When to close a card or when to keep it?

dollar_bill — Fri, 30 Aug 2013 23:40:03 GMT

I've been thinking lately, maybe it's time to close some of those earlier cards. Stuff like Barclay's, Cap 1, etc..

I have about $40k in CL's with various cards, and my highest CL is only 9k. My income is right around 100k, but sometimes I say 75k when applying because I have two sources of income and it's easier to show a W2 and be done with it if it ever came to that. Maybe I should rethink this policy and report the highest income possible?

I have around 10k in balances, and will be paying those off as I have a little chunk of cash coming in that will cover my balances, so I'm thinking it's a great time to pick some of the cards I don't really want (or use) and close them, so that I can receive some higher limits and obtain some better cards as I will have an excellent UTIL even with lowering my overall available credit. I've been hanging onto these cards only because of the Util.

Does anyone have any success with this sort of strategy?

Re: When to close a card or when to keep it?

parakleet — Sat, 31 Aug 2013 21:40:24 GMT

I would apply for the new cards that you want before you close your old cards. It probably won't matter too much though since you're planning on paying down your balances.

topic When to close a card or when to keep it? in Credit Cards

When to close a card or when to keep it?

Re: When to close a card or when to keep it?