cancel
Showing results for 
Search instead for 
Did you mean: 

Cancel Half my Cards?

tag
Gollum
Established Contributor

Re: Cancel Half my Cards?


@ToxikPH wrote:
I have a few cards that built my base but don’t give any rewards so I don’t use them anymore. These include a kohl’s card, guitar center, a credit union card. Is there any point to keeping them as they will stay on for 10 years?

My personal opinion: cancel the two store cards, and maybe the credit union card too, depending on what it is (if it's a secured card, I would think cancel or ask if it can be upgraded/whatever to a normal credit card  because you have good FICO scores, according to your signature for this forum).

Credit unions are apparently able to offer interest rates lower than commercial banks, so if your credit union credit card seems appropriate for those with good credit, then my personal opinion is: keep it, at least for now.

Credit Scores: (FICO 8) 846 Experian March 2024, 844 TransUnion March 2024 | (FICO 9) 850 Equifax March 2024
Credit Cards (newest to oldest): NFCU VISA Platinum $25,000 | BECU Cash Back VISA $10,000 | American Express BCE $9000 | Simmons Bank VISA $7500 | Capital One Quicksilver VISA Platinum (PC/upgrade from No Hassle Miles Rewards VISA Platinum) $500
Message 11 of 14
Anonymous
Not applicable

Re: Cancel Half my Cards?

Closed eight cards from my profile for the same reasons. They were starters that out lived their usefulness and were a liability and trying to keep many cards happy was more hassle than I wanted. Was glad to right size. In truth, I need to drop more cards as I am a small spender. In light of lenders taking more notice of no use or low use cards by either closing them or reducing credit lines, it has been good I did it. Utilization has been mentioned and certainly you will want to look at that (if you haven't already). Better to right size when your credit status can take it so that later on they do not equal your oldest accounts.
Message 12 of 14
SouthJamaica
Mega Contributor

Re: Cancel Half my Cards?


@ToxikPH wrote:
I have a few cards that built my base but don’t give any rewards so I don’t use them anymore. These include a kohl’s card, guitar center, a credit union card. Is there any point to keeping them as they will stay on for 10 years?

In order to answer your question I would want to know

-the ages of the accounts and how they compare to your others

-your revolving utilization profile

 

I wouldn't cancel the credit union card. I would instead try to change it to another card which they might have that is more useful. Also, if it's the type of credit union platinum card that has no balance transfer fees and no cash advance fees, I would keep it period. I find those very handy.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 13 of 14
digitek
Established Contributor

Re: Cancel Half my Cards?

Close them.
Message 14 of 14
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.