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Hey all,
I think I finally have the card lineup I want . I want to carry no more than 3 or 4 cards at any time, right now I have a good majority of my credit spread out. I have 5 capital one cards...
Quicksilver WEMC - $3K
Venture - $5K
VentureOne - $4.8K
QuicksilverOne $2.4K
Sony Card - $2.75K
My VentureOne and my Quicksilver are my two oldest. I was gonna do an account combination into the Quicksilver WEMC to have a big Quicksilver, and carry the metal venture.
Thoughts? Will this adversely impact my score?
@Anonymous wrote:Hey all,
I think I finally have the card lineup I want . I want to carry no more than 3 or 4 cards at any time, right now I have a good majority of my credit spread out. I have 5 capital one cards...
Quicksilver WEMC - $3K
Venture - $5K
VentureOne - $4.8K
QuicksilverOne $2.4K
Sony Card - $2.75K
My VentureOne and my Quicksilver are my two oldest. I was gonna do an account combination into the Quicksilver WEMC to have a big Quicksilver, and carry the metal venture.
Thoughts? Will this adversely impact my score?
Venture One and Quicksilver (or Quicksilver One) are your oldest? If having five cards is too much then it absolutely makes sense for you to combine a few cards and close the others out.
As far as your credit score there should not be any impact. The closed accounts will remain in your AAoA calculation for up to 10 years when they fall off. And since you would be combining the credit lines, there would not be any loss of credit line and therefore, no hit to credit-to-debt ratio.
If there are cards that are drastically older than most of your others, you might want to consider hanging onto them. But otherwise, as CO_NATIVE has stated, closed accounts will remain on your report for up to ten years.
Without account age information, I'd put the QuicksilverOne and the VentureOne on the chopping block. The QuicksilverOne has an annual fee that would be nice to lose. And the VentureOne's rewards are mediocre.
You might want to think about how your Venture card fits into the scheme of things. It has an annual fee, but if you spend $11,800 in a year, the rewards beat what you'd earn on the Quicksilver. On the other hand, the Quicksilver's rewards are straightforward, flexible, and simple.
I know you just said you dont need any more cards, but maybe you should consider getting a card from a diferent lender if you really decide to close 2 of your CO cards.
Just my 2 cents.
@Anonymous wrote:Hey all,
I think I finally have the card lineup I want . I want to carry no more than 3 or 4 cards at any time, right now I have a good majority of my credit spread out. I have 5 capital one cards...
Quicksilver WEMC - $3K
Venture - $5K
VentureOne - $4.8K
QuicksilverOne $2.4K
Sony Card - $2.75K
My VentureOne and my Quicksilver are my two oldest. I was gonna do an account combination into the Quicksilver WEMC to have a big Quicksilver, and carry the metal venture.
Thoughts? Will this adversely impact my score?
I think that this is a great plan. That will give you two nice CL's. Having two Cap One cards is plenty.