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Hey all,
I want to get your final thoughts before I pull the trigger and cancel 3 of my cards. Nordstrom Visa, Express Next and Synchrony Amazon.
I want to cancel the Nordstrom Visa and Express cards because they were used to get a discount when I opened them, and have otherwise sat unused. I do not shop at either often, much less to justify having the cards. They were only applied for because of the initial sign up discounts.
I also want to cancel my Synchrony Amazon card because I am product changing my Discover Chrome to the standard Discover It and setting Amazon.com as one of my 5% categories. Synchrony bank is overall good but the online interface is garbage and I would prefer to avoid the unneccesary exposure. I want to only have my GAP Visa with Synchrony, nothing else.
Should I go forward with cancelling, or keep them? I'm 19, debt-free and DUMB hahaha.
I would keep Amazon. Disco only has Amazon in 4Q, the rest of the year you are left with 1% for Amazon purchases. If you use Amazon a lot, the Amazon Store Card is a no-brainer.
Discover IT is a rotating category card. While you have to activate the category every quarter, you don't get to pick what it is.
Discover does not have a "set my category's card"
They choose the categories for you. (You have to activate them but that not the same as choosing) Right now it happens to be Amazon in Q4. That will change on January 1
When applying for cards I prefer to go slowly, to look for a definite reason to add a card. Similarly, when closing, it takes me a while to decide a card really isn't going to work.
You've got quite a few cards in a short time. It's fine that you are looking at closing some of them, but it seems like a quick turnaround.
My suggestion would be to close the Express Next card, as that seems obviously least useful. Then monitor the Nordstrom VISA and Amazon. As noted, the Amazon card can continue to provide discounts. The Nordstrom, as a VISA has usefulness, and it doesn't look like you have another card that can get 3% at Nordstrom ( or department store ) .
Or you can close all three. It's your choice. You have quite a few cards already, and maintaining those does require a choice to do so.
If your credit file is young and beginning, I would keep them. Without knowing your credit file it would be tough to say for sure. Do you have high credit limits? What is your total limits all added up? Keeping these around, you could hope for auto clis, therefore increasing your credit limit overall. This will help for utilization and possibly qualifying for other cards at higher initial limits. If that is the case, keep them around. Lock them online if possible and use them every once in awhile. Just pay in full when the bill comes. In fact, setup automatic bill pay.
As others have said, you don't get to pick your 5% Discover category, it simply rotates each quarter (and you have to enroll).
Right now, Amazon is a 5% category, but that will change on Jan. 1.
Assuming you shop at Amazon enough for it to matter, I would keep the Amazon store card for that reason.
Generally speaking, though, I don't see a reason not to close three cards, as long as you'll still have three cards after, and as long as it doesn't wreck your utilization. I recently closed three cards, and there was very little effect on my FICO scores. My VS scores went up. That may be profile-dependent and your results may vary. JMO, good luck!
BTW, IIRC the Nordy card gives you early access to their half-yearly and yearl sales. I had one that went from 700 to over 7000.
I personally think Amazon is worth keeping, if not for the 5% back, then for the 0% APR on expensive items.
Sometimes I just want to buy a new laptop or something and I don't have the funds immediately available. The 0% APR option means I don't ~have~ to wait.