Need advice

[jaycee11]

Hi all,

We would like to close out several CC some of which have annual fees.  We have a total of 6 Credit cards, 3 or 4 of them are the ones we would like to discontinue.

JC Penney - opened 12/1997 - Limit of $1,200.00 - Interest rate of 23.99%

Orchard Bank - opened 8/2005 - Limit of $1,200.00 - This CC has an annual fee - Interest rate of 12.90%

HSBC Bank - opened 2/2005 - Limit of $500.00 - This CC has an annual fee - Interest rate of 19.99%

Orchard Bank - opened 9/2005 - Limit of $500.00 - This CC has an annual fee - Interest rate of 19.99%

Sears - opened 6/2008 - Limit of $8850.00 - Interest rate of 25.24%

American Express - opened 4/2013 - Limit of $8,900.00 - 0% interest rate for 6 months then goes to 15.24%

We would like ot close out both Orchard cards and the HSBC Card.  They are highly reluctant to waive the annual fees and won't remove them at all.  We don't need this many cards and the interest rates are way too high.

Please advise as to what we should do.

Thanks,

Jerry

[528491]

The only thing it could potentially hurt would be your utilization. Otherwise, the cards will continue to report positively for up to 10 years after closed. I see no reason not to close them, unless you are carrying ridiculously high balances or something.

[Revelate]

Wlecome to the forums!

If it were me, I'd hang onto them for a while longer while I went and transitioned to some higher quality cards much like you've started on with the Amex.

This also assumes that all those cards are of the non-reward variety.  AF's have to bd judged by their return in comparison to no AF cards, for me even with my limited spending, I can usually justify AF's pretty easily but depending what your credit report looks like you may have more / better options.

I'd look around the market and see what fits better with my spending habits, and then look at acquiring a couple  At that point I'd consider pruning some cards.

[jaycee11]

The only card carring a balance is the Amex card $2762.00  All the others are at a Zero balance.

Thanks,

Jerry

[Creditaddict]

If I were going to close any cards the 3 Household/Orchard would be the ones... However, I would give it once last attempt with the Executive Office if you have not done so already... You can write to the Capital One EO and they will probably call you and say "although we are merging, we still are not handling those but we have forwarded to the EO office with them to look into this."

Ask for CLI on all 3 for $10k, Rewards added, AF erased forever.

You will get a call and I wouldn't be totoally surprised if they brought you up into the $3-$6k and dropped AF... might be worth hanging on to them for a bit then like other stated... the conversion could bring good things in the future with some of these terrible outdated old rebuilder cards some of us have.