topic Re: Should I Keep or Close in Credit Cards

Should I Keep or Close

Anonymous — Wed, 30 Jan 2019 05:40:48 GMT

I was just approved for a More Rewards American Express credit card from NFCU with a $10,000 credit limit at 18%. I currently have three credit cards at or around 25%.

Capital One Platinum - $500 CL - 2 to 3 years old - No annual fees
Capital One Quicksilver One - $300 CL - 2 to 3 years old - Annual fees - Rewards
Avant Card - $300 CL - 3 months old - Annual fees

I transferred my balances to the AMEX card so the older cards are not currently carrying balances.

Long story short, should I close the three cards above or keep them open?

Re: Should I Keep or Close

Anonymous — Wed, 30 Jan 2019 05:03:53 GMT

Short answer if it were me. Keep the no AF card. Close the cards with an AF. Just my 2 cents.

Re: Should I Keep or Close

Remedios — Wed, 30 Jan 2019 05:12:19 GMT

@Anonymous wrote:
I was just approved for a More Rewards American Express credit card from NFCU with a $10,000 credit limit at 18%. I currently have three credit cards at or around 25%.

Capital One Platinum - $500 CL - 2 to 3 years old - No annual fees
Capital One Quicksilver One - $300 CL - 2 to 3 years old - Annual fees
Avant Card - $300 CL - 3 months old - Annual fees
I transferred my balances to the AMEX card so the older cards are not currently carrying balances.

Long story short, should I close the three cards above or keep them open?

Close 2 and 3, keep 1 and see if they will let you PC to regular QS (no AF)

You should have at least one card not on Amex network just in case.

Re: Should I Keep or Close

Anonymous — Wed, 30 Jan 2019 05:42:44 GMT

Good point about having a back up for AMEX.

Also would like to add that the C1 Platinum is partially secured, and the C1 Quicksilver One is a rewards card.

Re: Should I Keep or Close

AverageJoesCredit — Wed, 30 Jan 2019 12:12:37 GMT

If you already paid the af's, wait a couple months to see if you can pick up a second Navy card, then if you get it, ax the af cards That way you have the 3 cards best suited for Fico scoring.

Re: Should I Keep or Close

Anonymous — Wed, 30 Jan 2019 12:17:13 GMT

I would call Cap 1 and ask to PC and CLI on one of the card and close the other. I would close avant.

Re: Should I Keep or Close

Anonymous — Wed, 30 Jan 2019 14:14:32 GMT

I would say close the AF cards like Cap One Quick Silver if you can PC the Plat to the non AF Quick Silver. If so, combine the AF Cap One card into the new non AF card, thus increasing your limit. I would recomend requesting a credit limit increase on both before doing so as doing it renders you unable to request one for 6 months.

Avant, just close it. It has served its purpose.

Re: Should I Keep or Close

pinkandgrey — Wed, 30 Jan 2019 14:27:24 GMT

Personally I would close all three. They’re not helping you and you have way better cards. AAoA won’t be affected for a long time.

Re: Should I Keep or Close

Anonymous — Wed, 30 Jan 2019 14:37:06 GMT

I would dump the AF cards before the next fee hits.

This is just a personal thing, but the generous calculation of your AAoA (counting three years on 1 and 2) is that it is about 1.5 years since you have those two new cards. If you plan on getting another card, I would give that about 6 months or so to let your AAoA get back up to two years. Granted, this is counting the two cards at 3 years each, so it is very likely that your AAoA is a couple of months shorter than the calculations I did.

Re: Should I Keep or Close

HeavenOhio — Thu, 31 Jan 2019 04:59:58 GMT

Call Capital One and see if the QuicksilverOne card can be upgraded to a no-fee Quickisilver card. QuicksilverOnes are notoriously hard to upgrade, but if you've been using the card each and every month, your chances are probably better than if you're not.

If an upgrade offer isn't available now, keep using the card each and every month, and call in to check for upgrade offers every month. I was able to PC (product-change) two QS1 cards after 12 or 13 consecutive months of usage.

I'd close Avant right now and consider the Capital One cards to be candidates for eventual closure once you have successor cards. If you're able to upgrade the QS1, there'd be no need to close it.

Re: Should I Keep or Close

Anonymous — Thu, 31 Jan 2019 02:05:48 GMT

Should I apply for an NFCU secured card when I close the others or wait for an offer from NFCU for another unsecured card? I hear that they may send an offer if I stay on top of my payments.

Re: Should I Keep or Close

SouthJamaica — Thu, 31 Jan 2019 02:09:10 GMT

@Anonymous wrote:
I was just approved for a More Rewards American Express credit card from NFCU with a $10,000 credit limit at 18%. I currently have three credit cards at or around 25%.

Capital One Platinum - $500 CL - 2 to 3 years old - No annual fees
Capital One Quicksilver One - $300 CL - 2 to 3 years old - Annual fees - Rewards
Avant Card - $300 CL - 3 months old - Annual fees
I transferred my balances to the AMEX card so the older cards are not currently carrying balances.

Long story short, should I close the three cards above or keep them open?

I would close the Avant card, keep the others open.

I would call Capital One, and ask if your Quicksilver One is eligible for an upgrade yet.

Re: Should I Keep or Close

SouthJamaica — Thu, 31 Jan 2019 02:11:48 GMT

@Anonymous wrote:
Should I apply for an NFCU secured card when I close the others or wait for an offer from NFCU for another unsecured card? I hear that they may send an offer if I stay on top of my payments.

No.

You're beyond that now; you don't need secured cards any more.