DS planning on a Closing CC Spree

[BearsAndTurtlesRtheBest]

She has the following cards: Card/ Date Opened/ Credit Limit , Age:19 and Annual Income: $18,100

US Bank Sport Chalet VISA Platinum Opened 02/12 CL $3,000

GE ON 04/12 $2,000

GE AE 04/12 $1,600

GE Pay Pal MC 08/13 $2,000

GE Chevron 04/12 $1,450

GE Lowes AU Opend 04/03 $8,500

Macys 04/12 $300

Wells Fargo VISA Platinum 05/13 $1,000

Discover IT 05/13 $1,000

She would like to close AE, MACYS, ON, and Wells Fargo VISA. Yeah they can be upgraded/converted into a co-branded card but their rewrds aren't gonna be worth it and are just gonna take up CL that can be from a better card. So should she do it? The only cards she wants to complete her CC collection are Citi Dividend, Chase Freedom , BCP ,and Hyatt VISA Signtaure(We stay their every single year), This will be hopefully by next year.

[dddewdrop]

    I would say it is ok to close some of these. Just do one at a time and take it slow. As long as you are not carrying a balance it should not negatively affect his/her scores and there really is no need to have so many cards imho.

[parakleet]

I would read the sticky on closing CCs on the main page of the forum. Everyone has different opinions about closing cards - ultimately you just have to do what's right for you. Having said that, if there's no AF to those cards, it doesn't hurt to keep them open, particularly the WF since that's just been opened. As for them taking up CL from other cards, honestly, the CLs aren't that high so I wouldn't look at it that way. Also, I would also look at how the util will be affected by closing the cards, which would depend on what balances your sister has on her other cards.

[BearsAndTurtlesRtheBest]

Her UTL is at 30%, and also once AE, ON, and Macys upragde/convert into a co branded card the store card will be closed, open new acct. and reset since date opened.

[BearsAndTurtlesRtheBest]

@dddewdrop that the conclusion she has come to. They did their job.

[BearsAndTurtlesRtheBest]

Pay Pal MC will for sure grow vey quick and recover the CL lost woth AE and ON, so how many cards do you usually close at a time?

[Laugh]

You can close them all at once. If she applies for a new card and isn't instantly approved, she might have to explain why she closed all of the cards.

The reason? Cards were useless. Its not a big deal. A lot of people make closing cards to be a big deal. It really isn't. Most, if not all, credit reports are constantly changing. One will be adding new accounts, closing off accounts, etc. Even if one doesn't, their reported monthly balance will change their credit score.

[Anonymous]

I agree closing isn't a big deal.   My only caveat would be to be careful with some big banks that you might want cards from in the future.  You don't want to close a card immediately after qualifying for the sign-up bonus on those banks, as eventually they may decide you are an unprofitable churner.   Don't think your sister is there yet!

[BearsAndTurtlesRtheBest]

Nope they are all Store cards except Wells Fargo

[BearsAndTurtlesRtheBest]

Just closed Macys $300 CL!