@SouthJamaica wrote:
@credit_is_crack wrote:I had a question and wanted to get thoughts on others who likely obsess over this stuff like I do. So anyway, last year when my scores crossed into the "we'll tolerate him" space (having lived in the subworld for a while), i went crazy. I got a bunch of new cards because i could - rookie mistakes, but i know better now. In that year though my scores have continued to rise and I'm finally going to break the 700 mark. Might be low for some, but coming from 550's 2.5 years ago, I'm excited.
This has appeared on my two most recent apps ... "too many open credit cards" or "too many open consumer accounts". I can take the hint, so I'm downsizing. I'm weeding out all the cards I get no perk from or core value from, but am concernered about just closing several accounts -- I imagine the wrong cards closing at just the wrong time will cause just the right amount of damage. I currently have 21 credit cards (gasps!!! lol), and I'm reducing my total count to 14 (for now...then I'll scrape another 5-6 off there over a year after that).
Here is what i'm evaluating when considering if it should be closed:
A) - How long has this account been opened?
B) - What percentage of my total credit lines does this card account for? (such as $15k CL vs $110k total lines)
C) - Does this card bring any real value cashback or rewards (especially when they can convert to cash or gift cards)?
D) - Does this card provide an option to PC to a better card later if I wanted to?
E) - Can i roll the credit line to another card to avoid the dip in total credit lines?
Right now I'm leaning towards closing some of the younger cards, but I've read that a closed account still ages so not super worried about it aging (if true), but mainly reducing the number of cards, with as little impact to total available credit so i dont take an overly unnecessary point drop. I know they will rebound, but I'll be cranky while its down. Is there anything you have to share that i should factor into considerations before i start this chaos. Thoughts?
Todays Stats: 21 open Revolving Accounts, 1 Installment, 1 Auto , EXP 658 w/ 1Coll+1Neg, TU 684 w/1Coll+1Neg, EQ 707 w/0 Coll/Neg, total credit $125k, 2% Card Util, 14% Total util, AAoA 2.8Yrs*****
GOAL Stats: 5>10 open Revolvers, 1 Installment, 1 Auto, 0 Neg/Coll/Lates, Util >15%, Credit Lines > $90k *The Neg & Coll accounts from TU/EXP will be getting removed from my reports in the next 30 days so i know those will bounce to just under 700ish. then its just to garden
I've never experienced a comment like that even though I have a similar number of accounts. Maybe it's because you have 21 reporting and I have 19. Maybe there's something about the number 20 in their algorithm.
If I were you I'd close just one account... pick one that's not too old, has a small limit, ,and is not among the cards you really like.
I did that with a Comenity Eddie Bauer account and a Synchrony Walmart mastercard, and neither closing had any adverse effect.
1 agree. I've had a suspicion that 20 itself is when the weird kicks in lol I'm actually closing out 4 cards over the next month (rolling credit lines into each other) so that will help and then i plan to purge another 4 after that, then i'll be good (or so i think lol)
