topic Would cancelling this card be a good thing? in Credit Cards

Would cancelling this card be a good thing?

ANC96 — Tue, 30 Jul 2024 19:32:30 GMT

I am wanting to get another credit card and I'm looking at the Hilton Surpass, or Chase Saphire.
I'm concerned about the number of cards I have, and my credit age. My oldest is only 15 years old, and in the last year 1.5 years I got 3 new cards. I'm very happy with my DiscoverIt Card, but do regret getting the other 2. I got the Raymour and Flannigan to avoid needing to pay out of pocket for a large sum of new furniture, since it had no interest for the time I was given to pay it off. And the NEPA was from my credit union and I was so taken by the extremely low interest rate, it never occured to me they would give me a ridiculously low credit limit. I don't even use it. At the time I was thinking that they already did the hard pull, might as well keep it.
My question is, if I cancel the credit union credit card (NEPA Limit $2,250) would that hurt me at all? It wouldn't be much on my credit age, since it's about a year old. And it certainly wouldn't hurt my available balance since the limit is so low. I have asked for it to be higher. They said after a year I can request it, but they generally don't raise it more than $1,000 so it didn't seem worth it.
I have a Victoria's Secret Card and JCPenney that also have an extremely low limit, and I don't use them anymore (once or twice a year to keep them active), but they're 2 of my older cards so I don't want to cancel them.
When I get whichever new card I decide on it will lower my credit age and drop my credit score. I was hoping if I get rid of that 1 year old card that getting a new card would make my credit age almost the same as now. Does it work like that?
Delete if questions are too dumb... and TIA

Current Info:
Fico Score 805
Usage of $6,083 out of $100,300
DISCOVER BANK

$1,299 out of $11,000

Usage: 11%

AMERICAN EXPRESS

$1,186 out of $10,500

Usage: 11%

JPMCB CARD SERVICES

$2,819 out of $28,000

Usage: 10%

SYNCB/LOWES

$779 out of $12,000

Usage: 6%

CAPITAL ONE

$0 out of $5,500

Usage: 0%

NE PA COMMUNITY FCU

$0 out of $2,250

Usage: 0%

COMENITY BANK/VCTRSSEC

$0 out of $750

Usage: 0%

JPMCB CARD SERVICES

$0 out of $20,000

Usage: 0%

RAYMOUR AND FLANIGAN

$0 out of $10,000

Usage: 0%

SYNCB/JC PENNEY

$0 out of $300

Usage: 0%

Re: Would cancelling this card be a good thing?

Anonymous — Tue, 30 Jul 2024 19:40:49 GMT

@ANC96

Closed credit card accounts are still figured into AAoA for 10 years

Re: Would cancelling this card be a good thing?

ANC96 — Tue, 30 Jul 2024 20:02:09 GMT

Oh. I didn't know that.
Whelp, then I guess I'll either have to hope it doesn't lower the age that much, or decide not to get another right now.
I'm not happy that Amx raised the annual fee for the Surpass, so I think I'm leaning towards the Chase, if I get one.
Thank you for the info.

Re: Would cancelling this card be a good thing?

SouthJamaica — Tue, 30 Jul 2024 21:55:00 GMT

Yes it's fine to cancel any of the cards you mentioned.

It doesn't affect your credit age, as long as the closed account continues to appear in your credit reports, which is usually many many years down the road, typically 10 years or even more.

Re: Would cancelling this card be a good thing?

unsungivy — Wed, 31 Jul 2024 04:56:58 GMT

@ANC96 welcome to the forums!

Re: Would cancelling this card be a good thing?

FlaDude — Wed, 31 Jul 2024 14:17:14 GMT

@ANC96 wrote:
I am wanting to get another credit card and I'm looking at the Hilton Surpass, or Chase Saphire.

Unless you stay regularly at Hiltons, the Surpass doesn't provide much value for the AF. If you stay often enough to earn the $50 credit at least three quarters a year, then the card pays for itself, otherwise not.

It also seems to me that Amex is more likely to have more AF fee increases in the future based on their history.

Re: Would cancelling this card be a good thing?

ANC96 — Wed, 31 Jul 2024 14:52:36 GMT

@FlaDude wrote:
@ANC96 wrote:
I am wanting to get another credit card and I'm looking at the Hilton Surpass, or Chase Saphire.
Unless you stay regularly at Hiltons, the Surpass doesn't provide much value for the AF. If you stay often enough to earn the $50 credit at least three quarters a year, then the card pays for itself, otherwise not.
It also seems to me that Amex is more likely to have more AF fee increases in the future based on their history.

My ex had one and we had found we accumulated points rather quickly. Even if I'm not there for one of the quarters credits, you can buy a $50 HH gift card (and pay the $2 shipping). They never expire and don't have any inactivity fees, so I can use them at my next Hilton stay at any time. So honestly the AF is a non issue. It just kind of irks me that the Chase Saphire's fee is only $95 (as the Surpass used to be). Hopefully, since this increase is so current, it will be a while unitl the next one.
The only thing about the Chase is I'm not at all familar with their travel portal, and I've read that their portal is the best way to use their points. I do a combination of timeshare point trades and often extend time with other hotel/resort stays, and many times they are Hilton branded. That's why I am considering the Surpass.
I have found though, that I can beat HH hotel pricing booking through a "discount" portal, like Expedia or the like. So it was often I felt like our points weren't getting the dollar value it claimed.
Haha.. I keep going back and forth. I wouldn't think it would be such a hard decision to get another credit card, but when I see that I have 10 credit cards, it feels like a lot. It doesn't seem like I have that many. I only have 5k or so on them now and the remaining statement balance is always paid off before I accure any interest. I mainly use them for points/cash then pay the statement balance every month.
But still.. I have 10 cards and am wanting to add another. Is that alot?

Re: Would cancelling this card be a good thing?

unsungivy — Wed, 31 Jul 2024 20:03:17 GMT

@ANC96 wrote:
@FlaDude wrote:
@ANC96 wrote:
I am wanting to get another credit card and I'm looking at the Hilton Surpass, or Chase Saphire.
Unless you stay regularly at Hiltons, the Surpass doesn't provide much value for the AF. If you stay often enough to earn the $50 credit at least three quarters a year, then the card pays for itself, otherwise not.
It also seems to me that Amex is more likely to have more AF fee increases in the future based on their history.

Haha.. I keep going back and forth. I wouldn't think it would be such a hard decision to get another credit card, but when I see that I have 10 credit cards, it feels like a lot. It doesn't seem like I have that many. I only have 5k or so on them now and the remaining statement balance is always paid off before I accure any interest. I mainly use them for points/cash then pay the statement balance every month.

But still.. I have 10 cards and am wanting to add another. Is that alot?

It's more than the US average, but not a lot for these forums. Maybe average for around here? I have 14 personal and 4 biz cards, myself, atm.

The correct number of cards is the number you feel comfortable staying on top of.

Re: Would cancelling this card be a good thing?

IsambardPrince — Thu, 01 Aug 2024 07:59:48 GMT

Closing cards in good standing don't affect the average age of accounts right off because they continue to report for 10 years.

Re: Would cancelling this card be a good thing?

ANC96 — Thu, 01 Aug 2024 14:23:10 GMT

@IsambardPrince wrote:
Closing cards in good standing don't affect the average age of accounts right off because they continue to report for 10 years.

I will probably be closing my VS and JCPenney card since I use neither. The limits are so low I'm sure it wouldn't effect my score in any other way.