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Close or Keep Open?


Close or Keep Open?

I recently was just approved for  Chase Freedom ($3k), Discover It ($6k), Home Depot ($6k) and Lowes ($3k).  Prior to these new cards I have two Capital One cards ($500 and $750 limit) and an Orchard Bank card (well I guess that is Cap One too hehe).  All 3 of these have annual fees.  Should I close the two low limit Capital One cards now while I take the hit on my AAOA?  Or should I continue to keep paying the annual fee and keep them open?


Thanks for any advice you guys can give =)

Message 1 of 6
Established Contributor

Re: Close or Keep Open?

How long have you had them?

Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward,
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape
Message 2 of 6
Frequent Contributor

Re: Close or Keep Open?

I would recommend that you close any cards that have an annual fee.


You currently have great cards with decent credit lines.


Those closed cards will continue to report for "TEN" years after closure.

Message 3 of 6
Valued Contributor

Re: Close or Keep Open?

call and see if they can waive the af or pc too other cards without af. 

otherwise axe those bad boys. 


like stated as long as closed in good standing, the cap one cards will continue to report for 10 years. 


considering the average life and not being able to get credit until 18+ thats huge lol. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9

2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Message 4 of 6

Re: Close or Keep Open?

Thank you all!! No luck on getting the AF waived or PC so looks like cancellation time.
Message 5 of 6
Established Contributor

Re: Close or Keep Open?



did you contact the executive office?

Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
Goal Score: 750

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Message 6 of 6