I'm about to go on a massive purge. Should I app new cards first?

[DeeBee78]

Hello fellow MyFICOers. I've been in the garden for a long time, and staying out of these forums has helped elminate a lot of the temptation. I'm popping back in to give everyone an update on where I am, and what I'm thinking about doing. 

Currently, all my cards are paid off. The only card I use is my Quicksilver WMC, and only up to $500 for my monthly spend. I've been really good, and worked really hard to get to this point. My last HP was in May of 2016, when I got an $1,800 CLI on my BoA BBR. Capital One has stopped giving me anything decent on my QS, due to low utilization of the card limit. I got $750 last time, and $500 this time, but I honestly don't care about increasing it, since I stay below 10% utilization on it. 

So I have a ton of store cards that I'm going to get rid of, and I'll be killing off a couple of major cards as well. Alltogether, I'm cutting back to three/maybe four cards maximum. I'm keeping my Chase Freedom, and the QS WMC, and probably my BBR. The thing is, I'm not sure how all these closed lines are going to affect my scores. I'm also closing an auto loan and a personal loan this month, and I think it might be too much at once. 

I want to replace my BBR with the 123 cash rewards down the road, and I want the Visa signature version of the QS. Capital One will combine them after 6 months, but BoA is a little different. From what I understand, they'll combine cards, but use a HP to do it. So should I app the 123 cash rewards, then immediately call in to get the BBR limit moved over? This will result in the same HP being used, right? 

Should I app the Quicksilver and 123 cash rewards before closing these trade lines? 

[rmduhon]

The only way closing the card accounts will affect your scores is if it changes your UTI. Age wise it won't do anything until the accounts drop off your reports in about 10 years. Closing the auto and personal loans however will cause a drop in your scores unless you have another installment loan to take their place.

[austinguy907]

Sounds like you're going minimalistic and simple with cutting the fat from your portfolio.  Your signature mentions you don't care about scores and you have a plan of action already.  Don't app or replace the number of accounts.  You really only need 3 cards if you're planning on something big like a mortgage.  Of course you'll take a small hit with the loans closing out but, hey, isn't the objective to be financially fit and debt free?  Isn't that why you put in the hard work to get where you are about to be?  

[thom02099]

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@austinguy907 wrote:

Sounds like you're going minimalistic and simple with cutting the fat from your portfolio.  Your signature mentions you don't care about scores and you have a plan of action already.  Don't app or replace the number of accounts.  You really only need 3 cards if you're planning on something big like a mortgage.  Of course you'll take a small hit with the loans closing out but, hey, isn't the objective to be financially fit and debt free?  Isn't that why you put in the hard work to get where you are about to be?  

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^^^^^ This.  Very sound advice.  And actually, you're OP plan is very sound.  

To paraphrase "Who's Line Is It Anyway?", the scores really don't matter.  Most of the time.  If you've reached a score goal and are happy there, good on you!  If you're not applying for new credit, it really doesn't matter what your scores are, other than bragging rights.   You could always make your changes incrementally, allow the 2 loans to pay off and report, and then, depending on the number of the (ton) of store cards you have, close them in groups if you're more comfortable with that.  The UTI is what will take a hit, and may drop your score.  Or not.  But then, the scores don't matter... 

[fedxboy]

Skimming over your stuff briefly, I don't know why you'd want to give up the BBR card for the 123 card, since you'd get $100 back a year minimum vs 3% TOPs.  I don't know, I thought most people wanted to switch from the 123 to the BBR.

[DeeBee78]

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@fedxboy wrote:

Skimming over your stuff briefly, I don't know why you'd want to give up the BBR card for the 123 card, since you'd get $100 back a year minimum vs 3% TOPs.  I don't know, I thought most people wanted to switch from the 123 to the BBR.

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I don't see myself using my BBR every month after April/May. I think the 123 might be better suited to causal spend. 

I've also pondered the idea of dropping the BBR completely, but I'm not sure if I'm ready to. 

[AverageJoesCredit]

The BBR is simply awesome for BT offers! If i never get another Boa card, im happy.

[NRB525]

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@DeeBee78 wrote:

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@fedxboy wrote:

Skimming over your stuff briefly, I don't know why you'd want to give up the BBR card for the 123 card, since you'd get $100 back a year minimum vs 3% TOPs.  I don't know, I thought most people wanted to switch from the 123 to the BBR.

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I don't see myself using my BBR every month after April/May. I think the 123 might be better suited to causal spend. 

I've also pondered the idea of dropping the BBR completely, but I'm not sure if I'm ready to. 

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You do know that you only need to spend, like, $25 per month on your casual spend (with what will be a much more limited wallet of cards) to get that $100 back per year? $300 per year for a 30% cash back?

[Anonymous]

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@NRB525 wrote:

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@DeeBee78 wrote:

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@fedxboy wrote:

Skimming over your stuff briefly, I don't know why you'd want to give up the BBR card for the 123 card, since you'd get $100 back a year minimum vs 3% TOPs.  I don't know, I thought most people wanted to switch from the 123 to the BBR.

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I don't see myself using my BBR every month after April/May. I think the 123 might be better suited to causal spend. 

I've also pondered the idea of dropping the BBR completely, but I'm not sure if I'm ready to. 

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You do know that you only need to spend, like, $25 per month on your casual spend (with what will be a much more limited wallet of cards) to get that $100 back per year? $300 per year for a 30% cash back?

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You can spend much much lower than that. $25 is to be absolutely completely safe about getting the bonus but it's unnecessary. I have a $6 monthly charge on it and collect $30 each quarter yum yum 166% cash back

[EAJuggalo]

I thought Cap One was going all MC on the QS line.  Just looking at their website now it shows the QS as a WEMC.