topic Re: Which of These Accounts Should I Close? in Credit Cards

Which of These Accounts Should I Close?

Anonymous — Sun, 22 Dec 2013 00:34:09 GMT

What is your feedback regarding closing some of these accounts?

All of my store cards were so instrumental in helping me to rebuild and I have had them for at least 4 years - but now I am thinking that for the rewards - I should stick with my major accounts to make store purchases - And I really do not like having to manage so many accounts.

Store cards with $5000 or more CL -

PayPal -Want to keep because I feel safer shopping online through PayPal.

Walmart -Not sure I need it now. I am not aware of any special offers they have.

JCP -Great with CLI, but hardly use it - they do offer good discounts-. I am on the fence about this one.

Amazon -Shop there several times a month, but might not need it with Freedom-. I need more info on this.

Firestone $2200 CL - offers good deals on tires and 6 month no interest. I think I should keep this one.

Major Cards -

1. Barclay World (Premier) $6200 - paying on $1800 balance and expect a CLI in Feb.

2. Barclay World $7500 - Has $1100 balance ------- Barclay says I can combine the accounts - Keeping the World - lower interest rates and better rewards

3. Discover -$5000 - Keeping 0 balance

4. Chase Freedom $4000 just approved for tonight - read they give 5%Cashback for Amazon purchases - So, do I need the Amazon account?

5. CU Visa $5000 got this summer - Hardly use - got it only to establish a credit history with the State Employees Credit Union for possible future mortgage - 0 balance

6. Citi Simplicity $5000 got this past summer - $47 balance

7. Citi Thank You Preferred $5000 approved for last night - Thinking I should close Simplicity - unless it has some benefit that I am not considering.

I am aware of how closing accounts impact utilization - And part of my own way of checking my utilization is to stick to having no more than 3 balances reporting -and using my cards primarily to take advantage of an offer, as opposed to because I do not currently have the money to pay. At the very least I know - I will be cutting my major card list down by 2. How about those store cards? I know some say never close accounts - but I figure at some point, it has to look bad to creditors that a consume has WAY more credit than she uses/needs - Thanks -

Re: Which of These Accounts Should I Close?

FinStar — Sun, 22 Dec 2013 01:01:52 GMT

@Anonymous wrote:
What is your feedback regarding closing some of these accounts?

All of my store cards were so instrumental in helping me to rebuild and I have had them for at least 4 years - but now I am thinking that for the rewards - I should stick with my major accounts to make store purchases - And I really do not like having to manage so many accounts.

Store cards with $5000 or more CL -

PayPal -Want to keep because I feel safer shopping online through PayPal. Is this the PayPal Extras MC or PayPal Smart Connect account? What's the CL?
Walmart -Not sure I need it now. I am not aware of any special offers they have. FICO score, but you already have Discover & Barclays which just recently started this benefit. Promotional financing offers is the only item that comes to mind or fuel discounts (provided you get gas from them frequently).
JCP -Great with CLI, but hardly use it - they do offer good discounts-. I am on the fence about this one. How frequently do you shop at JCP? They feature promotional offers for large purchases.
Amazon -Shop there several times a month, but might not need it with Freedom-. I need more info on this. Like Walmart, they also feature 6, 12, 18 month promotional offers.
Firestone $2200 CL - offers good deals on tires and 6 month no interest. I think I should keep this one. How often do you go through tires? Unless your household is full of folks who constantly go through tires (e.g. NASCAR?) Firestone also has promotional offers and if this your bodyshop of choice, sure.

Major Cards -

1. Barclay World (Premier) $6200 - paying on $1800 balance and expect a CLI in Feb.
2. Barclay World $7500 - Has $1100 balance ------- Barclay says I can combine the accounts - Keeping the World - lower interest rates and better rewards. Keep whichever has the best terms/rewards overall. Barclays can allocate CLs accordingly.
3. Discover -$5000 - Keeping 0 balance
4. Chase Freedom $4000 just approved for tonight - read they give 5%Cashback for Amazon purchases - So, do I need the Amazon account? See above.
5. CU Visa $5000 got this summer - Hardly use - got it only to establish a credit history with the State Employees Credit Union for possible future mortgage - 0 balance If the CU relationship is important to you and with any possible mortage or other loans with them, I would keep it - decent limit plus I'm sure it has a low APR or decent terms?
6. Citi Simplicity $5000 got this past summer - $47 balance This card can have frequent 0% APR BT offers and can come in handy if needed.
7. Citi Thank You Preferred $5000 approved for last night - Thinking I should close Simplicity - unless it has some benefit that I am not considering.

I am aware of how closing accounts impact utilization - And part of my own way of checking my utilization is to stick to having no more than 3 balances reporting -and using my cards primarily to take advantage of an offer, as opposed to because I do not currently have the money to pay. At the very least I know - I will be cutting my major card list down by 2. How about those store cards? I know some say never close accounts - but I figure at some point, it has to look bad to creditors that a consume has WAY more credit than she uses/needs - Thanks -

Just some thoughts/recommendations. Others I'm sure will provide some guidance that can help you with some decisions.

Re: Which of These Accounts Should I Close?

Anonymous — Sun, 22 Dec 2013 01:38:47 GMT

The Chase Freedom 5% cash back at Amazon is the 5% cash back category for Q4 2013. It will change to gas and movie theaters for Q1 2014 if I'm not mistaken.

Re: Which of These Accounts Should I Close?

CenturyChild — Sun, 22 Dec 2013 01:52:22 GMT

The advantage to keeping to Amazon store card would be the 0% interest for 6/12/24 months depending on the purchase.

It may be worth keeping just in case you want to make a large purchase and pay over time interest free.

In regards to Amazon, as mentioned, the Freedom will only be 5% for 4thQ. The Chase Amazon is unlimited 3% (though you likely don't want another card)

Anyway, if you shop alot of Amazon, and make occasion large purchases, Id keep that store card. No rewards, but the 0% is nice when needed.

Re: Which of These Accounts Should I Close?

Anonymous — Sun, 22 Dec 2013 02:09:24 GMT

@FinStar wrote:
@Anonymous wrote:
What is your feedback regarding closing some of these accounts?

All of my store cards were so instrumental in helping me to rebuild and I have had them for at least 4 years - but now I am thinking that for the rewards - I should stick with my major accounts to make store purchases - And I really do not like having to manage so many accounts.

Store cards with $5000 or more CL -

PayPal -Want to keep because I feel safer shopping online through PayPal. Is this the PayPal Extras MC or PayPal Smart Connect account? What's the CL?

PayPal Smart Connect $5200 - 0 Balance -Have had since 2008

Walmart -Not sure I need it now. I am not aware of any special offers they have. FICO score, but you already have Discover & Barclays which just recently started this benefit. Promotional financing offers is the only item that comes to mind or fuel discounts (provided you get gas from them frequently).

You know - I have never thought to buy gas from Walmart - Something to look into.

JCP -Great with CLI, but hardly use it - they do offer good discounts-. I am on the fence about this one. How frequently do you shop at JCP? They feature promotional offers for large purchases.

Maybe Once a year - It has my highest store card CL $5700

Amazon -Shop there several times a month, but might not need it with Freedom-. I need more info on this. Like Walmart, they also feature 6, 12, 18 month promotional offers.

$5000 CL - I had been using this several times a month until I got the Barclay World - and was trying to reach the sign up bonus purchase min. Also, use Disc. Cashbak rewards on Amazon -

Firestone $2200 CL - offers good deals on tires and 6 month no interest. I think I should keep this one. How often do you go through tires? Unless your household is full of folks who constantly go through tires (e.g. NASCAR?) Firestone also has promotional offers and if this your bodyshop of choice, sure.

Harsh winters - very harsh - In terms of the chain shops - it is the least corrupt in the area - as far as I know. I go there for tires brakes - inspection - etc. They email lots of coupons - to me.

Major Cards -

1. Barclay World (Premier) $6200 - paying on $1800 balance and expect a CLI in Feb.
2. Barclay World $7500 - Has $1100 balance ------- Barclay says I can combine the accounts - Keeping the World - lower interest rates and better rewards. Keep whichever has the best terms/rewards overall. Barclays can allocate CLs accordingly.
Had the Premier longer - BUT the World ($7500) is the one with the annual fee - but 2x points on all purchases - and lower APR - This is the one I am keeping.

3. Discover -$5000 - Keeping 0 balance
4. Chase Freedom $4000 just approved for tonight - read they give 5%Cashback for Amazon purchases - So, do I need the Amazon account? See above.
5. CU Visa $5000 got this summer - Hardly use - got it only to establish a credit history with the State Employees Credit Union for possible future mortgage - 0 balance If the CU relationship is important to you and with any possible mortage or other loans with them, I would keep it - decent limit plus I'm sure it has a low APR or decent terms?
Yes - well - lower than my CCs. I think it is like 13%.

6. Citi Simplicity $5000 got this past summer - $47 balance This card can have frequent 0% APR BT offers and can come in handy if needed.
7. Citi Thank You Preferred $5000 approved for last night - Thinking I should close Simplicity - unless it has some benefit that I am not considering.

I am aware of how closing accounts impact utilization - And part of my own way of checking my utilization is to stick to having no more than 3 balances reporting -and using my cards primarily to take advantage of an offer, as opposed to because I do not currently have the money to pay. At the very least I know - I will be cutting my major card list down by 2. How about those store cards? I know some say never close accounts - but I figure at some point, it has to look bad to creditors that a consume has WAY more credit than she uses/needs - Thanks -
Just some thoughts/recommendations. Others I'm sure will provide some guidance that can help you with some decisions.