How do you decide what to close?

[HoneyRock]

Hey garagebandking, please take a look at my siggy.  Any suggestions on ones I should close?  I consider value in some way with them but there are just so many.  Util is fine, I'm under 10%... just want your thoughts (the suggestions you made to OP were decent).  I will repost my question in another thread just to combine all suggestions to come up with the best one for me....  I thank you in advance.

[SunriseEarth]

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@Anonymous wrote:

Since I am avoiding cleaning my house I may as well keep posting today...

We have entirely too many credit cards, but I purposely opened a few with the shopping cart trick to reduce our utility. I have been concentrating on paying down current balances and not using any new cards, or adding anything new to any of our cards with the exception of a small charge here and there to keep activity on them. We still have a few cards that have higher balances, but after tax return we should be able to either pay those off, or pay off a loan (haven't decided the best choice yet on that).

I obviously know we don't want to close the older cards, but some of the newer cards are better than the older ones. Our credit scores have gone up significantly over the last year so I was able to get us in with USAA and Synchrony. I know that paying down will help scores go up even higher but that isn't my main focus just yet. We close on our house Monday and our bank has asked us to reduce the number of cards over the next few months by closing 1-2 of them every 6 months. I just don't know for sure how to strategically dump some to keep scores from tanking.

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I don't recommend any closures until you pay some balances off.   You have significant UTIL across a good number of your cards.   Also, keep in mind that you need to have at least half of your CC balances at $0 to optimize your scores.   

Here's my thoughts on your cards:

• Military Exchange card - Pay off and SD once paid off.  You're right about the age being good.

• Marine Federal Credit  Plat Visa - Pay off and SD

• Capital One Venture One MC - keep open, keep trying for CLIs.   I'd consider consolidating your newer Cap One CC into this one down the line if you need to close an account, unless the terms are a lot better on the other card.   If you prefer QS to V1, see if you can PC this card.

• Menards store card (Cap One) - Should definitely be considered for the chopping block if you don't have good benefits and the CL isn't practical

• Kohls store card (Cap One) - Could be on the chopping block, due ot lack of usefulness.  But it's also good to SD, since Cap One isn't known for quickly closing down cards for inactivity.

• USAA classic Amex - you could SD and see if it can be PCed later; right now it seems redundant with your Preferred.  

• Capital One Quicksilver MC - Credit Steps can take anywhere from 5-7 statements, so be patient.   Also, you can ask for a CLI before the Credit Steps CLI kicks in; there's no harm in trying.   Be patient.   Eventually, you might consider consolidating this card into your older Cap One (or vise-versa, if you have much better terms on this card), but I'd let this card grow before you do that.

• Wayfair Card SD for now, but maybe chopping block later once your UTIL improves on other cards.  

• Pottery Barn card Keep; sounds like the benefits would work for you if you use it.  

• USAA Preferred Visa Keep

• Walmart store card Keep, if you value the features like cashover, special financing in-store, or the walmart.com 3% rewards.   Otherwise, you're probably better off using QS1 at Walmart.