Help-with keeping cards

[Anonymous]

It is rarely necessary to eliminate your existing credit in order to obtain new credit. In general it takes credit to get credit!

[DI]

But wouldn't the 10 Y.O. Cap 1 card be enough for the OP to obtain more credit? 

[Anonymous]

NO!

One open $500 revolving TL is not a good position to put yourself in! Do you realize that you just recommended that someone slash their total available CL's from $6.4K to $500? Must attempt AF waivers on all cards first - then replace before closing and slowly! There is value in an aged revolving TL to offset that AF even if it is only a year old. New accounts destroy AAoA!

On top of all else it is a CapOne card and may be locked forever at a low CL!

[Anonymous]

I agree with several elements of various posts.

1.  Attempt to combine accounts where you have more than 1 with same bank.  This effectively removes 1 AF per bank.

2.  Keep the CapOne as the oldest TL and lowest AF.

3.  Keep accounts open till just prior to AF fee being due again

4.  Prior to canceling, ask for waiver (temp or perm).  If successful, keep at least till next time AF coming due.

5.  Keep at least 2 accounts.  One primary use, one backup.

6.  Cancel those cards that have highest fees/APR, least use/no use.

IMO

[Anonymous]

DI and txjohn:

It is very easy to speak from a position of plenty. Personally, I think it is unconscionable to counsel someone to drop 90% of their CL. Sometimes you have to eat an AF for a while until you can replace the credit line. And you have to replace credit lines slowly to avoid AAoA devastation.