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Cards to Close???

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New Contributor

Cards to Close???

Looking to close these. Can anyone agree or disagree with why I should close or leave open. I am torn because the CL's will be about $7250 but I never use them. See my other cards in signature.

Cap 1 QS- $500

Credit 1- $1150

Credit 1- $1850

First Financial Legacy- $2100

Merrick- $1650

 

They are all zero balances.

Thanks for advice.

PenFed Pathfinder Visa- (17500), PenFed Visa- (17500), Langley FCU- (10000), Navy FCU- (500), USAA Cash Rewards- (2500), USAA Rate- (6000), Amex Hilton- (2000), Amex ED- (3900), Amex Gold- (NPSL), Amex Magnet- (12400 AU), Amex Business- (18000 AU), Discover IT Travel- (12400), Discover IT Cash- (3000), Macys Amex- (7000), Chase- (4500), Petal Card- (4500), Apple Card- (4500), BBVA- (5000), Barclay Carnival- (6000), Cap 1- (1170), Cap 1- (2500), Cap 1 QS- (500 Closed), Cap 1 Venture- (1000), Cap 1 Walmart- (1200), Credit One- (1100 Closed), Credit One- (1850 Closed), Merrick- (1650), Legacy- (2100), Wayfair- (10800), Home Depot- (4900), Lowes- (5000), Firestone Car Care- (2000), Victoria Secret- (2100), Belk- (700), PayPal Credit- (3400), Sams- (1550), Gettington- (1650), Kohls- (3000), Jared- (3000), Care Credit- (2500), Target- (400), Klarna- (1000), Affirm Peloton- (8000), Affirm JomaShop- (3580)
Message 1 of 13
12 REPLIES 12
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Frequent Contributor

Re: Cards to Close???

I assume you're paying AFs on at least a couple of those?

 

I'd close everything that has an AF associated with it and put the rest in the SD.  They'll close eventually, but may as well leave them open in the mean time.

 

That's just my approach.


Message 2 of 13
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Moderator

Re: Cards to Close???

Close em if you dont want or use them.
"If there's a lack of money in your life, understand that feeling worried, envious, jealous, disappointed, discouraged, doubtful or fearful about money can never bring more money to you, because those feelings come from a lack of gratitude for the money you have."

"Reactions are powerful creators because they contain every element needed to manifest—they're a combination of thought, belief, and feeling in action. Positive reactions create more positive things, and negative reactions create more negative things. If you can respond to negative situations calmly and lightly, instead of with emotional turbulence, what happens next in your life will be so much better."

- Rhonda Byrne

Message 3 of 13
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New Contributor

Re: Cards to Close???

All of those have an AF except the Cap 1 and it has been at $500 for over 5 years, they will not budge on a cli. Granted the AF's are not killer but then does the name Credit One on my report hurt me?

PenFed Pathfinder Visa- (17500), PenFed Visa- (17500), Langley FCU- (10000), Navy FCU- (500), USAA Cash Rewards- (2500), USAA Rate- (6000), Amex Hilton- (2000), Amex ED- (3900), Amex Gold- (NPSL), Amex Magnet- (12400 AU), Amex Business- (18000 AU), Discover IT Travel- (12400), Discover IT Cash- (3000), Macys Amex- (7000), Chase- (4500), Petal Card- (4500), Apple Card- (4500), BBVA- (5000), Barclay Carnival- (6000), Cap 1- (1170), Cap 1- (2500), Cap 1 QS- (500 Closed), Cap 1 Venture- (1000), Cap 1 Walmart- (1200), Credit One- (1100 Closed), Credit One- (1850 Closed), Merrick- (1650), Legacy- (2100), Wayfair- (10800), Home Depot- (4900), Lowes- (5000), Firestone Car Care- (2000), Victoria Secret- (2100), Belk- (700), PayPal Credit- (3400), Sams- (1550), Gettington- (1650), Kohls- (3000), Jared- (3000), Care Credit- (2500), Target- (400), Klarna- (1000), Affirm Peloton- (8000), Affirm JomaShop- (3580)
Message 4 of 13
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Senior Contributor

Re: Cards to Close???

I'd go ahead and close anything with a fee that you don't use.

 

Then, in a month or two, revisit the no-fee cards you don't use. You may want to keep one if it is older than your better cards.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC, ED, QS
Retention games: BCP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 5 of 13
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Senior Contributor

Re: Cards to Close???

Where is your overall utilization? What is your approximate monthly spend?

 

You have plenty of nice CLs, so at first glance I don't see how losing $7,250 of available credit would really be a problem.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC, ED, QS
Retention games: BCP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 6 of 13
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Super Contributor

Re: Cards to Close???

Definitely close the Fee cards and check a few statements after, just to make sure you don't get hit with anything,

that would potentially cause a late.

 

The $500 Cap1 is bucketed and won't grow without massive spend. Just not worth it.

You have plenty of other nice cards.Smiley Happy

 

I agree with the other poster, keep your oldest no fee card open for age, put a little spend on it  every 6 months or so.

 

Message 7 of 13
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Established Member

Re: Cards to Close???

I actually just called today and closed my credit one mastercard with a $500 SL. It has only been open for 11Months and I just paid it off so it was actually hurting my AAoA. Suprising they were super nice on the phone and even though I cancelled the card, they credited my Visa account with every AF I have ever paid (even though it is fully paid off). With this account closed I should go up about 3 months to a 3 Year AAoA. I however have my original credit one visa that's been open for 4 Years and has a SL of $1,250. I have made the decision to keep this open as my credit is still fairly new and this card is helping my AAoA. For you however, I would take everyone elses advice and close the accounts with AF's...

Best Buy Visa - $6,000
Paypal Cashback MAstercard - $5,000
Paypal Credit Line - $4,000
Citi Double Cash - $2,300
Wells Fargo Platinum Rewards - $1,500
Kay Jewelers - $1,500
Credit One Visa - $1,250
Capital One Quicksilver - $500
Capital One Platinum - $500
AAoA - 2 Years 3 Months AoOA - 5 Years 4 Months AoYA - 0 Year 0 Months
January 2020 - Transunion 706 : Equifax 688 : Experian 727
Message 8 of 13
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Valued Contributor

Re: Cards to Close???

Could just be me but I would X Merrick and Credit 1 that would be your 3 but that is just me...lol













((This needs to be updated just added new card))INQ's: EQ: 6 TU: 1 EX: 0 (last 24 mo.)
Recent Accounts: 7-that caused inquires (last 24 mo.)
Total CL: 14.8k Util. LOL% AAoA: 1 yrs, 4 mo.
AoOA: 5 yrs, 2 mo. AoYA: 0 yr, 3 mo.--I think I did the AA/Ao's Right LOL
Message 9 of 13
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Mega Contributor

Re: Cards to Close???


@ub3rl1ght wrote:

I actually just called today and closed my credit one mastercard with a $500 SL. It has only been open for 11Months and I just paid it off so it was actually hurting my AAoA. Suprising they were super nice on the phone and even though I cancelled the card, they credited my Visa account with every AF I have ever paid (even though it is fully paid off). With this account closed I should go up about 3 months to a 3 Year AAoA. I however have my original credit one visa that's been open for 4 Years and has a SL of $1,250. I have made the decision to keep this open as my credit is still fairly new and this card is helping my AAoA. For you however, I would take everyone elses advice and close the accounts with AF's...


For FICO, AAoA doesn't work that way.   It counts open and closed accounts (that are on your report).  So closing a card typically has no impact on your AAoA, until it drops off, which can be about 10 years later.   Credit Karma and other systems that use Vantage use only open accounts, so there the AAoA will increase.

Message 10 of 13
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