topic Re: Please Help Me Cut Down On My Open Cards/Accounts in Credit Cards

Please Help Me Cut Down On My Open Cards/Accounts

northway — Sun, 01 Jan 2023 05:48:33 GMT

So I have the following cards open, and I think I have too much overlap or open accounts in general to the point where it's counting against me. Note that I worked my way out of multiple chargeoffs and a 500 range score for years and some of these accounts are vestiges or accounts that had graduated out of being secured previously. I'm assuming the answer is going to be to cut high rate cards or dump Comenity/Synchrony including any remaining secured accounts, but I wanted some confirmation. Income is in the lower 6 figures and FICO is hovering around 730.

I do not keep balances whatsoever anymore, so I'm not terribly worried about given interest rates.

Alaska USA Visa Signature $7.5K @ 10.5% (1%CB/0%FTF)

Alaska USA LOC $7.5K @ 13.5%

American Airlines FCU Secured Visa $500 @ 18% (1%Rewards/0%FTF)

American Airlines FCU LOC $100 @ 18%

Amex Platinum NPSL $4K POT Limit @ 20%

BCU Visa Signature $30K @ 12% (2%CB/0%FTF)

BCU LOC $30K @ 8.5%

Citi Prestige World Elite $2K @ 12% (5% Travel/0%FTF)

Comenity B&H $2K @ ?

Comenity Express $300 @ ?

Comenity Lands End $150 @ ?

Comenity J. Crew $500 @ ?

HFS FCU Visa Signature $5K @ 18% - (2%CB/0%FTF)

HVCU Visa Signature $30K @ 15% - (2%CB/0%FTF)

HVCU LOC 10K @ 14%

ICCU Premier Rewards $30K @ 16% - (1.2%CB)

Kauai FCU Visa $10K @ 12% - (1%CB/0%FTF)

Kauai FCU LOC $1K @ 11%

M&T Visa Secured $500 @ 22%

SchoolsFirst FCU School Employee Mastercard $21.5K @ 18% - (1.5%CB)

SchoolsFirst FCU Rewards World Mastercard $10K @ 18% - (1.5%Rewards/0%FTF)

SchoolsFirst FCU LOC $5K @ 18%

SEFCU Secured Mastercard $500 @ 12% - (1%Rewards/0%FTF)

SunCoast FCU Visa $3K @ 14% - (1%CB/0%FTF)

Synchrony Amazon Secured $750 @ ?

Synchrony Adorama $1K @ ?

Synchrony Lowes $2K @ ?

Synchrony Car Care $1K @ ?

Synchrony Home $1K @ ?

TD Bank Secured Visa $1K @ 24% - (3/2/1%CB/0%FTF)

Target Redcard $2.3K @ ?

Truist Secured Visa $1K @ 20% - (3/2/1%CB/0%FTF)

US Bank Cash+ Visa Signature $1K @ 27% - (5/2/1%CB)

US Bank Altitude Go Visa Signature $1K @ 27% - (4/2/1%CB/0%FTF)

Visions FCU Visa Signature $15K @ 15% - (2%CB/0%FTF)

Visions FCU LOC $15K @ 12%

WSECU Visa Signature $7.5K @ 21% - (1.5%CB/0%FTF)

WSECU LOC $7.5K @ 8%

Wells Fargo Propel 365 $1.2K @ 22% (3/2/1%Rewards/0%FTF)

Wells Fargo Propel World $2K @ 24% (3/2/1%Rewards/0%FTF)

Re: Please Help Me Cut Down On My Open Cards/Accounts

SouthJamaica — Sun, 01 Jan 2023 06:05:19 GMT

@northway wrote:
So I have the following cards open, and I think I have too much overlap or open accounts in general to the point where it's counting against me. Note that I worked my way out of multiple chargeoffs and a 500 range score for years and some of these accounts are vestiges or accounts that had graduated out of being secured previously. I'm assuming the answer is going to be to cut high rate cards or dump Comenity/Synchrony including any remaining secured accounts, but I wanted some confirmation. Income is in the lower 6 figures and FICO is hovering around 730.

I do not keep balances whatsoever anymore, so I'm not terribly worried about given interest rates.

Alaska USA Visa Signature $7.5K @ 10.5% (1%CB/0%FTF)
Alaska USA LOC $7.5K @ 13.5%
American Airlines FCU Secured Visa $500 @ 18% (1%Rewards/0%FTF)
American Airlines FCU LOC $100 @ 18%
Amex Platinum NPSL $4K POT Limit @ 20%
BCU Visa Signature $30K @ 12% (2%CB/0%FTF)
BCU LOC $30K @ 8.5%
Citi Prestige World Elite $2K @ 12% (5% Travel/0%FTF)
Comenity B&H $2K @ ?
Comenity Express $300 @ ?
Comenity Lands End $150 @ ?
Comenity J. Crew $500 @ ?
HFS FCU Visa Signature $5K @ 18% - (2%CB/0%FTF)
HVCU Visa Signature $30K @ 15% - (2%CB/0%FTF)
HVCU LOC 10K @ 14%
ICCU Premier Rewards $30K @ 16% - (1.2%CB)
Kauai FCU Visa $10K @ 12% - (1%CB/0%FTF)
Kauai FCU LOC $1K @ 11%
M&T Visa Secured $500 @ 22%
SchoolsFirst FCU School Employee Mastercard $21.5K @ 18% - (1.5%CB)
SchoolsFirst FCU Rewards World Mastercard $10K @ 18% - (1.5%Rewards/0%FTF)
SchoolsFirst FCU LOC $5K @ 18%
SEFCU Secured Mastercard $500 @ 12% - (1%Rewards/0%FTF)
SunCoast FCU Visa $3K @ 14% - (1%CB/0%FTF)
Synchrony Amazon Secured $750 @ ?
Synchrony Adorama $1K @ ?
Synchrony Lowes $2K @ ?
Synchrony Car Care $1K @ ?
Synchrony Home $1K @ ?
TD Bank Secured Visa $1K @ 24% - (3/2/1%CB/0%FTF)
Target Redcard $2.3K @ ?
Truist Secured Visa $1K @ 20% - (3/2/1%CB/0%FTF)
US Bank Cash+ Visa Signature $1K @ 27% - (5/2/1%CB)
US Bank Altitude Go Visa Signature $1K @ 27% - (4/2/1%CB/0%FTF)
Visions FCU Visa Signature $15K @ 15% - (2%CB/0%FTF)
Visions FCU LOC $15K @ 12%
WSECU Visa Signature $7.5K @ 21% - (1.5%CB/0%FTF)
WSECU LOC $7.5K @ 8%
Wells Fargo Propel 365 $1.2K @ 22% (3/2/1%Rewards/0%FTF)
Wells Fargo Propel World $2K @ 24% (3/2/1%Rewards/0%FTF)

I would suggest closing

1. Any secured cards and

2. Any cards with an annual fee that are not worth the annual fee to you

Then it's a judgment call as to whether to close any remaining cards which are not useful to you.

Re: Please Help Me Cut Down On My Open Cards/Accounts

northway — Sun, 01 Jan 2023 06:06:09 GMT

My biggest issue is the remaining accounts such as Comenity, Synchrony, and the secured accounts take up the majority of my AAoA unfortunately. Followed by that is my own hesitancy to close anything having been traumatized by mass Adverse Action years ago. As for annual fees, I pretty much maximize anything that does have an AF to the fullest.

Re: Please Help Me Cut Down On My Open Cards/Accounts

FinStar — Sun, 01 Jan 2023 07:59:28 GMT

@northway wrote:
My biggest issue is the remaining accounts such as Comenity, Synchrony, and the secured accounts take up the majority of my AAoA unfortunately. Followed by that is my own hesitancy to close anything having been traumatized by mass Adverse Action years ago. As for annual fees, I pretty much maximize anything that does have an AF to the fullest.

Keep in mind that any closed accounts, whether voluntarily or otherwise, are still factored into the AAoA metrics until they fall off your reports (give or take up to ~10 years).

If you're planning on closing several of them, just stagger them around.

Re: Please Help Me Cut Down On My Open Cards/Accounts

Brian_Earl_Spilner — Sun, 01 Jan 2023 08:02:48 GMT

Close the ones you don't use.

Re: Please Help Me Cut Down On My Open Cards/Accounts

USMC_Winger — Sun, 01 Jan 2023 08:11:55 GMT

@northway wrote:
My biggest issue is the remaining accounts such as Comenity, Synchrony, and the secured accounts take up the majority of my AAoA unfortunately. Followed by that is my own hesitancy to close anything having been traumatized by mass Adverse Action years ago. As for annual fees, I pretty much maximize anything that does have an AF to the fullest.

@northway: The good news is that closed credit accounts still count toward your AAoA and AoOA in FICO scoring until they drop off your CRs. Closed accounts can stay on your CRs for up to 10 years with perfect payment histories and up to 7 years if the account has any late payments. In 10 years, the accounts you keep open will be 10 years older than they are now, so it will be hard to notice a FICO score difference when the closed accounts eventually drop off, unless you open a bunch of new accounts between now and then to replace your old accounts, thereby lowering your AAoA significantly.

So, you could close half of your oldest CCs this month and your AAoA and AoOA would both increase by one month on your next month's CRs, just the same as if all the accounts were still open. Your FICO scores wouldn't be affected by age (but could be affected by increased utilization percentage if you have balances reported each month). However, your Vantage scores would be affected, since Vantage scores only count the ages of open accounts -- although, to my knowledge, only Synchrony Bank is using VantageScore 4.0 scores to evaluate credit customers.

Re: Please Help Me Cut Down On My Open Cards/Accounts

FinStar — Mon, 02 Jan 2023 05:29:48 GMT

@northway wrote:
So I have the following cards open, and I think I have too much overlap or open accounts in general to the point where it's counting against me. Note that I worked my way out of multiple chargeoffs and a 500 range score for years and some of these accounts are vestiges or accounts that had graduated out of being secured previously. I'm assuming the answer is going to be to cut high rate cards or dump Comenity/Synchrony including any remaining secured accounts, but I wanted some confirmation. Income is in the lower 6 figures and FICO is hovering around 730.

I do not keep balances whatsoever anymore, so I'm not terribly worried about given interest rates.

Alaska USA Visa Signature $7.5K @ 10.5% (1%CB/0%FTF) Keep if no AF
Alaska USA LOC $7.5K @ 13.5% Keep
American Airlines FCU Secured Visa $500 @ 18% (1%Rewards/0%FTF) Close and get your deposit. You have other rewards cards >1%/No FTFs
American Airlines FCU LOC $100 @ 18% Bye. What would you use this for? If it's an overdraft LOC (or linked), $100 isn't really that much coverage.
Amex Platinum NPSL $4K POT Limit @ 20% Do you travel with great frequency? Do you use all of the [coupon book] benefits? Do you have a substantial amount of MRs?
BCU Visa Signature $30K @ 12% (2%CB/0%FTF) Keep
BCU LOC $30K @ 8.5% Keep
Citi Prestige World Elite $2K @ 12% (5% Travel/0%FTF) How often do you book travel on this one vs AmEx Platinum? Do you have a substantial amount of TYPs?
Comenity B&H $2K @ ? How often do you use it?
Comenity Express $300 @ ? CL may be lowing, but how often do you shop there?
Comenity Lands End $150 @ ? Close
Comenity J. Crew $500 @ ? Same as the Express CC.
HFS FCU Visa Signature $5K @ 18% - (2%CB/0%FTF) Keep
HVCU Visa Signature $30K @ 15% - (2%CB/0%FTF) Keep
HVCU LOC 10K @ 14% Keep
ICCU Premier Rewards $30K @ 16% - (1.2%CB) Keep
Kauai FCU Visa $10K @ 12% - (1%CB/0%FTF) Keep
Kauai FCU LOC $1K @ 11%. Similar to the AA FCU LOC. When was this last used?
M&T Visa Secured $500 @ 22% Close and get your deposit.
SchoolsFirst FCU School Employee Mastercard $21.5K @ 18% - (1.5%CB) Decide if the one below makes more sense to keep.
SchoolsFirst FCU Rewards World Mastercard $10K @ 18% - (1.5%Rewards/0%FTF) This appears to overlap with the above, except for the 0 FTFs.
SchoolsFirst FCU LOC $5K @ 18% Keep
SEFCU Secured Mastercard $500 @ 12% - (1%Rewards/0%FTF) Close
SunCoast FCU Visa $3K @ 14% - (1%CB/0%FTF) Seems like just another 1% CB card, plenty above > 1%
Synchrony Amazon Secured $750 @ ? Close unless you use it frequently or is near graduation.
Synchrony Adorama $1K @ ? What do you adore for $1K and how frequently do you use this?
Synchrony Lowes $2K @ ? Keep
Synchrony Car Care $1K @ ? Do you use this frequently for vehicle maintenance? Any rewards? Extended financing option?
Synchrony Home $1K @ ? How often is this one used?
TD Bank Secured Visa $1K @ 24% - (3/2/1%CB/0%FTF) How often is this one used for the 3/2/1 structure? Seems like you're covered with US Bank?
Target Redcard $2.3K @ ? Keep
Truist Secured Visa $1K @ 20% - (3/2/1%CB/0%FTF) Close
US Bank Cash+ Visa Signature $1K @ 27% - (5/2/1%CB) Keep
US Bank Altitude Go Visa Signature $1K @ 27% - (4/2/1%CB/0%FTF) Keep
Visions FCU Visa Signature $15K @ 15% - (2%CB/0%FTF) Keep
Visions FCU LOC $15K @ 12% Keep
WSECU Visa Signature $7.5K @ 21% - (1.5%CB/0%FTF) Seems like there's redundancy with this card as well.
WSECU LOC $7.5K @ 8% Keep
Wells Fargo Propel 365 $1.2K @ 22% (3/2/1%Rewards/0%FTF) Optionally, keep this one and combine the CL from Propel World onto this one.
Wells Fargo Propel World $2K @ 24% (3/2/1%Rewards/0%FTF) This has an AF and you have the basic Propel as well. How often do you use redemptions for travel with this one?

Some suggestions/thoughts above @northway. Then, for those that were noted as "Keep", re-evaluate the list and decide which ones are not being used that much and then decide on those that can be closed as well.

Re: Please Help Me Cut Down On My Open Cards/Accounts

northway — Sun, 01 Jan 2023 13:46:44 GMT

Thanks y'all. I really appreciate the help. Looks like the secured, Comenity and Synchrony cards are on the chopping block for sure.

I travel pretty frequently so the AF cards are actually completely worth it for me and I have a substantial balance of MR and TYP.

WF actually eliminated the AF for the Propel World, but I was planning on keeping them in case they ever converted to something worth a **bleep**.

Also, my WSECU card is my hidden 3/3.5% CB card, so that needs to stay too. I won't reveal the trick though since I don't want the loophole getting closed on me.

Re: Please Help Me Cut Down On My Open Cards/Accounts

sarge12 — Sun, 01 Jan 2023 21:45:50 GMT

@northway wrote:
So I have the following cards open, and I think I have too much overlap or open accounts in general to the point where it's counting against me. Note that I worked my way out of multiple chargeoffs and a 500 range score for years and some of these accounts are vestiges or accounts that had graduated out of being secured previously. I'm assuming the answer is going to be to cut high rate cards or dump Comenity/Synchrony including any remaining secured accounts, but I wanted some confirmation. Income is in the lower 6 figures and FICO is hovering around 730.

I do not keep balances whatsoever anymore, so I'm not terribly worried about given interest rates.

Many factors must be considered when closing cards. Arguments can be made for closing any secured cards, cards with AF that ar not recouped with benefits, store cards with low limits, are all prime for the chopping block. However, when these cards were issued is also important, as closing your longest held cards might wreck your AAoA. In most cases, I suggest gradual closing of the cards that should be closed, as closing say 10-15 cards in one month might raise a red flag with issuers. Pick the three worst ones to close, and see waht affect it has on scores and AAoA...if minimal pick 3 more. Transfer credit limits to other cards where possible. Usually, if no AF on unsecured cards, it is best to keep it open and SD the card, unless of course it has a ridiculously low limit and is not aged enough to be an AAoA concern. You have many more Synchrony and Commenity cards than I would be comfortable with. That is also a lot of cards to monitor for fraudulant charges. Just remember, credit limits help on utilization, older cards help on AAoA, and these factor heavily in credit scores.

Re: Please Help Me Cut Down On My Open Cards/Accounts

SouthJamaica — Sun, 01 Jan 2023 17:38:10 GMT

@northway wrote:
My biggest issue is the remaining accounts such as Comenity, Synchrony, and the secured accounts take up the majority of my AAoA unfortunately. Followed by that is my own hesitancy to close anything having been traumatized by mass Adverse Action years ago. As for annual fees, I pretty much maximize anything that does have an AF to the fullest.

1. The closed accounts will continue to be factored into your AAoA as long as they remain in your credit reports, which is typically 10 years or so. But yes, the longer you keep them, the longer they will be there.

2. If you're not comfortable closing accounts then you shouldn't.

3. If the annual fees are worth it to you, then that isn't an issue either.

Re: Please Help Me Cut Down On My Open Cards/Accounts

FinStar — Sun, 01 Jan 2023 21:44:48 GMT

@sarge12 wrote:
Many factors must be considered when closing cards. Arguments can be made for closing any secured cards, cards with AF that ar not recouped with benefits, store cards with low limits, are all prime for the chopping block. However, when these cards were issued is also important, as closing your longest held cards might wreck your AAoA. In most cases, I suggest gradual closing of the cards that should be closed, as closing say 10-15 cards in one month might raise a red flag with issuers. Pick the three worst ones to close, and see waht affect it has on scores and AAoA...if minimal pick 3 more. Transfer credit limits to other cards where possible. Usually, if no AF on unsecured cards, it is best to keep it open and SD the card, unless of course it has a ridiculously low limit and is not aged enough to be an AAoA concern. You have many more Synchrony and Commenity cards than I would be comfortable with. That is also a lot of cards to monitor for fraudulant charges. Just remember, credit limits help on utilization, older cards help on AAoA, and these factor heavily in credit scores.

@sarge12 - the information you shared about AAoA is not exactly accurate.

If the OP decides to close any CCs, secured or otherwise, those particular accounts will not have any immediate effects or "wreck" (as you put it) AAoA.

Closed accounts will still be factored (along with open accounts) in the AAoA metrics until the closed accounts disappear from CRs -- up to ~10 years (give or take). It's fairly difficult to predict what the OPs situation will be like in 10 years, but it's fair to assume that closing a variety of them will make it easier to manage things for them. About the only immediate impact would be the loss of available credit for those specific accounts they decide to close, but if their overall utilization is fairly low, the impact is likely to be negligible, scoring-wise