Hello everyone! I love this website because it has taught me so much but now I need to see how I'm doing and what my next steps should be. I feel like I should close some of my cards but I want some advice first. This is my current credit profile
- Citi Costco-0/8,500 Aug 29th 2016
- Discover IT-6,500/7,000 (lots of christmas shopping but it's all on 0%) Nov 29th 2016
- Amex Blue Delta-0/5,000 Jun 7th 2017
- Amex Everyday-0/5,000 Dec 23rd 2016
- Amex Blue Cash Preferred-0/3,000 Mar 13th 2017
- Chase Amazon Prime-0/3,500 Mar 20th 2017
- Citi BestBuy-0/800(had it at one point at three thousand and I closed it then reapplied when I had a lot of inquiries and new accounts) Sept 29th 2017
- JcPenney-0/600 Oct 26th 2017
- Kohl's-0/300 Oct 26th 2017
- Blispay-909.87/4,000 Mar 10 2017
- CapOne BuyPower-200/3,000 Jun 12th 2017
- Ashley Furniture-2,731/7,500 Aug 9th 2017 (not for everyday use so I don't sweat the balance. Minimum payments for the next 18 months)
- CareCredit-2,525/12,000 Oct 23rd 2017 (don't really count this one either because I see it as more of a loan than a card. 18 months of 0%)
- 37,666.38 auto loan May 15th 2017 3.49% 84months
- 35,208.92 auto loan May 19th 2017 5.74% 84months
I feel like I want to close JcPenney , Kohl's, and BestBuy. Also thinking about closing the BuyPower and Blispay cards since those won't grow. I want to know how you guys think I'm doing and if you have any comments on my plans and also if you have any suggestions. Thank you.
As of 11/28/2018
Well I currently have 65K miles on the Delta so that one won't be getting closed until I use them first lol but I see what you're saying. I hardly shop with the Amazon card to be honest. I hate the fact that the chase one doesn't give special finance options like the Synchrony one. That is why I didn't use it for any of my Amazon purchases this Christmas.
Fortunately all of your opening dates are pretty close together so you're not stuck with a lackluster card that you can't close for the sole reason of being your oldest card. In 10 years a few months won't make that much of a difference in account age.
As for the Delta, your SkyMiles are stored in your SkyMiles account not with Amex and they never expire. You never want to close a Membership Rewards earning card with points on it unless you have another MR earning card, but with cobranded cards like Delta and Starwood you're fine. If you want SkyMiles no sense in closing that one, and you can always transfer Membership Rewards to SkyMiles with at least a 1:1 ratio. If you don't shop at JCP or Best Buy, certainly those could go. If you don't shop at Kohl's, certainly that one as well - but if you do shop there, don't be disheartened by the low credit limit. Almost everyone starts at $300, then goes to $700, $1500 and $3000 in 3-6 month increments.
As for the rest of the cards, we'd really need to know what you spend money on and whether you prefer cash back or travel rewards to make suggestions. Also keep in mind that while it's at 0%, your Discover looks maxed out to lenders and will certainly ding your scores.
Yeah that definitely makes sense, account age on those cards doesn't matter as much. Oh I didn't know that at all! is there a way that I can confirm that? not saying that I don't believe you but I am planning for a trip sometime in July next year and I would hate to lose all of those miles. I don't necessarily need the skymiles card since I can just as easily build cash back and put the tickets on the card and then redeeming my cash back on it. I do shop at Best Buy but I also have their points membership thing or whatever so I get "cash back" regardless. Kohl's and Jcpenney every now and then. I'm not a huge shopper but I do shop at the typical department stores along with groceries stores and Costco. A lot of eating out and starbucks and Amazon. I don't think I like the Kohl's, Jcpenney, and Amazon cards because they don't offer special financing.
I am aware of my Discover card being near the limit. I have had it like that before and it was fine with them and my other lenders. I tend to pay back fast. Discover started at 1K and I would always be close to the limit and then 2k, 4,500, 7K and I keep showing them love. On my next check I'm going to give them a 700 dollar payment. It should be paid off by march I believe.
