Closing unused cards

[afijunkie]

I've been looking at reducing the amount cards I currently have and don't use. They have been in the sock drawer for some time. I would like to reduce down to 5 cards as I feel that is a lot more manageable. Listed below is what I have..any recommendations on what to close?

Chase CSP 25k opened last month (daily driver for sub)
Capitol One Venture 10k 5/19
Amex BCP 27k 3/18
Citi DC 10k 7/18
Disco 5k 7/18
BofA CR 40k 1/17
Disco 7.6k 1/17
Citi Costco 10k 11/16
Citi BestBuy 10k 3/16

[PutThatMoneyOnTheTable]

Without knowing what your full credit file is, it seems your oldest card is 3-4 years old and I wouldn't recommend closing those. What is your utilization? Will closing the high credit limit affect your utilization?

Also, all of the cards listed are solid prime cards. There are three Citi cards, have you considered moving the credit limit from Citi DC (If possible) and closing that card out?

I'm sure others with weigh in soon with more suggestions and recommendation. JMO, nothing is wrong in SDing.

[kdm31091]

Citi typically won't reallocate limits without doing a HP, so while it's a good suggestion, it's worth considering whether it's worth a HP or not to you.

The "close vs SD" debate goes on all the time. I'm somewhere in the middle but more in the camp of closing if it's never going to serve you any purpose. There's no rush to close if it's a no AF card, but there's also not much benefit to keeping around unused cards if your utilization is already low. Even if they are prime, "good" cards, that doesn't mean they are useful for your situation, and it's ok to move on. Even going down to 5 cards, as long as your utilization remains low, I think you are unlikely to see much of a score change.

[afijunkie]

Whoops forgot to add that my util is 1%. I was looking at reducing the number of cards that I just have no use for.

[BearsCubsOtters]

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@afijunkie wrote:
I've been looking at reducing the amount cards I currently have and don't use. They have been in the sock drawer for some time. I would like to reduce down to 5 cards as I feel that is a lot more manageable. Listed below is what I have..any recommendations on what to close?

Chase CSP 25k opened last month (daily driver for sub)
Capitol One Venture 10k 5/19 close or downgrade to Venture One/Quicksilver next year when AF hits
Amex BCP 27k 3/18
Citi DC 10k 7/18
Disco 5k 7/18 Close; one only needs one Discover Card
BofA CR 40k 1/17
Disco 7.6k 1/17
Citi Costco 10k 11/16
Citi BestBuy 10k 3/16 Tough one; its your oldest account but probably least useful. Is it a Visa? 

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You may need to provide everybody with more information such as what your normal spend is and where you like to pick up in extra catagories, i.e. BCP for groceries, BofA for the 3% catagory of your choice etc. 

My main observation is that if you really want to reduce the number of open accounts than the Best Buy and second, 2018 Discover could go. Even though your Best Buy is the oldest account, it will report for up to 10 years helping you with average account age. Then, downgrade or close accounts that have an AF and are not being used (BCP/Venture after the first year free ends). 

[afijunkie]

I use the BCP for groceries and streaming. Costco for Costco trips and gas. Disco for rotating 5%. But the CSP is being used for everything right now. The best buy is a Visa only used a few times to take advantage of special financing.

[SouthJamaica]

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@afijunkie wrote:
I've been looking at reducing the amount cards I currently have and don't use. They have been in the sock drawer for some time. I would like to reduce down to 5 cards as I feel that is a lot more manageable. Listed below is what I have..any recommendations on what to close?

Chase CSP 25k opened last month (daily driver for sub)
Capitol One Venture 10k 5/19
Amex BCP 27k 3/18
Citi DC 10k 7/18
Disco 5k 7/18
BofA CR 40k 1/17
Disco 7.6k 1/17
Citi Costco 10k 11/16
Citi BestBuy 10k 3/16

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All good cards. Sorry, there's nothing in your collection that cries out "close me"

[Anonymous]

IMHO I would just close the unused cards. As your utilization is low, it shouldn't hurt you at all.

I typically always close unused cards and I never really see any affect on my scores, I even closed my oldest card not too long ago because it had a low limit and high APR and even that didn't affect me. 

My only suggestion is too look at your card member agreements if you're closing cards that are less than a year old, some places like Amex will claw back the SUB if you close before the 1 year mark. 

[Aim_High]

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@afijunkie wrote:
I've been looking at reducing the amount cards I currently have and don't use.
Listed below is what I have..any recommendations on what to close?

Chase CSP 25k opened last month (daily driver for sub)
Capitol One Venture 10k 5/19
Amex BCP 27k 3/18
Citi DC 10k 7/18
Disco 5k 7/18
BofA CR 40k 1/17
Disco 7.6k 1/17
Citi Costco 10k 11/16
Citi BestBuy 10k 3/16

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CSP - it depends. 

How much travel spend do you have?  CSP is a good card but only useful long-term if you will travel. If you travel often, I would seriously consider upgrade to CSR.  The AF "sounds" high at $450 but with the offsets and additional benefits, the cost difference between CSR and CSP is actually minimal. 

Venture - Close it.  Not even worth downgrading to the Venture ONE.  Only good for the SUB.  It's like a 2% card with an AF and the Venture One is just essentially a weak 1.25% cashback card.  You are already doing better elsewhere.

AMEX BCP - Keep since it sounds like it's useful to your spend.

Discover - close the newer one.  I think Discover will let you move credit line over but may require a HP to do it.  Would give you over $12K limit with them, though.

CITI DC - Keep since it looks like it's your only card with 2% on anything.

CITI Costco - Should be a keeper, but depending on your spend level.  4% on gas and 3% on dining/travel is great.

CITI Best Buy - Close it.  Even though it's your oldest, it's only older by 8 months.  And you're not using it much.  Even if CITI requires a HP, it might be worth it to move the $10K credit line over to your other two CITI cards to raise them to $15K each. 

BofA CR - Keep.  By far your largest CL and one of your older accounts. 

I got you down to six but the final cut if you want five is up to you.

Keepers ... and higher new credit limits:

(1) CSP (maybe) ...  $25K

(2) AMEX BCP     ...  $27K

(3) CITI DC         ...  $15K ?

(4) BofA CR        ...  $40K

(5) Disco            ...   $12.6K ?

(6) CITI Costco   ...   $15K ?

[JNA1]

Not to hijack the thread, but is there a difference in score changes if you close out a card vs the bank doing it? Also, how does long a bank typically leave an unused card open before closing them?

Sorry for the ignorance, I’m trying to learn!