as many more of the store cards as you can. I understand that a couple of your store cards have high limits and you might be reluctant to lose them because of the limits and buffering utilization but imho if I wasn't a die hard shopper in those stores and loved them to no end I'd cut them. Even a couple of accounts every couple of months so you don't feel the dive in utilization. They will report in good standing and closed by customer for 10 years so you won't feel the impact for a decade and with as thick a file as you have you shouldn't feel it at all.

Personally I'd be uncomfortable with that many cards. Trim the fat and the creditors you're after will be a lot easier on you. Good luck!

Good post. OP, don't forget to see if you can merge all of those limits with your QS before you close 3/4 of those accounts.

Re: Need help in deciding which cards to close

galahad15 — Mon, 25 Jul 2016 11:51:52 GMT

If you occasionally revolve a balance and/or care about APR, I would just encourage you to consider closing higher-APR cards as opposed to lower-APR cards, in whichever ones you end up deciding to close or keep. Good luck!

Re: Need help in deciding which cards to close

driftless — Mon, 25 Jul 2016 12:07:00 GMT

I would look at it a little differently, which cards do you want to have long term? Combining Cap One cards is an excellent suggest.

Re: Need help in deciding which cards to close

redpat — Mon, 25 Jul 2016 12:14:02 GMT

@morgacj2004 wrote:
So after recently being declined by Chase and AX I realized I may have too many accounts and too much available credit. I have listed my cards below and would love to hear suggestions about which cards to close.

1. Cap One- 4 cards total CL of 47k 3 k bal. includes Venture, Venture One, Platinum and QS (combine venture into QS)
2. Barclay - 2 cards Arr+ and Cash Fwd. 8k TCL 2 k bal (Pay then close)
3. BofA. Cash Rewards PIF. 2k CLHeavy use
4. Pen Fed Plat Rewards 5k. CL PIF Heavy use
5. NFCU Flagship 5k CL new card
6. CITI secured minor use. Waiting to get unsecured
7. CITI Costco 9.5 k PIF
8. SEARS MC 2k. PIF
9. Stash Visa 12k PIF
10. Disc IT 5k PIF
11. JCP 6 k. PIF
12. Kohls 3k PIF
13.gin America V Virisa 4k PIF
14. Target 2k PIF
15. Blue Nile 27k PIF
16 BR 3.5k PIF
17. VS 2k PIF
18. AE 4K PIF
19 AKUSA FCU Visa 10k PIF
20. PayPal 1k 0 bal
21. NFCU 15 k CLOC 0bal
22. Amazon store card 6k PIF
23. Cabelas 5k PIF

i have have been using the PenFed, BC, BofA, Amazon, the most. Use the BC cash fwd and CO Venture one for 0% APR promo. I already closed my Chevron ,BC Rewards and Credit One.

See in red(to close) above and that should get you down to seven.

Re: Need help in deciding which cards to close

nrm — Mon, 25 Jul 2016 13:36:40 GMT

@redpat wrote:
@morgacj2004 wrote:
So after recently being declined by Chase and AX I realized I may have too many accounts and too much available credit. I have listed my cards below and would love to hear suggestions about which cards to close.

1. Cap One- 4 cards total CL of 47k 3 k bal. includes Venture, Venture One, Platinum and QS (combine venture into QS)
2. Barclay - 2 cards Arr+ and Cash Fwd. 8k TCL 2 k bal (Pay then close)
3. BofA. Cash Rewards PIF. 2k CLHeavy use
4. Pen Fed Plat Rewards 5k. CL PIF Heavy use
5. NFCU Flagship 5k CL new card
6. CITI secured minor use. Waiting to get unsecured
7. CITI Costco 9.5 k PIF
8. SEARS MC 2k. PIF
9. Stash Visa 12k PIF
10. Disc IT 5k PIF
11. JCP 6 k. PIF
12. Kohls 3k PIF
13.gin America V Virisa 4k PIF
14. Target 2k PIF
15. Blue Nile 27k PIF
16 BR 3.5k PIF
17. VS 2k PIF
18. AE 4K PIF
19 AKUSA FCU Visa 10k PIF
20. PayPal 1k 0 bal
21. NFCU 15 k CLOC 0bal
22. Amazon store card 6k PIF
23. Cabelas 5k PIF

i have have been using the PenFed, BC, BofA, Amazon, the most. Use the BC cash fwd and CO Venture one for 0% APR promo. I already closed my Chevron ,BC Rewards and Credit One.

See in red(to close) above and that should get you down to seven.

This! May I suggest to keep the oldest one if it falls into the red zone?