6 credit cards, should I close some?

[Anonymous]

@XtraCredit yeah that is what I am struggling with. During my rebuild I was willing to take any card that I could get but now I'm stuck with all these cards and nothing to buy except food and gas which the Amex will take care of for me. So what do I do with all the rest

[Anonymous]

@SouthJamaica that is a really great point! I don't really need multiple cards because I don't really have much spending. I'm just not sure if they see me closing accounts less than one year later if that will look bad for anything I may want in the future.

[SouthJamaica]

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@Anonymous wrote:

@SouthJamaica that is a really great point! I don't really need multiple cards because I don't really have much spending. I'm just not sure if they see me closing accounts less than one year later if that will look bad for anything I may want in the future.

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If it were me, I'd keep the card, and use it every once in a while. But we're different people. For me it's no problem keeping up with multiple cards. In fact I enjoy it for some reason.

But no, closing it won't look bad for anything you may want in the future.

[kdm31091]

Your cards should be tools and of benefit to you. I would close anything that is excessive or just not serving you any purpose. There are those who don't mind just sticking an unused card in the drawer and/or using it very occasionally to keep it active, and that's fine too. But if it is overwhelming to you, I would just close and move on. The average consumer has only a few cards anyway.

[pinkandgrey]

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@UpperNwGuy wrote:

If a card does not contribute toward your goals, then you should cancel it.  Just because it doesn't have an annual fee doesn't mean you should keep it.

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My philosophy exactly. Don’t worry so much about a “number” (score) and do what helps YOU. If I don’t use a card, I close it regardless of its age or limit etc. 

[sarge12]

As a general rule, I have never seen any reason to close cards that have no annual fee, and costs nothing if not used. The cards credit limit will help with utilization. Most cards can be set to notify you by text or e-mail if it is used, and some can even be activated or de-activated online at any time. Almost all have websites that make monitoring the accounts simple. An exception might be a lower tier card with low limits and store credit cards. Closing cards in itself will not lower your credit score, but the loss of the cards credit limits might result in higher aggregate credit utilization. That could cause utilization to cross a threshold and result in a score drop.

[KELSTAR]

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@Anonymous wrote:

@Overmedicated yeah the only card that has an AF is the QS1 which is also my oldest and slowest growing card. I started at $300 a year ago and I'm pretty much over it. I definitely want to PC the Slate to a CFU and I'm thinking the Discover will end up being much more once it unsecures. I don't even know what possessed me to get the BuyPower and I don't see why I should keep it. But I'm not sure if I should close both Cap1 cards or just the QS1 since they refuse to PC to the QS.

The BuyPower card has a %5 return on first $5,000 in spend anywhere. Then it's 2% anywhere unlimited.

Of course you would use those points only through GM, but most of us need a vehicle at some point.

If you choose to keep, maybe roll the limit from the QS1 to the GM.

GOOD LUCK!

[Anonymous]

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@Anonymous wrote:

Hi All!

I currenlty have 6 open credit cards and I'm wondering if I should close the ones with smaller limits like the ever so slow growing Cap1 cards I have. I was recently approved for a NFCU More Rewards Amex at 15k which makes my Cap1 with a $750 limit seem pointless. I originally only wanted one of each (visa,mc,amex, disco) which I just achieved but now that leaves the Cap1 Buy Power and the QS1 as "extra cards". To me, 6 cards is hard to keep up with, I don't even have the spending to use them all consistently. My Disco is only $200 but its secured and I'm expecting a nice CLI when it hits 8 months whereas Cap1's CLIs are a crap shoot after the initial credit steps.

Cap1 QS1 $750

Cap1 Buy Power $1k

Discover Secured $200

Chase Slate $1k

NFCU Cash Rewards $500

NFCU More Rewards $15k

Some input would be greatly appreciated!

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Just want to add my $0.02: Looking at your cards...very small limits and even one secured. It is easy to feel on top of the world when NFCU gives you $15K but would any other bank/credit union at this point?

If I am being the Devil's advocate I would on one hand argue to keep the Cap One cards for the time being until at which point your profile grows to the point where a prime bank would give you $5K + credit lines. When that happens, dump Capital One. On the other hand, as others have said, if you feel its time to get rid of excess cards, go on and do it; just remember that would leave you with an Amex and a Visa with only $1K limit. Amex is accepted most places now so that shouldn't be too much of an issue. Just something to think about. 

I have 17 personal and 3 business cards myself, so I can understand the feeling of too many. And if you don't trim the fat early on, you end up like me with cards that are 15+ years old and hardly used but you can't bring yourself to close them LOL. 

[Anonymous]

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@KELSTAR wrote:

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@Anonymous wrote:

@Overmedicated yeah the only card that has an AF is the QS1 which is also my oldest and slowest growing card. I started at $300 a year ago and I'm pretty much over it. I definitely want to PC the Slate to a CFU and I'm thinking the Discover will end up being much more once it unsecures. I don't even know what possessed me to get the BuyPower and I don't see why I should keep it. But I'm not sure if I should close both Cap1 cards or just the QS1 since they refuse to PC to the QS.

The BuyPower card has a %5 return on first $5,000 in spend anywhere. Then it's 2% anywhere unlimited.

Of course you would use those points only through GM, but most of us need a vehicle at some point.

If you choose to keep, maybe roll the limit from the QS1 to the GM.

GOOD LUCK!

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Nothing wrong with 5% but if you want to use the points then you are forced to use them towards what could end up being flagged as a CFA.  Some profiles seem to be affected more than others but 1 thing is guaranteed......they won't help your scores.  So I don't really think that is worth a "potential" 10 year blemish against your credit scores just to earn 5% back on the first 5k per year.  I would close it.

[Anonymous]

Definitely don't close your oldest card, unless it was something like Credit One or First Premier Bank, which you shouldn't get to begin with, even as a first card. My first credit card was a US Bank Cash+, which I opened in September 2015 and still have, and it turned out to be a solid choice as far as first credit cards go. You have a Quicksilver One. I suggest upgrading it to a Quicksilver.

Basically, I'm not sure you really need or should close any of your cards.