topic Considering to close some cards? in Credit Cards

Considering to close some cards?

Anonymous — Wed, 19 Feb 2020 17:59:19 GMT

Ok so this is my first post but I have been reading the forums and learning a lot that has helped me raise my scores. But I'm at a point now where I'm considering closing some of my lower limit cards. The cards I currently have are

chase freedom unlimited - $6k limit

discover IT - $1250 limit

USAA - $2k limit

chase slate - $500 limit

navy federal cash rewards - $500 limit

Capital one - $950 limit

considering closing the slate as well as the capital one seeing as they have the lowest limits and I believe if I do this I can free up the possibility of raising my usaa, freedom, and discover limits higher. But I'm not sure if doing this will help my score or hurt it especially since the CLI aren't guaranteed. Any help in doing this would be appreciated. The freedom and the capital one are the oldest cards I have.

Re: Considering to close some cards?

AverageJoesCredit — Wed, 19 Feb 2020 14:30:05 GMT

@Anonymous wrote:
Ok so this is my first post but I have been reading the forums and learning a lot that has helped me raise my scores. But I'm at a point now where I'm considering closing some of my lower limit cards. The cards I currently have are

chase freedom - $6k limit
discover IT - $1250 limit
USAA - $2k limit
chase slate - $500 limit
navy federal cash rewards - $500 limit
Capital one - $950 limit

considering closing the slate as well as the capital one seeing as they have the lowest limits and I believe if I do this I can free up the possibility of raising my usaa, freedom, and discover limits higher. But I'm not sure if doing this will help my score or hurt it especially since the CLI aren't guaranteed. Any help in doing this would be appreciated. The freedom and the capital one are the oldest cards I have.

Lookong at your scores, i would keep everything open for now. You have a good mix of lenders. You might try moving the limit of the Slate to your other Chase card if you want to close that. Once you hit the 700's reevaluate where you are, plus you'll have more options. Just my $.02

Re: Considering to close some cards?

Anonymous — Wed, 19 Feb 2020 14:30:22 GMT

Thank you. I was thinking if I let them sit at zero balance and combine the slate with the freedom then close slate. I can just focus on using one card each month and keep my utilization low to build my scores up as well.

Re: Considering to close some cards?

kerplunk — Wed, 19 Feb 2020 14:30:57 GMT

I would hold tight and not make any moves except maybe product changing the Slate to Freedom Unlimited.

Re: Considering to close some cards?

Anonymous — Wed, 19 Feb 2020 14:36:22 GMT

Welcome to the forums OP! I agree with Joe. I would wait since you have a good mix of cards right now despite low limits. I'd wait for your scores to rise some more, at least 670 that way they'd be considered "good." You never know, as your scores rise those limits may increase over time.

Re: Considering to close some cards?

HeavenOhio — Wed, 19 Feb 2020 14:40:23 GMT

Welcome, @Anonymous.

It's hard to give advice without knowing about your other cards. However, I concur with the advice above to do something with the Slate — either closing, combining it with the Freedom, or product-changing to a Freedom Unlimited. I agree with @AverageJoesCredit's take that you have a nice mix of lenders.

Which Capital One card do you have?

Re: Considering to close some cards?

FinStar — Wed, 19 Feb 2020 14:50:39 GMT

@AverageJoesCredit wrote:
@Anonymous wrote:
Ok so this is my first post but I have been reading the forums and learning a lot that has helped me raise my scores. But I'm at a point now where I'm considering closing some of my lower limit cards. The cards I currently have are

chase freedom - $6k limit
discover IT - $1250 limit
USAA - $2k limit
chase slate - $500 limit
navy federal cash rewards - $500 limit
Capital one - $950 limit

considering closing the slate as well as the capital one seeing as they have the lowest limits and I believe if I do this I can free up the possibility of raising my usaa, freedom, and discover limits higher. But I'm not sure if doing this will help my score or hurt it especially since the CLI aren't guaranteed. Any help in doing this would be appreciated. The freedom and the capital one are the oldest cards I have.
Lookong at your scores, i would keep everything open for now. You have a good mix of lenders. You might try moving the limit of the Slate to your other Chase card if you want to close that. Once you hit the 700's reevaluate where you are, plus you'll have more options. Just my $.02

Unfortunately, they won't typically reallocate anything $500 or < to another card. The option to PC would likely be the best route if the OP wants to keep it.

Re: Considering to close some cards?

AverageJoesCredit — Wed, 19 Feb 2020 14:56:51 GMT

Funny question, does pcing to a Freedom or FU affect any future SUB on that card?

Re: Considering to close some cards?

FinStar — Wed, 19 Feb 2020 15:08:54 GMT

@AverageJoesCredit wrote:
Funny question, does pcing to a Freedom or FU affect any future SUB on that card?

Well, I suppose it depends. Since the OP already has Freedom, then the SUB rules would apply to that particular product.

If they decide to PC Slate to FU, then they wouldn't be elegible to apply for FU because the system would detect they have an existing FU account. Potentially, they can certainly switch the Slate into another Freedom and combine the larger line onto the smaller one. A bit of trapeze maneuvers.

Or, the OP can apply for FU separately to obtain that SUB (provided they're under 5/24 or have one of those handy dandy pre-approved offers). So, a few options are available.

Re: Considering to close some cards?

Anonymous — Wed, 19 Feb 2020 17:24:20 GMT

Capital one quicksilver. And the cards listed are the only ones I have.

Re: Considering to close some cards?

SouthJamaica — Wed, 19 Feb 2020 18:14:13 GMT

@Anonymous wrote:
Capital one quicksilver. And the cards listed are the only ones I have.

I would sit tight, except try to move the Slate limit to the Freedom.

Re: Considering to close some cards?

IncrsCreditScore — Wed, 19 Feb 2020 18:23:09 GMT

Agree with everyone who says sit tight, except for an attempt to move the Slate limit to the Freedom and close the Slate after that has been accomplished. Would not close any of the others. Many times, some of your current cards may be sleepers, but end up being your best cards in the future.

Re: Considering to close some cards?

Anonymous — Sun, 23 Feb 2020 05:14:58 GMT

Hi, please don't close any card. Even if you are not using them just leave them be. If you close them, the age of your average credit history and utilization would go down. When your credit utilization availability goes down, whatever credit utilization you currently have would go up. That would mean your scores would go down.

Re: Considering to close some cards?

Anonymous — Tue, 25 Feb 2020 06:36:52 GMT

Thank you all for the help and advice. Have decided to pay off the low limit cards and let them sit. Pay down as much as possible on the higher limit cards and keep making monthly payments above minimum to get cards back under 30%. Will have about 4 months after doing this to let scores update and hopefully get above 700 so that I can buy my forever home with no issues. Will be closing on the sale of my home in about 2 weeks. So once all these things update on my report that will let me know where my scores stand before I apply for my mortgage to buy new home.