Looking to trim fat...but should I?

Anonymous · ‎01-28-2015

In the past week I've completely revamped my wallet and now I'm looking to get rid of cards I'm not using. I'm not sure if I should cancel though...help!

Banana Republic Store Card $1.5k opened 10/04

AlaskaUSA Platinum Card $1k 7/05

BoA Alaska Airlines Platinum Plus Card $3k 8/05

CapitalOne QuicksilverOne Card $4.5k 5/13

Nordstrom Store Card $6k 11/13

Amazon Store Card $1.5k 1/14

AMEX Green Card NPSL 5/14

CapitalOne Quicksilver Card $3k 6/14

BoA Alaska Airlines Visa Signature $5k 1/15

AMEX EveryDay $10k 1/15

Chase Sapphire Preferred $18k 1/15

AU: Chase Freedom $2.5k 1/15

I'm closing the Green Card in May before the AF hits. I want to close the CapitalOne cards but I'm not sure if I should. Help???

bdhu2001 · ‎01-28-2015

@Anonymous wrote:
In the past week I've completely revamped my wallet and now I'm looking to get rid of cards I'm not using. I'm not sure if I should cancel though...help!

Banana Republic Store Card $1.5k opened 10/04
AlaskaUSA Platinum Card $1k 7/05
BoA Alaska Airlines Platinum Plus Card $3k 8/05
CapitalOne QuicksilverOne Card $4.5k 5/13
Nordstrom Store Card $6k 11/13
Amazon Store Card $1.5k 1/14
AMEX Green Card NPSL 5/14
CapitalOne Quicksilver Card $3k 6/14
BoA Alaska Airlines Visa Signature $5k 1/15
AMEX EveryDay $10k 1/15
Chase Sapphire Preferred $18k 1/15
AU: Chase Freedom $2.5k 1/15

I'm closing the Green Card in May before the AF hits. I want to close the CapitalOne cards but I'm not sure if I should. Help???

It depends on your situation. Are you going to need to apply for credit for anything soon (car or house)? If not, get rid of cards with annual fees. I see that you have two Quicksilver cards. Keep the oldest one and get rid of the other one (see if they'll combine your CL to the older card). I'd also keep your oldest card (Banana Republic). Then just let your credit age and determine which cards you don't use. Stick those in SD (for a year) and if they serve no purpose weed a little more.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850

Take the myFICO Fitness Challenge

Anonymous · ‎01-28-2015

@bdhu2001 wrote:

It depends on your situation. Are you going to need to apply for credit for anything soon (car or house)? If not, get rid of cards with annual fees. I see that you have two Quicksilver cards. Keep the oldest one and get rid of the other one (see if they'll combine your CL to the older card). I'd also keep your oldest card (Banana Republic). Then just let your credit age and determine which cards you don't use. Stick those in SD (for a year) and if they serve no purpose weed a little more.

They will not, ever

1GaDawg85 · ‎01-28-2015

@Anonymous wrote:
In the past week I've completely revamped my wallet and now I'm looking to get rid of cards I'm not using. I'm not sure if I should cancel though...help!

Banana Republic Store Card $1.5k opened 10/04
AlaskaUSA Platinum Card $1k 7/05
BoA Alaska Airlines Platinum Plus Card $3k 8/05
CapitalOne QuicksilverOne Card $4.5k 5/13
Nordstrom Store Card $6k 11/13
Amazon Store Card $1.5k 1/14
AMEX Green Card NPSL 5/14
CapitalOne Quicksilver Card $3k 6/14
BoA Alaska Airlines Visa Sinature $5k 1/15
AMEX EveryDay $10k 1/15
Chase Sapphire Preferred $18k 1/15
AU: Chase Freedom $2.5k 1/15

I'm closing the Green Card in May before the AF hits. I want to close the CapitalOne cards but I'm not sure if I should. Help???

Here's my take,

1. Keep open

2. Keep open

3. Ask BoA to consolidate ALL of your CL into this card

4. Close

5. Ask for upgrade to Visa and keep

6. Close

7. Keep till AF hits

8. Keep and ask for a CLI in March or so

9. Close

10. Keep and transfer all MR from Green card to this

11. Keep

FICO 5 ,4, 2 - 10/2023 FICO 8 - 10/2023 FICO 9 - 10/2023 FICO 10 - 10/2023

Anonymous · ‎01-28-2015

@bdhu2001 wrote:
@Anonymous wrote:
In the past week I've completely revamped my wallet and now I'm looking to get rid of cards I'm not using. I'm not sure if I should cancel though...help!

Banana Republic Store Card $1.5k opened 10/04
AlaskaUSA Platinum Card $1k 7/05
BoA Alaska Airlines Platinum Plus Card $3k 8/05
CapitalOne QuicksilverOne Card $4.5k 5/13
Nordstrom Store Card $6k 11/13
Amazon Store Card $1.5k 1/14
AMEX Green Card NPSL 5/14
CapitalOne Quicksilver Card $3k 6/14
BoA Alaska Airlines Visa Signature $5k 1/15
AMEX EveryDay $10k 1/15
Chase Sapphire Preferred $18k 1/15
AU: Chase Freedom $2.5k 1/15

I'm closing the Green Card in May before the AF hits. I want to close the CapitalOne cards but I'm not sure if I should. Help???
It depends on your situation. Are you going to need to apply for credit for anything soon (car or house)? If not, get rid of cards with annual fees. I see that you have two Quicksilver cards. Keep the oldest one and get rid of the other one (see if they'll combine your CL to the older card). I'd also keep your oldest card (Banana Republic). Then just let your credit age and determine which cards you don't use. Stick those in SD (for a year) and if they serve no purpose weed a little more.

I'm looking to apply for a new car loan in the next year and a half. I won't be using either CapitalOne card at all and only the MC Quicksilver has an annual fee ($19). The AMEX Green is being replaced by the EveryDay which has no AF. I love my Banana Card and use that and my Nordstorm Card pretty regularly (which will probably change due to the rewards of the CSP). I guess I'm curious if my AAOA will increase if I remove any accounts or if I just need to let them grow and not touch anything for awhile.

Anonymous · ‎01-28-2015

@1GaDawg85 wrote:
@Anonymous wrote:
In the past week I've completely revamped my wallet and now I'm looking to get rid of cards I'm not using. I'm not sure if I should cancel though...help!

Banana Republic Store Card $1.5k opened 10/04
AlaskaUSA Platinum Card $1k 7/05
BoA Alaska Airlines Platinum Plus Card $3k 8/05
CapitalOne QuicksilverOne Card $4.5k 5/13
Nordstrom Store Card $6k 11/13
Amazon Store Card $1.5k 1/14
AMEX Green Card NPSL 5/14
CapitalOne Quicksilver Card $3k 6/14
BoA Alaska Airlines Visa Sinature $5k 1/15
AMEX EveryDay $10k 1/15
Chase Sapphire Preferred $18k 1/15
AU: Chase Freedom $2.5k 1/15

I'm closing the Green Card in May before the AF hits. I want to close the CapitalOne cards but I'm not sure if I should. Help???
Here's my take,
1. Keep open
2. Keep open
3. Ask BoA to consolidate ALL of your CL into this card
4. Close
5. Ask for upgrade to Visa and keep
6. Close
7. Keep till AF hits
8. Keep and ask for a CLI in March or so
9. Close
10. Keep and transfer all MR from Green card to this
11. Keep

I would never close my new BoA Signature...that's the one with the companion fare! I wasn't able to upgrade my oldest card to it for whatever reason hence the new card.

The rest of it sounds doable.

1GaDawg85 · ‎01-28-2015

Have you talked to an analyst about combining all limits to one card and getting all the perks?

FICO 5 ,4, 2 - 10/2023 FICO 8 - 10/2023 FICO 9 - 10/2023 FICO 10 - 10/2023

Anonymous · ‎01-28-2015

@1GaDawg85 wrote:
Have you talked to an analyst about combining all limits to one card and getting all the perks?

I just called an analyst and asked to do just that and it's going to be a bit of a hassle to do right away. I'll keep both cards for now and leave it at that.

Looks like I'll just tend to my garden for a year and reassess at that time. Thanks for the help!

kdm31091 · ‎01-28-2015

I absolutely recommend trimming some fat. Starting with the two Quicksilvers. You don't need two, and unfortunately Capital One won't combine limits, so your best bet is to close the lower limit and maybe try for a CLI on the other one.

A lot of your cards honestly overlap -- Amex Green and Amex ED, for example. I see no reason to have both, especially since Green has an AF. I see that you plan to close the Green so that's good. This will sound crazy, but how high is your spend? Can you justify the fee on CSP, while still spending on your ED? Again, the cards have similar "goals", if you will -- travel redemptions.

I'd definitely look and see what you can pare down, and it comes down to your spending/income, but it looks like there are certainly opportunites!

Anonymous · ‎01-28-2015

@kdm31091 wrote:
I absolutely recommend trimming some fat. Starting with the two Quicksilvers. You don't need two, and unfortunately Capital One won't combine limits, so your best bet is to close the lower limit and maybe try for a CLI on the other one.

A lot of your cards honestly overlap -- Amex Green and Amex ED, for example. I see no reason to have both, especially since Green has an AF. I see that you plan to close the Green so that's good. This will sound crazy, but how high is your spend? Can you justify the fee on CSP, while still spending on your ED? Again, the cards have similar "goals", if you will -- travel redemptions.

I'd definitely look and see what you can pare down, and it comes down to your spending/income, but it looks like there are certainly opportunites!

Yeah, I plan to trim one of mine in the coming months.