topic Re: Which Card should I close? in Credit Cards

Which Card should I close?

Anonymous — Thu, 09 Jun 2011 19:07:39 GMT

I've opened quite a few card the past two years, and I'm starting to think that I may have too many.....

Here's the cards I have and their credit limit:

Chase +1 $300 opened 11/2009

Citi dividend $1200>$2200>$8200 opened 01/2010

Costco AMEX $1200>$3000>$7500 opened 06/2010

Capital One MC $2000>$2500 opened 11/2010

Discover More $1500 opened 02/2011

Chase Freedom $5000 opened 04/2011 This one is an AU

Penfed AMEX $5500 opened 05/2011 This is also AU

AMEX Gold N/A opened 06/2011 This one has 2 yr annual fee waived, but I might close it when the time comes cuz of the hefty $174 AF

Chase Continental $2000 opened 06/2011 This one I might keep regardless of the AF because the rental insurance and lounge passes seems worth it

Would it hurt my score significantly if I got rid of the Chase +1? It is my oldest card, but chase has been reluctant to raise my limit to even $500

what are your suggestions? Thanks.

My equifax fico scores as of today is 662......

Re: Which Card should I close?

Anonymous — Thu, 09 Jun 2011 19:12:28 GMT

It's only 2 months. It shouldn't do much of anything. If it does, you'll recover quickly. What's your utilization like? That score is a bit low for having all of those cards. Do you have some baddies?

Re: Which Card should I close?

mmduluth — Thu, 09 Jun 2011 20:19:43 GMT

@Anonymous wrote:
It's only 2 months. It shouldn't do much of anything. If it does, you'll recover quickly. What's your utilization like? That score is a bit low for having all of those cards. Do you have some baddies?

He's talking about the one opened in 2009.

I wouldn't close that card if it doesn't have an annual fee. Just don't use it. You have plenty of other cards to use.

Re: Which Card should I close?

Anonymous — Thu, 09 Jun 2011 21:30:03 GMT

@Anonymous wrote:
It's only 2 months. It shouldn't do much of anything. If it does, you'll recover quickly. What's your utilization like? That score is a bit low for having all of those cards. Do you have some baddies?

No baddies, was never late and always paid in full. Though I overspent a little this month because of an airline ticket to Taiwan...$3000 for two ppl, so this month might be the one time which I might not be able to pay in full, though I'll definitely pay it off next month. My utilization is always lower than 20% is that still too high?

I always thought that it's my AAOA dragging my scores down....I've been in the mid 600's for as long as I remember(which was from 2 yrs ago).

Re: Which Card should I close?

Anonymous — Thu, 09 Jun 2011 21:41:10 GMT

@mmduluth wrote:
@Anonymous wrote:
It's only 2 months. It shouldn't do much of anything. If it does, you'll recover quickly. What's your utilization like? That score is a bit low for having all of those cards. Do you have some baddies?
He's talking about the one opened in 2009.

I wouldn't close that card if it doesn't have an annual fee. Just don't use it. You have plenty of other cards to use.

It's only a 2 month difference between that card and the next oldest one. That's what I was saying (11/2009 and 01/2010). So closing that one shouldn't affect things too much.

If you're really trying to get your score up, here's what most people are finding to be most beneficial. Use your cards, but PIF before the statement prints. Except one card. Leave 5-9% of the balance on there, so that it's reporting 5-9% utilization (for that card, not your overall utilization). Pay that when the statement prints. That way that card reports as having a balance (IE if you have a $1000CL, let it report $85.00). Do that for a few months and you should see a significant score increase.

Re: Which Card should I close?

mmduluth — Thu, 09 Jun 2011 23:07:59 GMT

@Anonymous wrote:

@mmduluth wrote:
@Anonymous wrote:
It's only 2 months. It shouldn't do much of anything. If it does, you'll recover quickly. What's your utilization like? That score is a bit low for having all of those cards. Do you have some baddies?
He's talking about the one opened in 2009.

I wouldn't close that card if it doesn't have an annual fee. Just don't use it. You have plenty of other cards to use.
It's only a 2 month difference between that card and the next oldest one. That's what I was saying (11/2009 and 01/2010). So closing that one shouldn't affect things too much.

If you're really trying to get your score up, here's what most people are finding to be most beneficial. Use your cards, but PIF before the statement prints. Except one card. Leave 5-9% of the balance on there, so that it's reporting 5-9% utilization (for that card, not your overall utilization). Pay that when the statement prints. That way that card reports as having a balance (IE if you have a $1000CL, let it report $85.00). Do that for a few months and you should see a significant score increase.

Ohhh! Ok my bad now I see what your talking about.

+1 on that reply too.

Re: Which Card should I close?

Anonymous — Fri, 10 Jun 2011 01:54:48 GMT

And just to add, your age stays there for 10 years. So as long as you don't open any new TL's, you won't negatively affect your AAoA. But watch your utility when you're closing TLs.