Should I close unused Credit Card accounts?

[Anonymous]

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@austinguy907 wrote:

If you could list your cards and open dates it might help.

Chase won't combine CHASE with co-brand lines aka SWRR won't combine with your CSP (if you have one)

If you have varied rewards structures for insteance Amex CB vs MR I think you can shift the money over just not upgrade or downgrade into another rewards structure or co-brand.

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Chase has allowed me and others that I know consolidate regardless of cobrand....

[austinguy907]

That's interesting Ty.  Usually they have agreements in place that prevent co-mingling from one structure to another.  Maybe this has loosened up a bit recently?

[Anonymous]

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@austinguy907 wrote:

That's interesting Ty.  Usually they have agreements in place that prevent co-mingling from one structure to another.  Maybe this has loosened up a bit recently?

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I know the rewards structures are different, but as far as I am aware it has always been that Credit lines were free to move wherever you wanted them to on Chase. My friend moved $3000 from a Chase Freedom to a British Air Card last month. 

[Gmood1]

I moved $14,500 from a Disney premier to a Chase Freedom.

[noobody]

Cobrand or not, Chase allow me to move credit line around for the past five years.

[BirchBarlow]

1) Does it have an AF?  If so, close it.

2) Can it be reallocated to a card you do use?  If so, reallocate and close it.

3) Is it a store card?  If so, close it.

4) Will closing it substantially raise your utilization?  If not, close it.

4) Is it one of your oldest cards?  If so, SD it.

[Anonymous]

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@BirchBarlow wrote:

1) Does it have an AF?  If so, close it.

2) Can it be reallocated to a card you do use?  If so, reallocate and close it.

3) Is it a store card?  If so, close it.

4) Will closing it substantially raise your utilization?  If not, close it.

4) Is it one of your oldest cards?  If so, SD it.

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All of the statements in red should be assesed on a person by person basis. Annual fees can be worth it and in most cases end up yielding more rewards to the cardholder than cards with no AF. SOME store cards are benefiical, it depends on the person and whether or not they shop there often enough to justify it. Where store cards are bad is when they are unused and serve no purpose. A blanket statement saying to close all store cards is not helpful IMO. Even if it is one of the oldest cards the AAoA will continue to report for 10 years after it is closed, so if they do not intend to use it there is really no reason to SD it. 

[Imperfectfuture]

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@austinguy907 wrote:

If you could list your cards and open dates it might help.

Chase won't combine CHASE with co-brand lines aka SWRR won't combine with your CSP (if you have one)

If you have varied rewards structures for insteance Amex CB vs MR I think you can shift the money over just not upgrade or downgrade into another rewards structure or co-brand.

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This is inaccurate.  I have closed co branded chase cards, and moved the limit to core chase cards.  You can not move the limit from personal to business, but, depending on your relationship, when you close the personal, then maybe take hardpull to move limit over to business.  The  other cards are soft pulls, and if you do not use donor card for over thirty days, then you can transfer entire balance.

[Anonymous]

Op please list cards with credit limits and year they were open.

[Mm587]

Cap 1 QS  4800         2012

Cap 1 QS  3500         2012

Cap 1 GM   1000       2016

Discover IT  11000     2012

Chase SW RR     6000   2013

chase Slate         1000    2013

Chase Freedom   1000   2013

Chase Amaz      2000     2016

citi  2000  2014

barclaycard  5200    2013

lowes  3000  2015

jcp 1200      2014

commerce bank   2000  2014

amex green charge     2014