topic Re: Cards to keep or close... in Credit Cards

Cards to keep or close...

Anonymous — Sat, 11 Jun 2011 03:43:25 GMT

OK guys...I've been on these boards long enough to turn my dismal credit situation 360 degrees around. Now I need advise as to which cards I should keep or close. For the time being, I want to ignore balances...

PNC $10K Opened 02/09

Lowes $10K Opened 10/09

Citi $6800 Opened 6/11

Citi $6400 Opened 6/10

BB Store $6200 Opened 6/10

Blue Cash $5700 Opened 3/01 (Thanks backdating...)

BB RZMC $4750 Opened 12/09

Home Depot $3900 Opened 10/09

Discover $3000 Opened 6/11

Cap 1 $2000 Opened 04/08

State Farm $2000 Opened 03/09

Dillards $1550 Opened 03/08

Cap 1 $1500 Opened 10/10

Amex Green ------- Opened 10/01 (Thanks backdating...)

Whadya think?

ETA: The only cards with an AF is the Captial One card with the $2000 limit and the Amex Green...

Re: Cards to keep or close...

Anonymous — Sat, 11 Jun 2011 05:14:37 GMT

If you must close one, IMHO, it's the Cap 1 with $1500 that opened 10/10 and try their Venture card (I think it look nice). If it's my choice, I keep 'em all.

Re: Cards to keep or close...

Anonymous — Sat, 11 Jun 2011 05:47:43 GMT

How many ccs are you looking for to close?

Without knowing which cc's rewards you like most and earns more rewards than another ... this is my choice ...

CC	Date Opened	CL	APR	AF (if any)	Close/Keep
Amex Blue Cash	03/2001	$5700	00.0%		Keep
Amex Green	10/2001	$_____	00.0%	$__	Close ???
Dillards	03/2008	$1550	00.0%		Close
Cap 1	04/2008	$2000	00.0%	$__	Close
PNC	02/2009	$10000	00.0%		Keep
State Farm	03/2009	$2000	00.0%		Close
Lows	10/2009	$10000	00.0%		Keep
Home Depot	10/2009	$3900	00.0%		Close
BBRZMC	12/2009	$4750	00.0%		Close
Citi	06/2010	$6400	00.0%		Keep
BB Store	06/2010	$6200	00.0%		Keep
Cap 1	10/2010	$1500	00.0%		Close after 11/2011
Citi	06/2011	$6800	00.0%		Keep
Discover	06/2011	$3000	00.0%		Keep

Re: Cards to keep or close...

Anonymous — Sun, 12 Jun 2011 02:49:36 GMT

@Anonymous wrote:
How many ccs are you looking for to close?

Without knowing which cc's rewards you like most and earns more rewards than another ... this is my choice ...
CC
Date Opened
CL
APR
AF (if any)
Close/Keep
Amex Blue Cash
03/2001
$5700
00.0%

Keep
Amex Green
10/2001
$_____
00.0%
$95
Close ???
Dillards
03/2008
$1550
00.0%

Close
Cap 1
04/2008
$2000
00.0%
$29
Close
PNC
02/2009
$10000
00.0%

Keep
State Farm
03/2009
$2000
00.0%

Close
Lows
10/2009
$10000
00.0%

Keep
Home Depot
10/2009
$3900
00.0%

Close
BBRZMC
12/2009
$5250
00.0%

Close
Citi
06/2010
$6400
00.0%

Keep
BB Store
06/2010
$6200
00.0%

Keep
Cap 1
10/2010
$1500
00.0%

Close after 11/2011
Citi
06/2011
$6800
00.0%

Keep
Discover
06/2011
$3000
00.0%

Keep

OK my AF's are listed above in green. Also I just got my 2nd increase in 2 weeks on my RZMC so the new limit is listed in green as well. I don't really feel like looking up all my APRs right now, but I can tell you my lowest APR is the State Farm card at 11.24% and the next lowest is the $2000 Cap 1 card at abut 16%. The Discover has 0% for the next 12 months, and the $6400 Citi card has 0% for the next 21 months. APRs don't really matter because I don't plan on incurring any interest for a very long time.

I guess I'm just wondering if I have too many now. I've gotten to the point where it's kinda difficult just to remember to make a charge on each one now and again to keep them active. I think I'm definitely going to close the Amex Green when the AF comes around again, because there's absolutely no reason for me to have that card. I basically used it to get my foot back in Amex's door after having 2 CO's with them when I was in college.

Re: Cards to keep or close...

Chaos122 — Sun, 12 Jun 2011 03:05:52 GMT

Get rid of the amex green and the cap 1 card with the annual fee. Theres no reason to waste money on the annual fees since you probably dont use them that much, and have alot to choose from.

Re: Cards to keep or close...

Anonymous — Sun, 12 Jun 2011 03:18:59 GMT

@Chaos122 wrote:
Get rid of the amex green and the cap 1 card with the annual fee. Theres no reason to waste money on the annual fees since you probably dont use them that much, and have alot to choose from.

I think this is good advice. I was initially worried about losing the age on the Cap 1 account, but I don't think that's going to be a really big issue...

Re: Cards to keep or close...

Anonymous — Sun, 12 Jun 2011 03:27:02 GMT

I think a 180deg turn will be more productive ..............

I like my Amex green for thought-free multi-use points so I would keep that from the prior list and close out the others that were recommended. But I would only close an account after PIFing it.

Re: Cards to keep or close...

Anonymous — Sun, 12 Jun 2011 03:36:20 GMT

@Anonymous wrote:
I think a 180deg turn will be more productive ..............

I like my Amex green for thought-free multi-use points so I would keep that from the prior list and close out the others that were recommended. But I would only close an account after PIFing it.

Good call on that! I think I was close to sleepy-land when I wrote the original post.

The only cards I have balances on at this point are the new Citi and Discover which both are at 0% right now. I don't think any of my rewards cards are all that great. I was thinking of using the PNC for my rewards right now. It gets four points per dollar that I have been using to get Amazon gift certs, which pretty much works out to 1%. In previous years, I had saved these certificates and used them for Christmas shopping, but my company is now forcing me to use their Fleet card for gas now, so I won't get so many ponts (I fill up every day...). I will use the Discover More for the rotating cash back.

Re: Cards to keep or close...

Anonymous — Sun, 12 Jun 2011 04:09:18 GMT

Ok, rbh ... since you up-dated your info ... I made some changes too. Basically, if I am in your shoes, I will keep all the ccs come with more than 5k CL. And additionally keep the Discover even it is only 2k CL. Now total of 8 ccs ... so, easy to keep those cards up!

* Remember, these are just my choice. You can keep as many as you want as long as you can manage it! So ~ You decide which one to close. OK?

CC	Date Opened	CL	AF (if any)	Close/Keep
Amex Blue Cash	03/2001	$5700		Keep
Amex Green	10/2001	$_____	$95	Close
Dillards	03/2008	$1550		Close
Cap 1	04/2008	$2000	$29	Close
PNC	02/2009	$10000		Keep
State Farm	03/2009	$2000		Close
Lows	10/2009	$10000		Keep
Home Depot	10/2009	$3900		Close
BBRZMC	12/2009	$5250		Keep
Citi	06/2010	$6400		Keep
BB Store	06/2010	$6200		Keep
Cap 1	10/2010	$1500		Close after 11/2011
Citi	06/2011	$6800		Keep
Discover	06/2011	$3000		Keep