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Closing cards - Thoughts on if I should, or when I should?

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Anonymous
Not applicable

Re: Closing cards - Thoughts on if I should, or when I should?

That’s up to you if you’d like to close cards. It depends on your endgame? Do you just want cards that maximize your cashback or rewards? Do you want to get rid of duplicate cards? That’s two or more cards that give the same rewards? Or do you want to purge yourself from subprime cards? I guess it depends on what your thoughts are. It seems like you have a well aged CRA. So closing what you don’t use shouldnt mess too much with things. Except temporarily your utilization till you get them down. If you are planning on getting a mortgage or big purchase soon would be the only way I’d say hold off for a while. 

Message 11 of 14
kdm31091
Super Contributor

Re: Closing cards - Thoughts on if I should, or when I should?

I don't see any issue with the ones you want to close. You will still have plenty of cards/available credit. If you want to close them, close them. No reason to wait IMO

Message 12 of 14
UpperNwGuy
Valued Contributor

Re: Closing cards - Thoughts on if I should, or when I should?

Go ahead and close them.  Fewer cards and fewer card issuers.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
Message 13 of 14
Anonymous
Not applicable

Re: Closing cards - Thoughts on if I should, or when I should?

I also think you should close all the accounts you don’t have a use for it. 

I just closed 5 card on the last 3 months because I couldn’t justify having 11 credit cards. Actually I think life was simpler and better when I only had my Cash Rewards and a Quicksilver for almost 5 years. Smiley Very Happy

Message 14 of 14
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