Cancel my low limits

[Fester82]

When I was in my low 500 credit score I applied for anything I can get. Now I'm starting to get higher limits I have 90% of my cards paid off. I only have three cards that are above 1000 and I have one card at 10,000. I have a bunch of them below 500. They're all in good standing. I do have a couple cards that I have to pay a monthly service for you of six dollars or $8. When would be smart to start canceling some cards?

[CreditPoor]

Close them if it makes sense to you. I have one or two 500 and 1000 cards that I keep because no AF and they are some of my oldest.  Never had issues with getting larger limits with them being there, in fact quite the opposite. If u have monthly fees and you're not using them, I say close them. 

If you have a Credit One definitely close it. I hate that card with a passion and it screams desperation in my opinion 

[pizzadude]

If you're not getting anything out of those cards for the monthly / annual fee then I see no reason to keep them around, unless closing them would materially impact your revolving utilization. 

[Rdbeetle]

Like others have said, if the cards are of no use to you and you're paying monthly fees then close them. They will still report on the CRs for up to 10 years.

[Anonymous]

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@Fester82 wrote:

I do have a couple cards that I have to pay a monthly service for you of six dollars or $8. When would be smart to start canceling some cards?

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*Looks at watch*

3

2

1

GO!

[markbeiser]

If you live in a state that allows insurance companies to use credit data in the determination of your auto and home insurance rates, you should absolutely close down low limit cards as you cross over into having significantly higher limit cards.
One of the scoring factors on insurance scores is the average credit limit on your cards.
I don't remember what they are, but there are several tiers to it.
The maximum score benefit is at an average of $9000 or more.

[FicoMike0]

If you're paying a fee, cancel.

[Fester82]

Thanks everyone. I appreciate and will cancel my lower limit cards starting with credit one

[MissLiz]

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@markbeiser wrote:

If you live in a state that allows insurance companies to use credit data in the determination of your auto and home insurance rates, you should absolutely close down low limit cards as you cross over into having significantly higher limit cards.
One of the scoring factors on insurance scores is the average credit limit on your cards.
I don't remember what they are, but there are several tiers to it.
The maximum score benefit is at an average of $9000 or more.

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I don't know what rock I've been living under, but this is absolutely news to me! I just looked it up and sure enough, facts. Thank you for teaching me something new today. 

[SouthJamaica]

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@Fester82 wrote:

When I was in my low 500 credit score I applied for anything I can get. Now I'm starting to get higher limits I have 90% of my cards paid off. I only have three cards that are above 1000 and I have one card at 10,000. I have a bunch of them below 500. They're all in good standing. I do have a couple cards that I have to pay a monthly service for you of six dollars or $8. When would be smart to start canceling some cards?

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Sounds to me like you're ready now. Just take it slowly, one at a time.