topic Re: plssss help. in Credit Cards

plssss help.

Anonymous — Mon, 19 Mar 2012 15:24:08 GMT

i have 9 cards (revolver and store card) but i want to keep only 6 coz for me its getting to much...plss help me to decide which cards will keep.

here's my card and history.

best buy store card. $2,300 cl. 0 bal opened 11/2010

southwest chase visa: $1,000 cl 0 bal opened 1/11 39AF

BoA AMex: $5,000 cl 60 bal opened 2010

Amex costco; $5,400 cl 250 bal opened 2010

Amex BCE: $2,000 cl 0 bal opened 12/11 backdated 2010

Banana rep visa:$ 4,000 cl 150 bal opened 9/11

Citi TY preferred: $5,900 cl 0 bal opened 11/11

Chase Disneys premier: $4000 0 bal opened 1/12 49AF

Macys ???cl 150 bal opened 5/11

im sure i will keep all t my Amex card.

plsss help.

FICO all 3 are on mid 700s

Re: plssss help.

Open123 — Mon, 19 Mar 2012 15:30:05 GMT

@Anonymous wrote:
i have 9 cards (revolver and store card) but i want to keep only 6 coz for me its getting to much...plss help me to decide which cards will keep.
here's my card and history.

best buy store card. $2,300 cl. 0 bal opened 11/2010
southwest chase visa: $1,000 cl 0 bal opened 1/11 39AF
BoA AMex: $5,000 cl 60 bal opened 2010
Amex costco; $5,400 cl 250 bal opened 2010
Amex BCE: $2,000 cl 0 bal opened 12/11 backdated 2010
Banana rep visa:$ 4,000 cl 150 bal opened 9/11
Citi TY preferred: $5,900 cl 0 bal opened 11/11
Chase Disneys premier: $4000 0 bal opened 1/12 49AF
Macys ???cl 150 bal opened 5/11

im sure i will keep all t my Amex card.
plsss help.

FICO all 3 are on mid 700s
.

If it were me, I'd get rid of Best Buy, Southwest, Banana Republic, Chase Disney, and Macy's.

Unless there's a very good reason, I don't like store cards. There are better cards to use with better benefits and protections than any store cards, in my view. I'd nix the Southwest with a fee, and app for the Chase UA Explorer for 50k mile signup. I'd nix the Chase Disney, and to with Chase Preferred for 50k signup.

Re: plssss help.

pizzadude — Mon, 19 Mar 2012 15:31:36 GMT

@Anonymous wrote:
i have 9 cards (revolver and store card) but i want to keep only 6 coz for me its getting to much...plss help me to decide which cards will keep.
here's my card and history.

best buy store card. $2,300 cl. 0 bal opened 11/2010
southwest chase visa: $1,000 cl 0 bal opened 1/11 39AF
BoA AMex: $5,000 cl 60 bal opened 2010
Amex costco; $5,400 cl 250 bal opened 2010
Amex BCE: $2,000 cl 0 bal opened 12/11 backdated 2010
Banana rep visa:$ 4,000 cl 150 bal opened 9/11
Citi TY preferred: $5,900 cl 0 bal opened 11/11
Chase Disneys premier: $4000 0 bal opened 1/12 49AF
Macys ???cl 150 bal opened 5/11

im sure i will keep all t my Amex card.
plsss help.

FICO all 3 are on mid 700s
.

I think the SW Chase Visa might be a good candidate to close, since it is almost your lowest CL and it has AF. Do you travel on SW frequently ?

Re: plssss help.

Anonymous — Mon, 19 Mar 2012 15:33:56 GMT

I think the first question you need to ask yourself is: Which ones do I absolutely not used in the last year?

I have known of many people that will spend on store cards just to keep the cards active, but this can be wasteful, and pretty much like having an annual fee.

I'd agree with nixing the store cards if you aren't a frequent shopper at that place.

And then anything with an annual fee that you could do without.

Re: plssss help.

Anonymous — Mon, 19 Mar 2012 15:43:46 GMT

I'd use the following logic in deciding which one's to remove.

First, age of account. In your case, they are all about the same age and all fairly new, so this issue is moot.

Second, Credit limit. I'd close the one's that have low CL over the others. This is only true, if you can manage to keep your utilization down and closing them would not increase your utilization.

Last, APR. all thing being equal, close the ones with high APR. Again, this is almost no issue if you are sure that you can manage utilization and PIF all the time.

But, if you are responsible and can keep util downa and pay in full all the time, why close any of them at all?

Re: plssss help.

Anonymous — Mon, 19 Mar 2012 16:00:43 GMT

Could you combine the Chase cards, or at least transfer some of the credit over to your favorite card. And then product change that card to a NO annual fee card?

Re: plssss help.

Anonymous — Mon, 19 Mar 2012 20:35:58 GMT

Close the ones that cost you an annual fee.

Sock drawer the rest

Re: plssss help.

webhopper — Mon, 19 Mar 2012 20:46:47 GMT

@Anonymous wrote:
i have 9 cards (revolver and store card) but i want to keep only 6 coz for me its getting to much...plss help me to decide which cards will keep.
here's my card and history.

best buy store card. $2,300 cl. 0 bal opened 11/2010
southwest chase visa: $1,000 cl 0 bal opened 1/11 39AF
BoA AMex: $5,000 cl 60 bal opened 2010
Amex costco; $5,400 cl 250 bal opened 2010
Amex BCE: $2,000 cl 0 bal opened 12/11 backdated 2010
Banana rep visa:$ 4,000 cl 150 bal opened 9/11
Citi TY preferred: $5,900 cl 0 bal opened 11/11
Chase Disneys premier: $4000 0 bal opened 1/12 49AF
Macys ???cl 150 bal opened 5/11

im sure i will keep all t my Amex card.
plsss help.

FICO all 3 are on mid 700s
.

I would talk to Chase and get them to switch your limit from one card to the next and close out one of your chase Cards... so that you have a 5k limit on one card instead of on two cards.
Then Close out Macy's ... And don't app anymore... You apped for like 4 new cards in a 4 month period... Now you're having remorse Why not just sock drawer some of those cards instead of closing them.

Re: plssss help.

crunching_numbers — Mon, 19 Mar 2012 20:47:32 GMT

@Anonymous wrote:
Close the ones that cost you an annual fee.

Sock drawer the rest

Re: plssss help.

LS2982 — Mon, 19 Mar 2012 21:01:07 GMT

@Anonymous wrote:
i have 9 cards (revolver and store card) but i want to keep only 6 coz for me its getting to much...plss help me to decide which cards will keep.
here's my card and history.

best buy store card. $2,300 cl. 0 bal opened 11/2010
southwest chase visa: $1,000 cl 0 bal opened 1/11 39AF
BoA AMex: $5,000 cl 60 bal opened 2010
Amex costco; $5,400 cl 250 bal opened 2010
Amex BCE: $2,000 cl 0 bal opened 12/11 backdated 2010
Banana rep visa:$ 4,000 cl 150 bal opened 9/11
Citi TY preferred: $5,900 cl 0 bal opened 11/11
Chase Disneys premier: $4000 0 bal opened 1/12 49AF
Macys ???cl 150 bal opened 5/11

im sure i will keep all t my Amex card.
plsss help.

FICO all 3 are on mid 700s
.

Not a big fan of axing unless it is subprime, SD them!!!!

Re: plssss help.

Anonymous — Mon, 19 Mar 2012 22:25:50 GMT

thanks all..those advice are big help.