Close smaller limit credit cards and apply for larger limit credit cards

[bigpoppa1]

I have 20 credit cards, most of them with smaller credit card companies that offer credit to low fico score borrowers.

I'm working to payoff my entire balance.

After I payoff the balance, I'm considering if I should close the smaller limit credit cards.

Here is my line up:

Destiny Credit		$300.00
Milestone Gold Card		$300.00
Credit One		$600.00
Credit One Black		$950.00
Avant Card		$750.00
Mission Lane Classic Visa		$400.00
Capital One Quicksilver		$3,000.00
Cerulean Blue		$1,800.00
Merrick Bank Double Black		$1,400.00
Indigo		$300.00
Capital One Walmart		$400.00
Upgrade		$1,000.00
Upgrade Green		$500.00
Prosper		$1,600.00
Sparrow		$300.00
Surge Card		$500.00
Aspire		$500.00
Premier Bankcard		$400.00
Imagine Visa		$700.00
Total Card		$300.00

[Linnaea]

The Experts and Gurus here may need a little more data points such as when we're each of these open?  Is the an annual fee? And the CC current interest rates?  Then they can give the top ones you could dump.  I am not of that caliber to offer that kind of advice.   But great post because I have a coworker friend with a lot of low limit cards such as yourself

[ptatohed]

First and foremost, pay off any and all cards that you are carrying balances and paying interest on - priority one.  Second, you didn't say if any have AFs but, if they do, cancel those immediately.  If you have cards that are low limits and no rewards but no AF, that's up to you if you want to close them or not.  I'm of the mind that a no AF card is no harm no foul.  I've never closed a no-AF card, I just stop using it and it will usually eventually close itself.  Some here recommend closing unused/unwanted no-AF cards for various reasons (not having to monitor it for fraud, etc.).  Valid reason.  And you do seem to have too many cards so I might recommend doing some closures in your case.  Third, and you didn't tell us if your scores are in good shape, go ahead and apply for cards that you want/will benefit you more.  Good luck!  

[markbeiser]

Unless you live in a state where insurance companies can use credit reports as a factor in insurance rates, I don't tink there is really any point to closing no AF cards, other than it feeling good to purge them and fewer things to keep track of.
In states where credit scores are used for insurance pricing, the average limit of your cards is a scoring factor for some reason, with the maximum benefit being had if your average per card is >$9000.
I purged 6 cards last year specifically to get my average over $9k.
I'm not sure what the cutoffs are, but there are arond 4 or 5 tiers to it, so there can still be a benefit at lower averages.

[NoMoreE46]

As noted, we need DPs to better suggest a strategy.

[CreditPoor]

Those Credit Ones would be my first choice on the chopping block. Indigo , Surge and Premier next. IMHO, comparable credit is what you always want to keep in mind when selecting cards. Banks see bunch of low limits and they seem to follow suit.

[citymunky]

That Prosper Card needs to go. 

[AyaMai]

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@bigpoppa1 wrote:

I have 20 credit cards, most of them with smaller credit card companies that offer credit to low fico score borrowers.

I'm working to payoff my entire balance.

After I payoff the balance, I'm considering if I should close the smaller limit credit cards.

Here is my line up:

Destiny Credit		$300.00
Milestone Gold Card		$300.00
Credit One		$600.00
Credit One Black		$950.00
Avant Card		$750.00
Mission Lane Classic Visa		$400.00
Capital One Quicksilver		$3,000.00
Cerulean Blue		$1,800.00
Merrick Bank Double Black		$1,400.00
Indigo		$300.00
Capital One Walmart		$400.00
Upgrade		$1,000.00
Upgrade Green		$500.00
Prosper		$1,600.00
Sparrow		$300.00
Surge Card		$500.00
Aspire		$500.00
Premier Bankcard		$400.00
Imagine Visa		$700.00
Total Card		$300.00

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Close all the cards which charge you high or monthly annual fees first starting with the first renewable dates, half of these cards need to be closed in the first phase. Do not close any No AF cards, keep Capital One accounts open. Do not apply for any cards for a year from the last card open, apply for a card every six months, starting even with a secured card with a high deposit, open a checking account with a bank which has a secured credit card. You didn't mention how much annual fees you are paying for each card and did not respond to the replies you have recieved and ask more questions

[Horseshoez]

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@AyaMai wrote:

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Close all the cards which charge you high or monthly annual fees first starting with the first renewable dates, half of these cards need to be closed in the first phase. Do not close any No AF cards, keep Capital One accounts open. Do not apply for any cards for a year from the last card open, apply for a card every six months, starting even with a secured card with a high deposit, open a checking account with a bank which has a secured credit card. You didn't mention how much annual fees you are paying for each card and did not respond to the replies you have recieved and ask more questions

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I agree with most of your advice, however, I don't see the need for @bigpoppa1 to plunk down a security deposit for a secured credit card.  My gut tells me all he'd need to do is close a bunch of his turkeys, join a credit union, say PenFed, and open a card with them; pretty good bet his next card will be his highest limit.

[youngandcreditwrthy]

oh my goodness.

how much in fees have you been paying??

you really need to consider how much each card is costing and also do they have growth potential.

like the Total, Aspire, and Premier are not growers at all and have WAY too many fees. I think I got an offer from Aspire once for a 700 Cl with a 175 annual fee HAHAHAH