Thoughts/advice on pruning: which ones? method?

[LuckyBird]

Hi guys.  Would like some input regarding pruning and/or possible effects of certain things.  Card line-up is in my sig.  I'd rather focus on a few high-quality accounts and have fewer to deal with.  There are no balances on any cards, so that's not a consideration.

Definitely on the chopping block:

1.  Planning to close BofA Visa.  Several years old but has never grown. Won't take a HP for a CLI, especially since no real benefits to the card.

2.  Planning to close USAA Visa.  No real rewards with the account & I never use it.  Kind of hate to lose a $7,000 credit line, but it's just sitting there.

Maybe on the chopping block:

1. Citi Simplicity.  Again, kind of a large credit line to lose & it is a good balance transfer card, but I RARELY carry balances and there are usually BT offers available on some of the cards I'll be keeping. 

*Can this one be combined with DC?  Does Citi do that?  Would rather avoid a HP, if that would be involved. 

2.  Amex ED.  This one I'm really struggling with, just due to account age (dated 1994).  I know that it won't affect AAOA until it falls off in 10 years, but I'm unsure about giving up that back-dating since it's something we can no longer get back.  (but how important is that, really?)  It's a points card & I really have come to like CB better so I just don't use it. 

*Question about this one:  Can I move the CL to BCP?  It will put me over the theoretical $25,000 card limit for FR.  Stated income is accurate (but is mostly hubby's) but I don't really want to go through that hassle...also not too keen on 4506-T idea as that gives them access to lots of other info they don't really need, IMO.

3.  Chase Freedom.  *Question about this card:  Do we think it's going away?  I really like this card but mostly use it for categories.  Probably wouldn't choose to close it right now but If it's being replaced by CFU I wouldn't really be interested in that & would just let it die. 

4.  Kohl's.  On the fence about this one.  Provides pretty good discounts but I don't shop there THAT much.  I opened it last summer when buying lots of clothing prior to a trip & the discount for opening was over $200 - too good to pass up.  Have only used it a couple of times since then.  Even though it's under consideration, though, my main focus right now is paring down majors.

The help I need: 

Pros/cons I may not have thought of on any specific cards.  Particularly concerned about Amex ED.  Vaguely feel that I *should* keep it open but not sure there's any REAL detriment to closing it.  What is your take on the possibility of combining with BCP? 

ALSO:  What would be the best method?  Do you think it matters if I close a few at once, or should I spread it out over time?

Thanks for any help/input/advice!

[kdm31091]

I've always just closed whatever I no longer wanted, and it never has made any large impact on anything. Assuming your utilization is low, it probably doesn't really matter whether you spread the closures out or not.

As far as the actual cards, I'd agree with Simplicity. Pretty much not useful. They would do a hard pull to reallocate to the DC though.

The Amex ED - if the points system doesn't suit you, you could see about converting to a BCE, though I don't know if it's really possible. If not, just close it. The backdate is nice, but as you noted, you have 10 years to worry about that, at which point everything else will be 10 years older as well. AAOA is only 15% of your score. So your score is not going to go down 200 points when the Amex falls off or anything like that.

The Freedom - no one can tell you if the card is going away. Chase has stated that it would remain the same at least until next year. Beyond that, it's anybody's guess but I would not be surprised at all to see it eventually be force converted to the FU. Banks seem to be preferring the flat rate structures lately and not so much the category cards (that cost them more when people only use it for categories). So you could hang onto it and see what happens, or just close it if it isn't that useful to you anyway.

[Anonymous]

I just started closing cards, it really does feel good to get rid of them. Others may disagree but it's gets super annoying to have to remember to charge it every few months.

I wouldn't close the Chase freedom yet unless you absolutely have no need for it. I really only use it for grocery and warehouse clubs categories but that's an easy 150 dollars a year for me, and that's good considering there's no AF.

As far as the Amex card goes, if you don't want them poking in your business, I wouldn't do anything that could cause a FR. I just closed my first card ever so I know what you mean, it's definitely that rock in a hard place thing.

My husband has the Khols card, give great discounts but if you have no need for it..

[Anonymous]

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@kdm31091 wrote:

I've always just closed whatever I no longer wanted, and it never has made any large impact on anything. Assuming your utilization is low, it probably doesn't really matter whether you spread the closures out or not.

As far as the actual cards, I'd agree with Simplicity. Pretty much not useful. They would do a hard pull to reallocate to the DC though.

The Amex ED - if the points system doesn't suit you, you could see about converting to a BCE, though I don't know if it's really possible. If not, just close it. The backdate is nice, but as you noted, you have 10 years to worry about that, at which point everything else will be 10 years older as well. AAOA is only 15% of your score. So your score is not going to go down 200 points when the Amex falls off or anything like that.

The Freedom - no one can tell you if the card is going away. Chase has stated that it would remain the same at least until next year. Beyond that, it's anybody's guess but I would not be surprised at all to see it eventually be force converted to the FU. Banks seem to be preferring the flat rate structures lately and not so much the category cards (that cost them more when people only use it for categories). So you could hang onto it and see what happens, or just close it if it isn't that useful to you anyway.

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+1 on hanging on to the Freedom and seeing what happens, especially since:

1. We don't really know that the Freedom is actually going away;

2. If the Freedom is actually going away, we don't know whether and for how long existing users will be 'grandfathered' in (i.e. how long we'll be allowed to keep the existing structure and benefits);

3. Even if we knew all this, for all we know Chase might come up with another product in this time that interests you, and you might want to PC to that product, thus preserving the history on that tradeline.

So I think it's probably not a good idea to 'preemptively' close the Freedom just yet.

[RonM21]

It makes sense when you make the decisions based on your need, as well as it beijg reasonable to your financial situation. Also, I can understand the BoA issue. See it often. On the other hand, I've seen people finally try the HP, and it drastically change the CL. But ymmv.

[LuckyBird]

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@RM21 wrote:
It makes sense when you make the decisions based on your need, as well as it beijg reasonable to your financial situation. Also, I can understand the BoA issue. See it often. On the other hand, I've seen people finally try the HP, and it drastically change the CL. But ymmv.

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I'm pretty set on just closing the BoA.  I've had it for several years, since before I really discovered the virtues of rewards cards.

It doesn't compare in that respect to other cards that I use regularly, so it's just not worth taking a HP for.  There's no benefit to increasing the CL when I still would pass it over in favor of earning better/higher rewards on other cards.

[Anonymous]

I can see the discussion regarding the bankcards...
but don't close the kohls...
someday you be in there ...
need to buy a present..
or clothes..
go to pay and?
Why did I close this card?
I don't have the card but people here rav about the deals...the only store card that I recall seeing such positive comments

[SouthJamaica]

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@LuckyBird wrote:

Hi guys.  Would like some input regarding pruning and/or possible effects of certain things.  Card line-up is in my sig.  I'd rather focus on a few high-quality accounts and have fewer to deal with.  There are no balances on any cards, so that's not a consideration.

Definitely on the chopping block:

1.  Planning to close BofA Visa.  Several years old but has never grown. Won't take a HP for a CLI, especially since no real benefits to the card.

2.  Planning to close USAA Visa.  No real rewards with the account & I never use it.  Kind of hate to lose a $7,000 credit line, but it's just sitting there.

Maybe on the chopping block:

1. Citi Simplicity.  Again, kind of a large credit line to lose & it is a good balance transfer card, but I RARELY carry balances and there are usually BT offers available on some of the cards I'll be keeping. 

*Can this one be combined with DC?  Does Citi do that?  Would rather avoid a HP, if that would be involved. 

2.  Amex ED.  This one I'm really struggling with, just due to account age (dated 1994).  I know that it won't affect AAOA until it falls off in 10 years, but I'm unsure about giving up that back-dating since it's something we can no longer get back.  (but how important is that, really?)  It's a points card & I really have come to like CB better so I just don't use it. 

*Question about this one:  Can I move the CL to BCP?  It will put me over the theoretical $25,000 card limit for FR.  Stated income is accurate (but is mostly hubby's) but I don't really want to go through that hassle...also not too keen on 4506-T idea as that gives them access to lots of other info they don't really need, IMO.

3.  Chase Freedom.  *Question about this card:  Do we think it's going away?  I really like this card but mostly use it for categories.  Probably wouldn't choose to close it right now but If it's being replaced by CFU I wouldn't really be interested in that & would just let it die. 

4.  Kohl's.  On the fence about this one.  Provides pretty good discounts but I don't shop there THAT much.  I opened it last summer when buying lots of clothing prior to a trip & the discount for opening was over $200 - too good to pass up.  Have only used it a couple of times since then.  Even though it's under consideration, though, my main focus right now is paring down majors.

The help I need: 

Pros/cons I may not have thought of on any specific cards.  Particularly concerned about Amex ED.  Vaguely feel that I *should* keep it open but not sure there's any REAL detriment to closing it.  What is your take on the possibility of combining with BCP? 

ALSO:  What would be the best method?  Do you think it matters if I close a few at once, or should I spread it out over time?

Thanks for any help/input/advice!

---

1. The only one I would outright close is BOA.

2. I would try to PC the USAA card into a card that's more useful to you; a relationship with USAA is too precious to discard.

3. Good idea to try to PC the ED into the BCP, and the Simplicity into the Double Cash.

4. Certainly if you're going to close more than one you should do it gradually rather than abruptly so you can guage the impact on your scores.

[Anonymous]

Good luck in your decisionmaking!

[NRB525]

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@LuckyBird wrote:

2.  Amex ED.  This one I'm really struggling with, just due to account age (dated 1994).  I know that it won't affect AAOA until it falls off in 10 years, but I'm unsure about giving up that back-dating since it's something we can no longer get back.  (but how important is that, really?)  It's a points card & I really have come to like CB better so I just don't use it. 

*Question about this one:  Can I move the CL to BCP?  It will put me over the theoretical $25,000 card limit for FR.  Stated income is accurate (but is mostly hubby's) but I don't really want to go through that hassle...also not too keen on 4506-T idea as that gives them access to lots of other info they don't really need, IMO.

3.  Chase Freedom.  *Question about this card:  Do we think it's going away?  I really like this card but mostly use it for categories.  Probably wouldn't choose to close it right now but If it's being replaced by CFU I wouldn't really be interested in that & would just let it die. 

ALSO:  What would be the best method?  Do you think it matters if I close a few at once, or should I spread it out over time?

Thanks for any help/input/advice!

---

That AMEX ED 1994 date is nice. I'd put that one near the last of those you consider closing. No AF, so no rush on it.

The Freedom card, while there are rumors rolling around, until something actually happens to it, enjoy the categories and keep on swiping it.