Considering to close some cards?

Anonymous · ‎02-19-2020

Ok so this is my first post but I have been reading the forums and learning a lot that has helped me raise my scores. But I'm at a point now where I'm considering closing some of my lower limit cards. The cards I currently have are

chase freedom unlimited - $6k limit

discover IT - $1250 limit

USAA - $2k limit

chase slate - $500 limit

navy federal cash rewards - $500 limit

Capital one - $950 limit

considering closing the slate as well as the capital one seeing as they have the lowest limits and I believe if I do this I can free up the possibility of raising my usaa, freedom, and discover limits higher. But I'm not sure if doing this will help my score or hurt it especially since the CLI aren't guaranteed. Any help in doing this would be appreciated. The freedom and the capital one are the oldest cards I have.

AverageJoesCredit · ‎02-19-2020

@Anonymous wrote:
Ok so this is my first post but I have been reading the forums and learning a lot that has helped me raise my scores. But I'm at a point now where I'm considering closing some of my lower limit cards. The cards I currently have are

chase freedom - $6k limit
discover IT - $1250 limit
USAA - $2k limit
chase slate - $500 limit
navy federal cash rewards - $500 limit
Capital one - $950 limit

considering closing the slate as well as the capital one seeing as they have the lowest limits and I believe if I do this I can free up the possibility of raising my usaa, freedom, and discover limits higher. But I'm not sure if doing this will help my score or hurt it especially since the CLI aren't guaranteed. Any help in doing this would be appreciated. The freedom and the capital one are the oldest cards I have.

Lookong at your scores, i would keep everything open for now. You have a good mix of lenders. You might try moving the limit of the Slate to your other Chase card if you want to close that. Once you hit the 700's reevaluate where you are, plus you'll have more options. Just my $.02

Anonymous · ‎02-19-2020

Thank you. I was thinking if I let them sit at zero balance and combine the slate with the freedom then close slate. I can just focus on using one card each month and keep my utilization low to build my scores up as well.

kerplunk · ‎02-19-2020

I would hold tight and not make any moves except maybe product changing the Slate to Freedom Unlimited.

Anonymous · ‎02-19-2020

Welcome to the forums OP! I agree with Joe. I would wait since you have a good mix of cards right now despite low limits. I'd wait for your scores to rise some more, at least 670 that way they'd be considered "good." You never know, as your scores rise those limits may increase over time.

HeavenOhio · ‎02-19-2020

Welcome, @Anonymous.

It's hard to give advice without knowing about your other cards. However, I concur with the advice above to do something with the Slate — either closing, combining it with the Freedom, or product-changing to a Freedom Unlimited. I agree with @AverageJoesCredit's take that you have a nice mix of lenders.

Which Capital One card do you have?

FinStar · ‎02-19-2020

@AverageJoesCredit wrote:
@Anonymous wrote:
Ok so this is my first post but I have been reading the forums and learning a lot that has helped me raise my scores. But I'm at a point now where I'm considering closing some of my lower limit cards. The cards I currently have are

chase freedom - $6k limit
discover IT - $1250 limit
USAA - $2k limit
chase slate - $500 limit
navy federal cash rewards - $500 limit
Capital one - $950 limit

considering closing the slate as well as the capital one seeing as they have the lowest limits and I believe if I do this I can free up the possibility of raising my usaa, freedom, and discover limits higher. But I'm not sure if doing this will help my score or hurt it especially since the CLI aren't guaranteed. Any help in doing this would be appreciated. The freedom and the capital one are the oldest cards I have.
Lookong at your scores, i would keep everything open for now. You have a good mix of lenders. You might try moving the limit of the Slate to your other Chase card if you want to close that. Once you hit the 700's reevaluate where you are, plus you'll have more options. Just my $.02

Unfortunately, they won't typically reallocate anything $500 or < to another card. The option to PC would likely be the best route if the OP wants to keep it.

AverageJoesCredit · ‎02-19-2020

Funny question, does pcing to a Freedom or FU affect any future SUB on that card?

FinStar · ‎02-19-2020

@AverageJoesCredit wrote:
Funny question, does pcing to a Freedom or FU affect any future SUB on that card?

Well, I suppose it depends. Since the OP already has Freedom, then the SUB rules would apply to that particular product.

If they decide to PC Slate to FU, then they wouldn't be elegible to apply for FU because the system would detect they have an existing FU account. Potentially, they can certainly switch the Slate into another Freedom and combine the larger line onto the smaller one. A bit of trapeze maneuvers.

Or, the OP can apply for FU separately to obtain that SUB (provided they're under 5/24 or have one of those handy dandy pre-approved offers). So, a few options are available.

Anonymous · ‎02-19-2020

Capital one quicksilver. And the cards listed are the only ones I have.