I need a pruning plan

[Anonymous]

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@Anonymouswrote:

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@Anonymouswrote:

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@Anonymouswrote:

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@Anonymouswrote:

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@Anonymouswrote:

This is a little obvious, but close all of the cards with annual fees. And I don't just mean PIF, close them.

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Not obvious to me! I've worked 3 years to build all this and it's my first time ever building credit. This is everything from my Day One Cap One!

My concerns are lower overall limits and # of acccounts (due to utilization since I have lower limits.. divisors are helpful)

AAoA is currently 3+ years. My oldest accounts (4 student loans, one of which is PIF) are 9-1/2 years old, so those are my nice firm anchor I've come to rely on..

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Well if you're paying in full and you dont need the credit why would you keep cards charging you money for nothing? You're paying for something you don't need since clearly you have cards with no annual fees.

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I ask myself that same question every day. I thought that's how you build credit.. start off wherever you can, pay your dues, let history build until you work your way up.. but I think Chase, Amex, and BoA put me up a few notches.. Just don't want to lose them or something because they see me dropping all my other cards. I have no idea how this process works. I'm afraid to mess up. I've worked so hard! I went from scores literally below 400 3 years ago to mid-600's today. I've paid a LOT of AFs to get here!! lol

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I got ya, so you needed them at one point because they are all you could get. Fair enough, you don't need them anymore. Pay them off and close them.

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As of right now, all of my cards are already paid off or carrying a tiny balance I wanted reported on the next statement -- as usual :-)

[Anonymous]

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@Anonymouswrote:

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@Anonymouswrote:

How do I go about weeding them out? One at a time? Space it out? All at once? I have no idea how to do this!

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 For the non-prime ones with annual fees, weed them out all at once. In other words, immediately close the following:

1) Capital One Secured Mastercard $1050 (Jan 2015, secured SL: $750, APR: 24.15%, AF: $29)
2) Credit One Visa $900 (May 2016, SL: $400, APR: 25.15%, AF: $99.99)
3) FNCC/Legacy Visa $850 (Jul 2016, SL: $350, APR: 29.90%, AF: $75)
4) Merrick Bank Visa $1500 (Jun 2017, SL: $750, APR: 22.70%, AF: $36)
7) Credit One Mastercard $800 (Nov 2017, SL: $800, APR: 25.15%, AF: $60)

For the store cards you'd need to close some of them as well, they can be a factor holding you back from higher limits, but we can deal with them later. Call each creditor, close the non-prime cards with annual fee and update your list and then we find out the next step.

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I actually love that idea. I am so mad at Capital One. My oldest card -- over 38 months I've had it! You know, when I opened it, they promised me they'd refund my deposit and give me an unsecured card within TWELVE months! Liars! And they decline every application I've submitted since (I apply with them quarterly hoping they'd honor their word one day).

Plus, I could take my $750 deposit and pay off the only card I've been carrying a balance on -- my Kay card!

[HeavenOhio]

I concur with dumping the annual fee cards with the exception of AMEX. Obviously, you're fine with that or you would have chosen a different product.

Definitely dump Credit One immediately. If you'd like to spread out the closing of other cards, you can do that based on when the fee hits. But I don't see a problem if you'd like to clean this up sooner than that.

After that, consider dumping any retail cards that aren't useful, either because you don't shop much at those places or because they have low limits. Actually, pruning down to the five cards you like seems fine to me.

Did Bank of America give you a reason why you needed a secured card at this point? That might give you a clue as to how to proceed with future apps. Also, you're going to need to garden for a while, particularly because you've opened up seven new cards this month.

[Anonymous]

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@HeavenOhiowrote:

I concur with dumping the annual fee cards with the exception of AMEX. Obviously, you're fine with that or you would have chosen a different product.

Definitely dump Credit One immediately. If you'd like to spread out the closing of other cards, you can do that based on when the fee hits. But I don't see a problem if you'd like to clean this up sooner than that.

After that, consider dumping any retail cards that aren't useful, either because you don't shop much at those places or because they have low limits. Actually, pruning down to the five cards you like seems fine to me.

Did Bank of America give you a reason why you needed a secured card at this point? That might give you a clue as to how to proceed with future apps. Also, you're going to need to garden for a while, particularly because you've opened up seven new cards this month.

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Because I have a 10y/o CH7 and (since then) an auto repo / CO for $11.5k, and several (like 8+) medical collections totalling some $7000 or so from a broken leg w/ no insurance.

[Anonymous]

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@Anonymouswrote:

I want to weed out all the garbage

1) Capital One Secured Mastercard $1050 (Jan 2015, secured SL: $750, APR: 24.15%, AF: $29)

You can keep it, you can apply for an unsecured a year from now and merge the $29 AF card into that.  Or you can just close it.

2) Credit One Visa $900 (May 2016, SL: $400, APR: 25.15%, AF: $99.99) paid it off to $0 and close it

3) FNCC/Legacy Visa $850 (Jul 2016, SL: $350, APR: 29.90%, AF: $75) paid it off to $0 and close it

4) Merrick Bank Visa $1500 (Jun 2017, SL: $750, APR: 22.70%, AF: $36) paid it off to $0 and close it

5) Kay (Genesis FS) $1500 (Jun 2017, SL: $1500, APR: 26.99%, AF: $0) paid it off to $0 and close it

6) Care Credit (Sync) $7000 (Jul 2017, SL: $500, APR: 26.99%, AF: $0) 

This is an ok card to keep, maybe try to get that APR lower if you're thinking on using it.

7) Credit One Mastercard $800 (Nov 2017, SL: $800, APR: 25.15%, AF: $60) paid it off to $0 and close it

8) Amazon Prime (Sync) $1000 (Dec 2017, SL: $200, APR: 26.99%, AF: $0)

Keep this one, Amazon has good offers from time to time with 0%  purchases for centain months.  

9) Walmart (Sync) $200 (Dec 2017, SL: $200, APR: 23.90%, AF: $0)

Keep it

10) Victoria's Secret (Comenity) $350 (Mar 2018, SL: $350, APR: 26.24%, AF: $0)

Keep it

11) J. Crew (Comenity) $200 (Mar 2018, SL: $200, APR: 26.24%, AF: $0) paid it off to $0 and close it

12) Chevron (Sync) $300 (Mar 2018, SL: $300, APR: 28.24%, AF: $0) 

paid it off to $0 and close it, better cards out there for gas

13) ExxonMobile (Citi) $200 (Mar 2018, SL: $200, APR: 26.24%, AF: $0)

paid it off to $0 and close it, better cards out there for gas

.. and my new primes:

14) Amex Gold Delta Skymiles $1000 (Mar 2018, SL: $1000, APR: 16.99%, AF: $95/1st year waived) KEEP

15) Chase Freedom Unlimited $1000 (Mar 2018, SL: $1000, APR: 24.99%, AF: $0) KEEP

16) Bank Americard partial secured $500 (Mar 2018, $99 secured SL: $500, APR: 21.49%, AF: $39) KEEP

I want to maximize my potential with Amex/Chase/BoA. No sense in wasting any more time/resources managing the cards that are doing nothing for me, right? 110% correct!!! 

Every card I listed has 100% perfect history and I've allowed them to cut statements with a nominal balance to show activity -- most of them I charge up and pay off a few days later each month in rotation to show the lender I'm using them too. Good!!

Should I start cutting maybe one card every 45 days or so going in order of least desireable oldest to most desireable newest? Dump them now, no sense on waiting.  After you close them, they will report for 10 years.

The above is what i would do if i was in your shoes.  Remember, is not the amount of cards you have to get great credit, is how you manage it.  I've seen people with only 3 or 4 cards and have 760+ scores.  Try to not apply for a least a year.  In the meantime, work on fixing the baddies on your report and keep taking care of the cards you have.  Hope this helps.

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[HeavenOhio]

I don't think you can get a lower APR with CareCredit. Generally, you get 0% deferred interest, and those deals generally comes with high interest if you mess up.

[Anonymous]

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@Anonymouswrote:

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@Anonymouswrote:

How do I go about weeding them out? One at a time? Space it out? All at once? I have no idea how to do this!

---

 For the non-prime ones with annual fees, weed them out all at once. In other words, immediately close the following:

1) Capital One Secured Mastercard $1050 (Jan 2015, secured SL: $750, APR: 24.15%, AF: $29)
2) Credit One Visa $900 (May 2016, SL: $400, APR: 25.15%, AF: $99.99)
3) FNCC/Legacy Visa $850 (Jul 2016, SL: $350, APR: 29.90%, AF: $75)
4) Merrick Bank Visa $1500 (Jun 2017, SL: $750, APR: 22.70%, AF: $36)
7) Credit One Mastercard $800 (Nov 2017, SL: $800, APR: 25.15%, AF: $60)

For the store cards you'd need to close some of them as well, they can be a factor holding you back from higher limits, but we can deal with them later. Call each creditor, close the non-prime cards with annual fee and update your list and then we find out the next step.

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So I've contacted the issuers and here's where I'm at:

1) Capital One: I just paid my $29 annual fee in February, so does this look bad on my credit in any way? or should I get my $29 worth and keep it until the end of the year?

2) Credit One Visa: The $99.99 annual fee is billed at $8.25/mo, so I'm dumping this guy right now

3) FNCC/Legacy: The $75 annual fee will be billed on my anniversary in July, so since they just gave me a $250 CLI, I'm going to keep it until they report my new higher limit then dump them

4) Merrick: The $36 annual fee will be billed on my anniversary in June, and since they have no intention of giving me a CLI before July and are already reporting my doubled limit of $1500, I'm going to dump them right now too

5) Credit One Mastercard: this one I have questions about. I've only had the card 4 months, and they're billing me the $60 AF at $5.00/mo, but they're guaranteeing me a CLI in 2 months. So.. should I keep them another 2-3 months and wait for my new CLI and for them to report it, or should I just dump them now?

[Anonymous]

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@Anonymouswrote:

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@Anonymouswrote:

I want to weed out all the garbage

1) Capital One Secured Mastercard $1050 (Jan 2015, secured SL: $750, APR: 24.15%, AF: $29)

You can keep it, you can apply for an unsecured a year from now and merge the $29 AF card into that.  Or you can just close it.

2) Credit One Visa $900 (May 2016, SL: $400, APR: 25.15%, AF: $99.99) paid it off to $0 and close it

3) FNCC/Legacy Visa $850 (Jul 2016, SL: $350, APR: 29.90%, AF: $75) paid it off to $0 and close it

4) Merrick Bank Visa $1500 (Jun 2017, SL: $750, APR: 22.70%, AF: $36) paid it off to $0 and close it

5) Kay (Genesis FS) $1500 (Jun 2017, SL: $1500, APR: 26.99%, AF: $0) paid it off to $0 and close it

6) Care Credit (Sync) $7000 (Jul 2017, SL: $500, APR: 26.99%, AF: $0) 

This is an ok card to keep, maybe try to get that APR lower if you're thinking on using it.

7) Credit One Mastercard $800 (Nov 2017, SL: $800, APR: 25.15%, AF: $60) paid it off to $0 and close it

8) Amazon Prime (Sync) $1000 (Dec 2017, SL: $200, APR: 26.99%, AF: $0)

Keep this one, Amazon has good offers from time to time with 0%  purchases for centain months.  

9) Walmart (Sync) $200 (Dec 2017, SL: $200, APR: 23.90%, AF: $0)

Keep it

10) Victoria's Secret (Comenity) $350 (Mar 2018, SL: $350, APR: 26.24%, AF: $0)

Keep it

11) J. Crew (Comenity) $200 (Mar 2018, SL: $200, APR: 26.24%, AF: $0) paid it off to $0 and close it

12) Chevron (Sync) $300 (Mar 2018, SL: $300, APR: 28.24%, AF: $0) 

paid it off to $0 and close it, better cards out there for gas

13) ExxonMobile (Citi) $200 (Mar 2018, SL: $200, APR: 26.24%, AF: $0)

paid it off to $0 and close it, better cards out there for gas

.. and my new primes:

14) Amex Gold Delta Skymiles $1000 (Mar 2018, SL: $1000, APR: 16.99%, AF: $95/1st year waived) KEEP

15) Chase Freedom Unlimited $1000 (Mar 2018, SL: $1000, APR: 24.99%, AF: $0) KEEP

16) Bank Americard partial secured $500 (Mar 2018, $99 secured SL: $500, APR: 21.49%, AF: $39) KEEP

I want to maximize my potential with Amex/Chase/BoA. No sense in wasting any more time/resources managing the cards that are doing nothing for me, right? 110% correct!!! 

Every card I listed has 100% perfect history and I've allowed them to cut statements with a nominal balance to show activity -- most of them I charge up and pay off a few days later each month in rotation to show the lender I'm using them too. Good!!

Should I start cutting maybe one card every 45 days or so going in order of least desireable oldest to most desireable newest? Dump them now, no sense on waiting.  After you close them, they will report for 10 years.

The above is what i would do if i was in your shoes.  Remember, is not the amount of cards you have to get great credit, is how you manage it.  I've seen people with only 3 or 4 cards and have 760+ scores.  Try to not apply for a least a year.  In the meantime, work on fixing the baddies on your report and keep taking care of the cards you have.  Hope this helps.

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Thank you for the great advice!

Please take a look at the post I just made regarding items #1 (Cap One), #2 (Credit One Visa), #3 (FNCC/Legacy), #4 (Merrick) and #7 (Credit One MC) -- I'd be interested in getting your take on that given the information I just posted. -- update 03/18 this is specifically what I was referencing:

Credit One Mastercard: this one I have questions about. I've only had the card 4 months, and they're billing me the $60 AF at $5.00/mo, but they're guaranteeing me a CLI in 2 months. So.. should I keep them another 2-3 months and wait for my new CLI and for them to report it, or should I just dump them now?

 #5 (Kay/Genesis) - I opened this card last June and used it to finance a gift for my wife and it's the only card I carry a balance on. I'm told they should bump me to an easy 5-6k here in the next month at my 10 month mark. Do you think I should keep it if they do considering there's no AF? -- update 03/18: should I pay off the remaining $932 I have on here or let it ride paying the same $100 each mont (triple the min)? What would motivate them more for a CLI?

#6 (Care Credit / Sync) - I haven't read anything about them being flexible with APRs, but they offer solid 0% finacing offers for anything $250 and above.. Penalty for non-payment within the terms would result in full retro APR being due on the full balance, but I'd never use a card for anything I couldn't pay for in cash just the same.

#8 (Amazon /Sync) - Glad you said that. I use this card A LOT and enjoy the 5% cash back. We just had a newborn so I share my prime benefits with my wife and it allows her to press a button to reorder diapers, wipes, etc., as often as needed. Keeps all my Amazon spending in one place and our family basically lives off Amazon aside from groceries (hoping they start offering that too in my area soon!)

#9 (Walmart / Sync) - yeah, I'm hoping they'll do the same as they did with the Amazon just recently with the $800 CLI after just 3 months of the account being open -- update 03/18: this has been raised to $1200!

#10 (Victoria's Secret / Comenity) - just out of curiosity sake, this is the only card I was thinking "**bleep**? why would you tell me to keep that one out of all those?" -- could you explain what you see as a benefit to me keeping this?

On items #11 (J Crew / Comenity), #12 (Chevron/Sync), #13 (ExxonMobil / Citi) -- I just opened those this past Thursday. I haven't even gotten the cards yet. So should I just close them as soon as I get the card? And are you sure I shouldn't keep the ExxonMobil since it's through Citi, or is that not a foot in the door with CIti? I would love to qualify for their DoubleCash eventually and hoping this was my way in.

Again thank you so much for taking the time to respond. I really appreciate the guidance!

[Anonymous]

Just a friendly bump hoping for some guidance based on my last post there.

[LionLaw]

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@Anonymouswrote:

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@Anonymouswrote:

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@Anonymouswrote:

I want to weed out all the garbage

1) Capital One Secured Mastercard $1050 (Jan 2015, secured SL: $750, APR: 24.15%, AF: $29)

You can keep it, you can apply for an unsecured a year from now and merge the $29 AF card into that.  Or you can just close it.

2) Credit One Visa $900 (May 2016, SL: $400, APR: 25.15%, AF: $99.99) paid it off to $0 and close it

3) FNCC/Legacy Visa $850 (Jul 2016, SL: $350, APR: 29.90%, AF: $75) paid it off to $0 and close it

4) Merrick Bank Visa $1500 (Jun 2017, SL: $750, APR: 22.70%, AF: $36) paid it off to $0 and close it

5) Kay (Genesis FS) $1500 (Jun 2017, SL: $1500, APR: 26.99%, AF: $0) paid it off to $0 and close it

6) Care Credit (Sync) $7000 (Jul 2017, SL: $500, APR: 26.99%, AF: $0) 

This is an ok card to keep, maybe try to get that APR lower if you're thinking on using it.

7) Credit One Mastercard $800 (Nov 2017, SL: $800, APR: 25.15%, AF: $60) paid it off to $0 and close it

8) Amazon Prime (Sync) $1000 (Dec 2017, SL: $200, APR: 26.99%, AF: $0)

Keep this one, Amazon has good offers from time to time with 0%  purchases for centain months.  

9) Walmart (Sync) $200 (Dec 2017, SL: $200, APR: 23.90%, AF: $0)

Keep it

10) Victoria's Secret (Comenity) $350 (Mar 2018, SL: $350, APR: 26.24%, AF: $0)

Keep it

11) J. Crew (Comenity) $200 (Mar 2018, SL: $200, APR: 26.24%, AF: $0) paid it off to $0 and close it

12) Chevron (Sync) $300 (Mar 2018, SL: $300, APR: 28.24%, AF: $0) 

paid it off to $0 and close it, better cards out there for gas

13) ExxonMobile (Citi) $200 (Mar 2018, SL: $200, APR: 26.24%, AF: $0)

paid it off to $0 and close it, better cards out there for gas

.. and my new primes:

14) Amex Gold Delta Skymiles $1000 (Mar 2018, SL: $1000, APR: 16.99%, AF: $95/1st year waived) KEEP

15) Chase Freedom Unlimited $1000 (Mar 2018, SL: $1000, APR: 24.99%, AF: $0) KEEP

16) Bank Americard partial secured $500 (Mar 2018, $99 secured SL: $500, APR: 21.49%, AF: $39) KEEP

I want to maximize my potential with Amex/Chase/BoA. No sense in wasting any more time/resources managing the cards that are doing nothing for me, right? 110% correct!!! 

Every card I listed has 100% perfect history and I've allowed them to cut statements with a nominal balance to show activity -- most of them I charge up and pay off a few days later each month in rotation to show the lender I'm using them too. Good!!

Should I start cutting maybe one card every 45 days or so going in order of least desireable oldest to most desireable newest? Dump them now, no sense on waiting.  After you close them, they will report for 10 years.

The above is what i would do if i was in your shoes.  Remember, is not the amount of cards you have to get great credit, is how you manage it.  I've seen people with only 3 or 4 cards and have 760+ scores.  Try to not apply for a least a year.  In the meantime, work on fixing the baddies on your report and keep taking care of the cards you have.  Hope this helps.

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Thank you for the great advice!

Please take a look at the post I just made regarding items #1 (Cap One), #2 (Credit One Visa), #3 (FNCC/Legacy), #4 (Merrick) and #7 (Credit One MC) -- I'd be interested in getting your take on that given the information I just posted. -- update 03/18 this is specifically what I was referencing:

Credit One Mastercard: this one I have questions about. I've only had the card 4 months, and they're billing me the $60 AF at $5.00/mo, but they're guaranteeing me a CLI in 2 months. So.. should I keep them another 2-3 months and wait for my new CLI and for them to report it, or should I just dump them now?

 #5 (Kay/Genesis) - I opened this card last June and used it to finance a gift for my wife and it's the only card I carry a balance on. I'm told they should bump me to an easy 5-6k here in the next month at my 10 month mark. Do you think I should keep it if they do considering there's no AF? -- update 03/18: should I pay off the remaining $932 I have on here or let it ride paying the same $100 each mont (triple the min)? What would motivate them more for a CLI?

#6 (Care Credit / Sync) - I haven't read anything about them being flexible with APRs, but they offer solid 0% finacing offers for anything $250 and above.. Penalty for non-payment within the terms would result in full retro APR being due on the full balance, but I'd never use a card for anything I couldn't pay for in cash just the same.

#8 (Amazon /Sync) - Glad you said that. I use this card A LOT and enjoy the 5% cash back. We just had a newborn so I share my prime benefits with my wife and it allows her to press a button to reorder diapers, wipes, etc., as often as needed. Keeps all my Amazon spending in one place and our family basically lives off Amazon aside from groceries (hoping they start offering that too in my area soon!)

#9 (Walmart / Sync) - yeah, I'm hoping they'll do the same as they did with the Amazon just recently with the $800 CLI after just 3 months of the account being open -- update 03/18: this has been raised to $1200!

#10 (Victoria's Secret / Comenity) - just out of curiosity sake, this is the only card I was thinking "**bleep**? why would you tell me to keep that one out of all those?" -- could you explain what you see as a benefit to me keeping this?

On items #11 (J Crew / Comenity), #12 (Chevron/Sync), #13 (ExxonMobil / Citi) -- I just opened those this past Thursday. I haven't even gotten the cards yet. So should I just close them as soon as I get the card? And are you sure I shouldn't keep the ExxonMobil since it's through Citi, or is that not a foot in the door with CIti? I would love to qualify for their DoubleCash eventually and hoping this was my way in.

Again thank you so much for taking the time to respond. I really appreciate the guidance!

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Here are my thoughts:

1. [Cap One Secured]:  Cap One is a bank worth sticking with.  You said you just paid the annual fee in February, so keep it for now.  As the rest of your file gets cleaned up, see if you can upgrade to a $0 AF unsecured card; you should probably be able to do so before your next AF hits.  But if they're stubborn, close it before then.

2 through 4 and 7 [Subprime cards with AFs]: Dump them now.  It really doesn't matter what your CL was right before you closed the account.  They will try to offer you various incentives to keep you from canceling, but none of them are worth it.  Close these accounts and move on, and don't look back.

5, 6, and 8 through 13 [Store cards with $0 AF]: You can do what you want with these.  Keep them, close them, use them or sock-drawer them as you see fit.

14 [Amex Gold Delta]: Keep it for a year.  In the next 6-12 months, if everything goes well, you should start getting offers for $0 AF cards from Amex.  Get one of those, and then close this before the fee hits.

16. [BoA Secured]: This should graduate to a $0 AF unsecured card within the year; if not, close it before the next AF hits.

Now, for some more general advice:  RELAX!  You're off to a good start, but you probably overdid it a bit with 15 new accounts in less than 24 months.  You've got your cards now; let them age while you get used to managing them.  Don't obsess over getting as many CLIs or new accounts as you can.  You should spend the next 12 to 18 months in the Garden Club!

A few points of specific advice:

--Your goal should be to be paying $0 for credit.  That means no fees and no interest.  If you have balances, devote as much money as you can to paying them down as fast as possible.

--Don't worry about utilization for now; just worry about paying in full every month.  If you're spending the next 12-18 months in the Garden, it doesn't matter what your utilization % is for now.  The next time you apply for credit, you can make sure your reported balances are fine-tuned to maximize your score.  Until then, just make sure to keep your accounts current, and to not overspend and get in over your head with debt.

--Don't be afraid to leave cards unused.  If I were you, I would be putting the bulk of my spending on the Chase Freedom Unlimited for the 1.5% cash back.  I don't think any of your other cards offer rewards that good.  And that's OK!  If there are other cards that offer better rewards in certain categories, then use them.  But don't be afraid to sock-drawer cards that don't have something to offer.