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Any ideal strategy for closing a few cards?

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Frequent Contributor

Any ideal strategy for closing a few cards?

So I've worked so hard in the last 3 years to get my credit up & fixed...floating around 800 on all 3 reports. I've gathered quite the assortment of cards & really thing it's time to make a few consolidation moves. I've got $380k in available credit...some cards are overlapping as far as rewards go so I'm considering dropping at least 1 cash back card, closing 1 annual fee Delta Amex & moving the limit over to my EDP, & closing my Sync Amazon Store card, & I have the Barclays Aviator Red & Citi's AA card...thinking about moving the limit on my Aviator to my Uber card & closing the Aviator...keeping the Citi version. The only thing I won't try to do yet is merge my 2 Discover IT as my new one is only 6 months old & I'm still working the cashback match.

 

My utlilzation is low, everything financially is solid, & I have no desire or need for any other cards. Just time to tune-up my credit collection.

 

Should I space out the moves or just knock them all out now?

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Established Contributor

Re: Any ideal strategy for closing a few cards?

Hopefully @pinkandgrey will chime in. I believe she closed a bunch of cards at once, but I don't want to speak for her. It sounds like this is well planned and considered (utilization, moving limits, etc.), so nothing to add there, either.

Garden Gnome
12 CC | 1 PLOC | 0 MTG | 0 AUTO
Most recent inquiry: 2020-10
Most recent account: 2020-10
Under 5/24: 2021-05
Message 2 of 9
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Super Contributor

Re: Any ideal strategy for closing a few cards?

Just knock them out. Spacing closures is for thin files or high utilization. 




Message 3 of 9
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Valued Contributor

Re: Any ideal strategy for closing a few cards?

The only thing to take into consideration is your debt load.  If it will result in significantly higher utilization then a slow approach might be better if you have a large purchase coming up.  otherwsie just axe them all at once as there's no adverse affect.  I think there's a lot of superstition on the best approach methods when it's just something you want to do and it's simple as that.  The banks don't have a specific method when they close them for you either, they just do it.

500K+ TCL / 800+ FCOs
Message 4 of 9
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Community Leader
Senior Contributor

Re: Any ideal strategy for closing a few cards?

It sounds like utilization isn’t an issue for you, so I’d just shut them all down at once. When I closed half my cards, I did them all on the same day lol. Back-to-back calls. I like to take the efficient route. Good luck! 

Discover It: 19.7k
Amex ED: 18k
Citi DC: 7.7k
Best Buy Visa: 3k
~~~~~~~~~~~~~~~~~~
Once you go Berner, you never go back.
Message 5 of 9
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Super Contributor

Re: Any ideal strategy for closing a few cards?

My approach when closing is to allow time to walk through all the steps such as making sure no recurring charges are still set up, moving limits and letting that settle out, and after a statement prints, using that as a Go time.

Also as I have been stepping completely out of certain banks ( BofA and WF checking ) taking the time to delete connections to other banks, and autopay to the CC.

So my preference is to be slow and deliberate, similar to when you are adding accounts and making sure things work correctly.
High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 6 of 9
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Valued Contributor

Re: Any ideal strategy for closing a few cards?

As everyone above said:

You are ready to start cutting cards.

Welcome to the simple life.

 

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k) / US-Bank Cash+ (15k)
FNBO Travel Elite (15k) / Citi Double Cash (20k) / US Alliance 3% (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 7 of 9
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Valued Contributor

Re: Any ideal strategy for closing a few cards?


@NRB525 wrote:
My approach when closing is to allow time to walk through all the steps such as making sure no recurring charges are still set up, moving limits and letting that settle out, and after a statement prints, using that as a Go time.

+100

Best to be safe and let statement or two with 0 first.

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k) / US-Bank Cash+ (15k)
FNBO Travel Elite (15k) / Citi Double Cash (20k) / US Alliance 3% (20k)
Ficos : 830 / AAoA : 9 yrs / AoOA : 24 Yrs / AoYA : 0
Message 8 of 9
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Frequent Contributor

Re: Any ideal strategy for closing a few cards?

Thanks for the info...my util is not an issue & I'm not closing a large % of my available credit...mainly consolidating. I'll get ready to make some phone calls on Monday. Thanks everyone...

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