Dead Cards? Close or Leave Open?

[Anonymous]

Alrighty so i have restructured my credit cards significantly recently and i have a couple of cards that i feel are useless and im not sure if i should cancel. 

1. Fingerhut. I think i have a $1,000 limit. I have never used the credit, not once. Honestly i dont even remember opening the thing! It Is one of my older lines of credit.

2. Capital one secured. This is my first and oldest credit card. Limit has, and apparently will always be $750 as they dont do product transfers or CLI on secured cards. There is an annual fee on this card. I never ever use it but it is my oldest. 

3. NCSECU- This is a local credit union card. Again, one of my older ones. The limit sits at $1,000 as i dont want to waste a HP on it cause i never use it. No annual fee.

4. Wells Fargo- My 2nd credit card ever. Currently has a $3200 limit. No fee on it. Honestly dont really use it but just wanted to see what you guys think.

My current cards that i do use are the Chase Freedom, Freedom Unlimited, Saphirre Preferred-Amex Blue Card, Amex Gold.

Thanks in advance!

[Anonymous]

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@Anonymous wrote:

Alrighty so i have restructured my credit cards significantly recently and i have a couple of cards that i feel are useless and im not sure if i should cancel. 

1. Fingerhut. I think i have a $1,000 limit. I have never used the credit, not once. Honestly i dont even remember opening the thing! It Is one of my older lines of credit.

2. Capital one secured. This is my first and oldest credit card. Limit has, and apparently will always be $750 as they dont do product transfers or CLI on secured cards. There is an annual fee on this card. I never ever use it but it is my oldest. 

3. NCSECU- This is a local credit union card. Again, one of my older ones. The limit sits at $1,000 as i dont want to waste a HP on it cause i never use it. No annual fee.

4. Wells Fargo- My 2nd credit card ever. Currently has a $3200 limit. No fee on it. Honestly dont really use it but just wanted to see what you guys think.

My current cards that i do use are the Chase Freedom, Freedom Unlimited, Saphirre Preferred-Amex Blue Card, Amex Gold.

Thanks in advance!

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1/ close if you don't need the uti padding'

2. definitely close. SOOOO not woth an AF for a few months of oldest acct in 10 years.

3 being CUs are great to work with and there is no fee, I would keep this one. I think you CAN actually build a relationship with a local Cu, whereas with big banks a relationship is just an illusion. You are a number to them.

4. Better limit, but I don't care for WF after the shady things they have done. It's a coin flip. Kepp it if you need the UTI padding, close it so you have one less thing to wiorry about. But then again, that would be 2 older credit lines adding into your AAoA...

[Anonymous]

Close 1 and 2.  No reason to have a secured card at this point get your money back. And I see no reason anyone who intends to pay for their purchase would ever use their Fingerhut card as things are about twice the going rate.  

Keep 3 and 4.  Who knows in 10 years from now you might want to go on an App spree and these will help your AAOA then.  

[Anonymous]

Thanks so much. Great advice

[Anonymous]

Thank you! cancelling 1 and 2 now

[Anonymous]

Awesome advice. Thank you!

[DeeBee78]

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@Anonymous wrote:

Alrighty so i have restructured my credit cards significantly recently and i have a couple of cards that i feel are useless and im not sure if i should cancel. 

1. Fingerhut. I think i have a $1,000 limit. I have never used the credit, not once. Honestly i dont even remember opening the thing! It Is one of my older lines of credit.

2. Capital one secured. This is my first and oldest credit card. Limit has, and apparently will always be $750 as they dont do product transfers or CLI on secured cards. There is an annual fee on this card. I never ever use it but it is my oldest. 

3. NCSECU- This is a local credit union card. Again, one of my older ones. The limit sits at $1,000 as i dont want to waste a HP on it cause i never use it. No annual fee.

4. Wells Fargo- My 2nd credit card ever. Currently has a $3200 limit. No fee on it. Honestly dont really use it but just wanted to see what you guys think.

My current cards that i do use are the Chase Freedom, Freedom Unlimited, Saphirre Preferred-Amex Blue Card, Amex Gold.

Thanks in advance!

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Just to piggy back, never worrying about closing your "oldest" cards because of their age. They stay on your credit reports for up to 10 years, so they continue to count towards you average age of accounts long after. 

As long as closing them doesn't hurt your overall utilization, I don't see a reason to keep any of them open. Knowing from your other post that you have 33K with Chase alone, that's probably not going to be a factor either. 

I've closed 10 cards this year alone, and will be closing several more over the next 5-6 months. Goodbye Amex PRG, Amex ED, Lowe's, Amazon Store card, and Chevron Visa. 

[Anonymous]

I would keep card #3,4.....just for the history + utilization, plus there's no annual fee. Just my opinion.

[driftless]

I would close everything but your Chase and Amex cards; between those two you have some nice cards.

[wasCB14]

Do your Amex and Chase cards provide you with enough credit to keep your utilization low? If so, I'd drop #3 and #4.

And...you didn't ask but I'll bring it up...is your "Amex Gold" a regular Gold or Premier Rewards Gold?