Help-with keeping cards

[Maya12]

Hi,

I have been working on reducing debts and improving scores. It is going pretty well so far. Please advise on which cards I should keep.

Capital One - 500 cl / No balance Annual fee 19.00 - Note: this is the first card I ever got .....10 yr history

HSBC 1 - 1000 cl / No balance would like to get rid of this annual fee 59.00

HSBC 2 -  2000 cl / No Balance - Also annual fee 59.00

Merrick - 1600 cl / No balance - Also annual fee 59.00

SST - formally Providian 300 cl / No balance annual fee 59.00

Jupitner - 1000 cl / Balance of 455.00 No annual fee

Please advise, Thanks

Will my score drop when I cancel, I just paid off HSBC and Merrick in-full this month.

[DI]

Dropall the AF cards except for the Cap 1.  It's the cheapest to keep, plus it's your oldest card.  Pay the Juniper card off first before cancelling the other cards.No, your score won't drop.  The cards will still report for another 10 years or more.

Message Edited by DI on 01-16-2010 07:37 PM

[MarineVietVet]

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@DI wrote:
Dropall the AF cards except for the Cap 1.  It's the cheapest to keep, plus it's your oldest card.  Pay the Juniper card off first before cancelling the other cards.No, your score won't drop.  The cards will still report for another 10 years or more.

Message Edited by DI on 01-16-2010 07:37 PM

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+1

See Di we can agree on some things. 

[DI]

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@MarineVietVet wrote:

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@DI wrote:
Dropall the AF cards except for the Cap 1.  It's the cheapest to keep, plus it's your oldest card.  Pay the Juniper card off first before cancelling the other cards.No, your score won't drop.  The cards will still report for another 10 years or more.

Message Edited by DI on 01-16-2010 07:37 PM

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+1

See Di we can agree on some things. 

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LOL.  I learned it from you.  

[Creditaddict]

I would at least try to get the AF removed before closing out... but if they won't waive than surely you can obtain some more no af cards

[Maya12]

Thank you guys for your assistance. I will first ask to have them waved; if they refuse I then will cancel them, however I will wait until Jupiter is paid off.

Thanks again.

[Anonymous]

If they refuse to waive the annual fee, I wouldn't instantly close the cards.  I would wait until the month before the AF is due that way you can at least pile up a few more months of AAoAs to at least get something out of it.

[okiesean]

Before you cancel the HSBC see if you can combine the two cards into one. I dont know if HSBC even does that but perhaps they might. It would give you a 3000 c/l and might be worth it before you cancel them out. Also check to see if you can do a PC. Again I have limited experience with HSBC so they may or may not do that. I would close the merrick for sure and SST and ask if you can get a CLI on the cap one card since you have had them for so long or PC to a card with no fee that can have an increase. Also it might be possible to get a CLI on the juniper card if they see a higher c/l on your other cards like if you get HSBC to merge the two accounts into one credit line even if you end up cancelling them when the annual fee comes due.

I would wait until the month before the fees are due to cancel the HSBC cards. I have a friend who got her fee waived and a CLI when she got a best buy mc with an annual fee and a 300 cl. She wound up with no fee for 1 year and a 150 CLI.

Hope this helps and good luck.

[Anonymous]

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@DI wrote:
Dropall the AF cards except for the Cap 1.  It's the cheapest to keep, plus it's your oldest card.  Pay the Juniper card off first before cancelling the other cards.No, your score won't drop.  The cards will still report for another 10 years or more.

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Not smart advice. Why suggest someone drop to one open revolving TL and eliminate over 90% of their total CL's? Total CL's and maintaining at least 3 to 4 open revolving TL's are important!

Replace before closing, close only before next AF is due, ask for AF waivers from all accounts with AF's. I was able to get HSBC to permanently waive the AF on my Direct Merchants Bank MC. Frankly that is not likely to happen for you, but a one year waiver is quite possible on any of these accounts.

[DI]

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@Anonymous wrote:

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@DI wrote:
Dropall the AF cards except for the Cap 1.  It's the cheapest to keep, plus it's your oldest card.  Pay the Juniper card off first before cancelling the other cards.No, your score won't drop.  The cards will still report for another 10 years or more.

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Not smart advice. Why suggest someone drop to one open revolving TL and eliminate over 90% of their total CL's? Total CL's and maintaining at least 3 to 4 open revolving TL's are important!

Replace before closing, close only before next AF is due, ask for AF waivers from all accounts with AF's. I was able to get HSBC to permanently waive the AF on my Direct Merchants Bank MC. Frankly that is not likely to happen for you, but a one year waiver is quite possible on any of these accounts.

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Sometimes one has to close some accounts before app'ing for new ones.  Depending on what the strength of the OP's credit, that may just very well be the road to take.   Speaking from experience, it helped me out  a lot closing some accounts before app'ing.  The last thing I want to hear as a reason for decline is too many revolving accounts.