To close or not? I would like some guidance.

[Waldemar]

I am seeking advice regarding closing some credit cards; the more feedback, the better.

My current credit cards, lines of credit, and loans are:

Apple Card MC 2.5k | BCU Cash Rewards Visa Signature 10k | BCU Travel Rewards Visa Signature 5k | BCU LOC 5k | Bread Cashback Amex 7.5k | Capital One Quicksilver MC 3k | Capital One Kohls Visa 3k | Capital One VentureOne WEMC 3.1k | Capital One Walmart Rewards MC 1k | Express Credit Card 1.4k | Famous Footwear Credit Card 700 | FNBO Platinum Visa 650 | Helzberg Diamonds Card 1k | IKEA Projekt Credit Card 6.1k | Mission Lane Visa 1.6k | Mercury MC 2.9k | Navy Federal Auto | Ollo Platinum MC 4.3k | Oportun Visa 1k | PenFed LOC 300 | Suncoast Rewards Platinum Visa 10k | Target RedCard 1.2k | Toyota Rewards Visa Signature 3k | Toyota Rewards Credit Card 4k | Truist Enjoy Cash Secured Visa 500 | Upgrade Triple Rewards Visa Signature 2k (from 5k) | US Bank Platinum Secured Visa 500 | US Bank Cash+ Secured Visa 500

The five credit cards in question are below, to keep or not to keep. None of them have an annual fee, and their rates are mostly high but irrelevant as I pay my balances in full each month.

Upgrade Card Triple Cash Rewards Visa recently lowered my limit to 2,000.00 from 5,000.00, I guess because of the lack of use, closing next week. It was opened in 02/2022.

Oportun Visa, with a 1,000.00 limit, poor site, and no app. Opened in 02/2022.

Mission Lane Visa was good to me, and my second card after ch7, but the limit remains at 1,600.00, and it seems pointless at this point when I have much higher limit cards. Also, some transactions are coded as cash advances, whereas I do not have such issues with other credit cards. Opened in 06/2021.

Mercury Mastercard has a 2,900.00 limit; I'm debating whether to leave it open but leaning towards closing it. Opened 09/2021.

Ollo/Ally Platinum Mastercard, 4,300.00 limit; I will keep it for now and see what Ally Bank does to enhance the card, but it is undoubtedly a basic card. Opened 01/2022.

Would you close all, some, or none? I'm leaning to close 4 out of the 5, with Ollo Platinum remaining open.

[Drifter73]

Are those your oldest cards? If so, it may drop your Average Age, which could result in a ding to your scores.

When i closed my oldest I took a 33 point ding on the update. Closed my 2nd to oldest a few months later and took a 18 point ding.

Everyone's file is different though.

[Jnbmom]

They seemed like good ones to close and I would close a few more . Not sure why are the holding on to secured cards ?

[Waldemar]

I added their opening dates, and you made a good point. Keeping that in mind, with two in particular. 

[Waldemar]

I'm holding on to the secured cards with US Bank and Truist to hopefully grow some roots with them down the road. Particularly with Truist since they are everywhere where I live. Plus, they have some good perks. Which others would you close?

[Jeffster1]

When I got my DC in January 2021, I received approvals in short order for Ollo, Jasper, Mercury and Merrick. 

I closed Jasper in July 2022; Ollo and Mercury in September 2022; and Merrick in October 2022. I never looked back.  I lost no points. In fact, my scores continued to increase (attributable to other factors). 

They served their purpose and it was time to move on. 

[CH-7-Mission-Accomplished]

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@Jeffster1 wrote:

When I got my DC in January 2021, I received approvals in short order for Ollo, Jasper, Mercury and Merrick. 

I closed Jasper in July 2022; Ollo and Mercury in September 2022; and Merrick in October 2022. I never looked back.  I lost no points. In fact, my scores continued to increase (attributable to other factors). 

They served their purpose and it was time to move on. 

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How would you rate this four starter cards, best to worst?   I have a friend getting ready to file Ch 7.   I only know that Credit 1 and First Premier are considered the worst.   I never had a sub-prime card.

[Jeffster1]

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@CH-7-Mission-Accomplished wrote:

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@Jeffster1 wrote:

When I got my DC in January 2021, I received approvals in short order for Ollo, Jasper, Mercury and Merrick. 

I closed Jasper in July 2022; Ollo and Mercury in September 2022; and Merrick in October 2022. I never looked back.  I lost no points. In fact, my scores continued to increase (attributable to other factors). 

They served their purpose and it was time to move on. 

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How would you rate this four starter cards, best to worst?   I have a friend getting ready to file Ch 7.   I only know that Credit 1 and First Premier are considered the worst.   I never had a sub-prime card.

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Personally, I had no complaints with OLLO or Mercury. My only complaint with Merrick was that they were not updating the CRAs in the Summer of 2022. I was using the Merrick card as my AZEO balance card. After I changed my AZEO balance card to Cap 1, I couldn't close Merrick until they updated my account to zero with the CRAs.

If I had to choose, I liked OLLO the best. It was a subprime card that didn't make you feel subprime. Don't get me wrong...Mercury was fine, but I had a preference for OLLO. 

Neither Jasper MC, OLLO, Mercury nor Merrick had AFs. 

I should also add that 2 months after DC, I was approved for a secured BofA CCR on which I put all my spend. It graduated in 7 months. I didn't put much spend at all on any of my starter cards. I also got a secured TD Visa 2 months after DC which alsp graduated in 7 months.

Just prior to closing OLLO, Mercury and Merrick, I began applying for the cards in my signature. 

I consider myself fortunate in being able to avoid the CreditOne and First Premier trap. 

[FireMedic1]

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@Drifter73 wrote:

Are those your oldest cards? If so, it may drop your Average Age, which could result in a ding to your scores.

When i closed my oldest I took a 33 point ding on the update. Closed my 2nd to oldest a few months later and took a 18 point ding.

Everyone's file is different though.

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Closing 2 CC's dont drop your AAOA's for a total of 51 points. Maybe Vantage. Open and closed accounts are counted in AAoA's. It was something else that did those pt losses.

[Chazzay12]

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@FireMedic1 wrote:

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@Drifter73 wrote:

Are those your oldest cards? If so, it may drop your Average Age, which could result in a ding to your scores.

When i closed my oldest I took a 33 point ding on the update. Closed my 2nd to oldest a few months later and took a 18 point ding.

Everyone's file is different though.

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Closing 2 CC's dont drop your AAOA's for a total of 51 points. Maybe Vantage. Open and closed accounts are counted in AAoA's. It was something else that did those pt losses.

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+1 

Closed cards will stay on your report for roughly 10 years. I closed my oldest and lost no points. As long as it doesn't effect utilization. 

Id def close any cards that have a fee that you can't justify. You have a lot of low limit store cards - but also have some nice limit and more "prime" cards as well. I'd close those secured cards too, get your deposit back.