Need Help - Should I close cards or keep them open?

[Anonymous]

Currently:

Well lots of good cards with high limits - overall around 40k in open limits. I just don't like to post openly everything in my wallet

I want to know which ones I should close, if not all.

Capital One - 750 limit (will never move I guess)

Orchard - Hate but oldest rebuilder - 800 limit

Best Buy Rewards - 1100

Paypal - 150 (lol)

Would it hurt my overall to close all 4?  I did lose out on the Barclay's ring deal because yea, 1) I had too much credit  - although most are at 0 balance and 2) they really did not like chase for some reason.

[Anonymous]

As long as you keep 3 open credit card accounts and your utilization isn't raised significantly, your score won't be affected much.  They'll likely stay on your reports for 10 years and continue to affect average age of accounts and show their payment history.  If you don't want to worry about them, you'll likely be fine by just closing them.

[Anonymous]

I think you are in a fine position to close these unwanted cards. The impact on your util will be negligible since you have a lot of available credit relative to the small lines you want to close. Closed cards will continue to contribute positively to your AAoA for 10 years. I was in a similar position last year and decided to close all the cards I outgrew after building good credit. It's a lot easier for me to keep track of a few cards than a whole collection and I feel I have simplified my life greatly!

[webhopper]

I agree with the first two posters, these cards aren't helping you much anymore and they will continue to report positive history even after you close them!

[Anonymous]

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@Anonymous wrote:

I think you are in a fine position to close these unwanted cards. The impact on your util will be negligible since you have a lot of available credit relative to the small lines you want to close. Closed cards will continue to contribute positively to your AAoA for 10 years. I was in a similar position last year and decided to close all the cards I outgrew after building good credit. It's a lot easier for me to keep track of a few cards than a whole collection and I feel I have simplified my life greatly!

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Thanks, I wish there was a like button.  Trying to keep track of when the cost of having the card are going to show up on some of them drives me nuts and just having these things hanging around bugs me   all at 0 balance.  I just want to email them, close it, because I hate the fight on the phone

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I think you are in a fine position to close these unwanted cards. The impact on your util will be negligible since you have a lot of available credit relative to the small lines you want to close. Closed cards will continue to contribute positively to your AAoA for 10 years. I was in a similar position last year and decided to close all the cards I outgrew after building good credit. It's a lot easier for me to keep track of a few cards than a whole collection and I feel I have simplified my life greatly!

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Thanks, I wish there was a like button.  Trying to keep track of when APR's are going to show up on some of them drives me nuts and just having these things hanging around bugs me   all at 0 balance.  I just want to email them, close it, because I hate the fight on the phone

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Very true! Be sure to check all 3 credit reports a couple months after closing those accounts to make sure what is reporting is what should be reporting. A supposedly closed account of mine was being reported as open with TU and needed fixing.

[Anonymous]

Thanks, just sent 2 emails to orchard and capital one to close the cards.  I don't even know my login for Paypal - need to figure that out.

Still thinking about Best Buy rewards

[webhopper]

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@Anonymous wrote:

Thanks, just sent 2 emails to orchard and capital one to close the cards.  I don't even know my login for Paypal - need to figure that out.

Still thinking about Best Buy rewards

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I keep my Best Buy card and use it to buy turbo tax every yr LOL... its got 4 yrs of history... my AAoA is 5 yrs, so ya its less than my average account age, but not by much.

[webhopper]

Your Best Buy card actually has a decent limit, I would leave it open... Mine is stuck in the Tier B, meaning that it will never graduate above a $600 limit.  fine by me, I don't plan on financing anything big from that store on a card. That's just not how I roll these days.

[bichonmom]

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@Anonymous wrote:

Currently:

Well lots of good cards with high limits - overall around 40k in open limits. I just don't like to post openly everything in my wallet

I want to know which ones I should close, if not all.

Capital One - 750 limit (will never move I guess)

Orchard - Hate but oldest rebuilder - 800 limit

Best Buy Rewards - 1100

Paypal - 150 (lol)

Would it hurt my overall to close all 4?  I did lose out on the Barclay's ring deal because yea, 1) I had too much credit  - although most are at 0 balance and 2) they really did not like chase for some reason.

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Isn't PayPal w/GEMB? They're generally pretty good w/CLIs w/a SP. I'd give them a call for a CLI before closing.