App spree...to close or not to close?

[fittiger]

Hi all, I'm trying to optimize my chances of getting approved for certain cards and wanted some input on the best way to do this.  

Currently I have the following:  Cap1 Platinum $0/$500, Discover $1,050/$12,500, GE CareCredit $0/$2000, GE LumberLiquidators $0/$2500.   I have a long (1995) but thin (3 closed cards with max limits of $750) credit card history, AAoA is 6 years.  Fico Scores are in the 750/760's range.  Only baddie is a 30 late on a closed chase card in 6/08.  Have a year old mortgage, and 2 student loans.  My INQ's are 4 per CRA, all will be a year or older in June, except TU which has 5 and 2 are from Dec/Jan.

Of my current open cards, the two GE cards were opened in Dec 12/Jan 13.  I opened them for discounts and to finance my floors and pet surgery.  I have no real need for them now.  My question is would closing them help or hurt me in apping in July 13.  My thoughts are if I close them the new accounts shouldn't be used against me as heavily as fishing for new credit or in the case of PenFed as pyramiding debt.  They will be 6/7 months old at that point.  I realize that keeping them open may help my AAoA in the long run, but I don't think it will really make that much difference once I open a few more accounts that I plan to keep open.  I probably won't ever use these again and don't want the creditor to close for inactivity.

Should I contact the Cap1 EO for a CLI on my $500 which I've had since 07?  I don't want another, or 3, INQ to show up before I app though.

My biggest concerns for getting denied are:  1) new accounts, 2) pyramiding debt (which I'm not trying to do), 3) amount of debt (new mortgage and somewhat high student loan balances).

My plan is to app for:  1) Penfed Platinum Rewards, 2) Chase CSP, 3) Amex Delta Gold......maybe 4) Chase Freedom.

[fittiger]

No advice?

[Anonymous]

Leave any accounts that have no AF open.

Closing them will not reduce your AAoA, because they will continue to report for the next 10 years. In fact, when they finally fall off, they could cause your AAoA to lower.

Also, do you carry a balance on any of your cards? If you do, closing some of your accounts will lower your overall credit limit and increase your utilization, which could also lower your score.

I think you're in good shape.

Edit: I'd wait another 2-3 months so that your new accounts have 6 months of payment history before you app for any new cards. That should maximize your chances.

[fittiger]

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@Anonymous wrote:

Leave any accounts that have no AF open.

Closing them will not reduce your AAoA, because they will continue to report for the next 10 years. In fact, when they finally fall off, they could cause your AAoA to lower.

Also, do you carry a balance on any of your cards? If you do, closing some of your accounts will lower your overall credit limit and increase your utilization, which could also lower your score.

I think you're in good shape.

Edit: I'd wait another 2-3 months so that your new accounts have 6 months of payment history before you app for any new cards. That should maximize your chances.

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I plan to wait until July (6 months from newest account opening) to app.  The only balance I'll have will be a small one on the discover, less than 10% UTI.  

I'm just wondering if the newness of the accounts will outweight the extra available credit they give me.

[Anonymous]

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@fittiger wrote:

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@Anonymous wrote:

Leave any accounts that have no AF open.

Closing them will not reduce your AAoA, because they will continue to report for the next 10 years. In fact, when they finally fall off, they could cause your AAoA to lower.

Also, do you carry a balance on any of your cards? If you do, closing some of your accounts will lower your overall credit limit and increase your utilization, which could also lower your score.

I think you're in good shape.

Edit: I'd wait another 2-3 months so that your new accounts have 6 months of payment history before you app for any new cards. That should maximize your chances.

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I plan to wait until July (6 months from newest account opening) to app.  The only balance I'll have will be a small one on the discover, less than 10% UTI.  

I'm just wondering if the newness of the accounts will outweight the extra available credit they give me.

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Even if it does, closing them won't help.

I think you'll be fine once they've aged to 6 months, it will also lessen the impact of your previous inqs.

[fittiger]

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Even if it does, closing them won't help.

I think you'll be fine once they've aged to 6 months, it will also lessen the impact of your previous inqs.

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Thanks, thats what I wanted to know.

[kimmiller112]

Keep the GE cards open.  It helps with your overall utilization, which will help you when you do your next app spree.  

I would contact the EO to get an increase on your Capital One card and I would aim high (maybe $5000), considering you have a Discover with a $12,500 limit.  Email them (you can do a web search for the email address).  They will contact you, ask you some questions and ask you what kind of a limit you are looking for.  They will ask you if a lower limit would be acceptable if they can't approve what you are asking for.  It was a soft pull for me and I went from $1500 to $5000.