Close / Don't use CC

[corymcd88]

I'm looking at not using or closing some credit cards.

Walmart - Don't use; only if I need 0% Offer.

JCP - Don't use; Only use if I need it for a discount.

Discover - Don't use; I don't like to rotation categories each quarters.

Capital one - Don't use; High APR and low CL same as USAA card.

Citi Simplicity - Don't use; Poor rewards if you can call it that.

That is about it.

[Anonymous]

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@corymcd88 wrote:

I'm looking at not using or closing some credit cards.

Walmart - Don't use; only if I need 0% Offer.

JCP - Don't use; Only use if I need it for a discount.

Discover - Don't use; I don't like to rotation categories each quarters.

Capital one - Don't use; High APR and low CL same as USAA card.

Citi Simplicity - Don't use; Poor rewards if you can call it that.

That is about it.

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Seems like the Discover card is a decent limit and might be good to keep for utilization purposes, it also has a chance to grow quite a bit more.  Good card to keep in your back pocket.  

Citi I would see if they would merge you limit with your double cash.  I don't know if Citi does that or not but if they do that's what I would do.

Walmart also has a decent limit and could be a sock drawer queen but could possibly be closed.  Is it the mastercard or just the store card?

JCP is also a decent limit but could be a casualty as well if you don't use it.

Capital One would be the first one I would dump on your list based off of its CL.

Good luck

[austinguy907]

Cory

The only real reason to CLOSE something is if it COSTS you something.  I really don't get the rationale of closing out a good chunk of your available credit.  I do know it's hard to keep up with a slew of accounts though between auto pays and manual pays and just the ordeal of rotating them. If you're closing things out I would start with store only cards that can't be used anywhere else.  After that I'd put a bullseye on anything that charges an AF unless you use the perks at least a few times a year.  After that it's open season if it just doesn't fit anymore and can't PC into something that does.  Keeping things diversified though should be something to keep in mind as well between different lenders in case someone gets spooked from something in your profile changing for some reason.  All it takes is one error being reported and the doors start slamming shut on these accounts even though the error isn't yours sometimes.

[Anonymous]

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@austinguy907 wrote:

Cory

The only real reason to CLOSE something is if it COSTS you something.  I really don't get the rationale of closing out a good chunk of your available credit.  I do know it's hard to keep up with a slew of accounts though between auto pays and manual pays and just the ordeal of rotating them. If you're closing things out I would start with store only cards that can't be used anywhere else.  After that I'd put a bullseye on anything that charges an AF unless you use the perks at least a few times a year.  After that it's open season if it just doesn't fit anymore and can't PC into something that does.  Keeping things diversified though should be something to keep in mind as well between different lenders in case someone gets spooked from something in your profile changing for some reason.  All it takes is one error being reported and the doors start slamming shut on these accounts even though the error isn't yours sometimes.

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I disagree, there are plenty of reasons to close a card beyond it costing you something monetarily. Some may want to simplify their finances and not have to worry about a significant amount of credit accounts. By only having credit accounts that you use somewhat frequently you limit the potential for fraud to occur without your knowledge.

[longtimelurker]

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@Anonymous wrote:

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@austinguy907 wrote:

Cory

The only real reason to CLOSE something is if it COSTS you something.  I really don't get the rationale of closing out a good chunk of your available credit.  I do know it's hard to keep up with a slew of accounts though between auto pays and manual pays and just the ordeal of rotating them. If you're closing things out I would start with store only cards that can't be used anywhere else.  After that I'd put a bullseye on anything that charges an AF unless you use the perks at least a few times a year.  After that it's open season if it just doesn't fit anymore and can't PC into something that does.  Keeping things diversified though should be something to keep in mind as well between different lenders in case someone gets spooked from something in your profile changing for some reason.  All it takes is one error being reported and the doors start slamming shut on these accounts even though the error isn't yours sometimes.

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I disagree, there are plenty of reasons to close a card beyond it costing you something monetarily. Some may want to simplify their finances and not have to worry about a significant amount of credit accounts. By only having credit accounts that you use somewhat frequently you limit the potential for fraud to occur without your knowledge.

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This!    In addition, in order to keep cards open, people sometimes add unnecessary spend every few months or, for things like needed subscriptions, forgo rewards they could have got putting it on better cards.     

Some responses worried about utilization.   IMO, this is way overstated in myfico.  Apart from the fact that OP clearly has a lot of credit, even after the proposed closures, once you have a reasonable amount, utilization padding just isn't that important.  If you can PIF, you can, at the times you actually need it, make your reported util whatever you like (and just PIF on due date when score doesn't matter)

[driftless]

+ 1 to both tydawg and longtimelurker's comments.

[Anonymous]

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@Anonymous wrote:

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@austinguy907 wrote:

Cory

The only real reason to CLOSE something is if it COSTS you something.  I really don't get the rationale of closing out a good chunk of your available credit.  I do know it's hard to keep up with a slew of accounts though between auto pays and manual pays and just the ordeal of rotating them. If you're closing things out I would start with store only cards that can't be used anywhere else.  After that I'd put a bullseye on anything that charges an AF unless you use the perks at least a few times a year.  After that it's open season if it just doesn't fit anymore and can't PC into something that does.  Keeping things diversified though should be something to keep in mind as well between different lenders in case someone gets spooked from something in your profile changing for some reason.  All it takes is one error being reported and the doors start slamming shut on these accounts even though the error isn't yours sometimes.

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I disagree, there are plenty of reasons to close a card beyond it costing you something monetarily. Some may want to simplify their finances and not have to worry about a significant amount of credit accounts. By only having credit accounts that you use somewhat frequently you limit the potential for fraud to occur without your knowledge.

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+infinity

This entire thought process is why I closed an account this week with Amex.

[Anonymous]

I just wish there was something I could do with my care credit as I called awhile back and explained I won't need it as I thought but it does help my utilization at the moment I guess but they said just leave it open also if I closed it would that put me under that so many cards at one time rule

[Anonymous]

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@Anonymous wrote:
I just wish there was something I could do with my care credit as I called awhile back and explained I won't need it as I thought but it does help my utilization at the moment I guess but they said just leave it open also if I closed it would that put me under that so many cards at one time rule

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What rule are you speaking of? Also they will likely upgrade your account to a MasterCard soon.

[corymcd88]

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@Anonymous wrote:

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@Anonymous wrote:
I just wish there was something I could do with my care credit as I called awhile back and explained I won't need it as I thought but it does help my utilization at the moment I guess but they said just leave it open also if I closed it would that put me under that so many cards at one time rule

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What rule are you speaking of? Also they will likely upgrade your account to a MasterCard soon.

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Only selected will upgrade to carecredit  MC a rep told me, like Walmart and JCP.